Common use of Termination by the Company Without Cause or by the Executive for Good Reason Clause in Contracts

Termination by the Company Without Cause or by the Executive for Good Reason. If, during the Employment Term, the Company shall terminate the Executive's employment hereunder without Cause, or the Executive shall terminate the Executive's employment for Good Reason, the Executive shall be entitled to receive, as his exclusive right and remedy in respect of such termination: (i) the payment of (A) all Accrued Obligations plus (B) at the time the Company pays its executives bonuses in accordance with its general payroll policies, the Pro Rata Bonus, plus (C) severance pay equal to one-twelfth (1/12) of the Executive's Base Salary and Annual Bonus as of the Date of Termination for each of the first eighteen (18) months from and following the Date of Termination, payable in accordance with the Company's regular pay schedule and policies and (ii) the provision of the Welfare Benefit Continuation. For purpose of determining the severance pay, the Annual Bonus as of the Date of Termination shall be deemed to be equal to the Annual Bonus paid to the Executive for the most recently completed fiscal year of the Company. With respect to his receipt of payment of the amounts set forth in this Section 6(a), the Executive shall have no duty to mitigate, except as provided below concerning the Welfare Benefit Continuation.

Termination by the Company Without Cause or by the Executive for Good Reason. If, during the Employment Term, the Company shall terminate the Executive's employment hereunder without Cause, or the Executive shall terminate the Executive's employment for Good Reason, the Executive shall be entitled to receive, as his exclusive right and remedy in respect of such termination: (i) the payment of (A) all Accrued Obligations plus (B) at the time the Company pays its executives bonuses in accordance with its general payroll policies, the Pro Rata Bonus, plus (C) severance C)severance pay equal to one-twelfth (1/12) of an amount equal to the sum of the Executive's Base Salary and Annual Bonus as of the Date of Termination for each of the first eighteen (18) months from and following the Date of Termination, payable in accordance with the Company's regular pay schedule and policies and (ii) the provision of the Welfare Benefit Continuation. For purpose of determining the severance pay, the Annual Bonus as of the Date of Termination shall be deemed to be equal to the Annual Bonus paid to the Executive for the most recently completed fiscal year of the Company. With respect to his receipt of payment of the amounts set forth in this Section 6(a), the Executive shall have no duty to mitigate, except as provided below concerning the Welfare Benefit Continuation.