Common use of Termination by the Corporation Without Cause Clause in Contracts

Termination by the Corporation Without Cause. In the event of a termination without cause, the Employer will provide a severance package which will include a minimum of one year's salary, plus one month's salary for each year of employment in excess of twelve years service, to be calculated on base salary and pro-rated for car allowance and bonus incentive. It is agreed and understood that these amounts are reasonable and include any obligations which the employer may have or pay in lieu of notice and/or severance pay pursuant to the Employment Standards Act, R.S.O. 1990, c. E-14, or its counterpart in any other jurisdiction. It is agreed that this Employment Agreement may not be terminated by the Corporation without cause without the approval of the board of directors of the Corporation.

Termination by the Corporation Without Cause. In the event of a termination without cause, the Employer will provide a severance package which will include a minimum of one year's salary, plus one month's salary for each year of employment in excess of twelve years service, to be calculated on base salary and pro-rated for car allowance and bonus incentive. It is agreed and understood that these amounts are reasonable and include any obligations which the employer may have or pay in lieu of notice and/or severance pay pursuant to the Employment Standards Act, R.S.O. 1990, c. E-14, or its counterpart in any other jurisdiction. In addition, it is agreed that if the Executive is terminated without cause, the Vesting Dates with respect to all Signing Bonus Options shall be deemed to have occurred immediately prior to such termination. It is agreed that this Employment Agreement may not be terminated by the Corporation without cause cause, without the approval of the board of directors of the Corporation.