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

Termination by the Company Without Cause or Termination by the Executive. The Company may terminate Executive’s employment hereunder at any time without Cause by delivering written notice to the Executive. The Executive may terminate his employment hereunder at any time and for any reason by delivering written notice of termination to the Company. However, if the Executive terminates his employment for Good Reason (as defined below), such termination shall be deemed to be a termination by the Company without Cause requiring the payment of Liquidated Damages subject to the terms and conditions of this Agreement. For purposes of this Agreement, the term “Good Reason” shall mean a “Termination Event,” which shall be defined as (i) a breach of this Agreement by the Company, (ii) a material adverse change in the Executive’s working conditions, duties or status, (iii), a significant geographic relocation of the Executive’s Principal Office (for purposes of this section 6(d)(iii), the term “Principle Office” shall be defined as Tampa, Florida, USA), or (iv) a change in reporting such that Executive is required to report to a position other than the CEO. If the Executive desires to terminate his employment for Good Reason, he shall first deliver written notice of termination to the CEO indicating in reasonable detail the facts and circumstances alleged to provide a basis for such termination and shall cease performing the Executive’s duties hereunder on the date which is seven (7) days after delivery of the notice, which date also shall be the date of termination of the Executive’s employment, unless the facts and circumstances alleged to provide the basis for such termination have, to the extent applicable, been substantially cured by Company by the end of such seven (7) day period.

Termination by the Company Without Cause or Termination by the Executive. The Company may terminate Executive’s employment hereunder at any time without Cause by delivering written notice to the Executive. The Executive may terminate his employment hereunder at any time and for any reason by delivering written notice of termination to the Company. However, if the Executive terminates his employment for Good Reason (as defined below), such termination shall be deemed to be a termination by the Company without Cause requiring the payment of Liquidated Damages subject to the terms and conditions of this Agreement. For purposes of this Agreement, the term “Good Reason” shall mean a “Termination Event,” which shall be defined as (i) a breach of this Agreement by the Company, (ii) a material adverse change in the Executive’s working conditions, duties or status, (iii), a significant geographic relocation of the Executive’s Principal Office (for purposes of this section 6(d)(iii)principal office, the term “Principle Office” shall be defined as Tampa, Florida, USA), or (iv) a change in reporting such that Executive is required to report to a position other than the CEO. A Termination Event shall not occur as a result of a relocation of Executive’s principal office from the Denver, Colorado area to the Tampa, Florida area. If the Executive desires to terminate his employment for Good Reason, he shall first deliver written notice of termination to the CEO indicating in reasonable detail the facts and circumstances alleged to provide a basis for such termination and shall cease performing the Executive’s duties hereunder on the date which is seven (7) days after delivery of the notice, which date also shall be the date of termination of the Executive’s employment, unless the facts and circumstances alleged to provide the basis for such termination have, to the extent applicable, been substantially cured by Company by the end of such seven (7) day period.. Executive Agreement/X. X. Xxxxxxxxxx Xxxxx Enterprises Incorporated ________