Common use of Termination for Good Reason or Without Cause Clause in Contracts

Termination for Good Reason or Without Cause. In the event Executive terminates his employment with the Company for Good Reason or the Company terminates Executive's Employment for any reason other than for Cause or Disability, in either case at any time prior to the expiration of the Term of Employment, Executive shall be entitled to the following payments and benefits: (1) The Company shall pay to the Executive, not later than 30 days following the Date of Termination, the Executive's accrued but unpaid Basic Salary through the Date of Termination plus compensation for current and carried-over unused vacation and compensation days in accordance with the applicable personnel policy. (2) In lieu of any further payments of salary or bonus to the Executive after the Date of Termination, the Company shall pay to the Executive, not later than ten (10) days following the Date of Termination, a lump sum cash severance payment (the "Severance Payment") equal to the total compensation (including bonus) paid to or accrued for the benefit of the Executive by the Company for services rendered during the twelve-month period immediately preceding the Date of Termination.

Termination for Good Reason or Without Cause. In the event Executive terminates his employment with the Company for Good Reason or the Company terminates Executive's Employment for any reason other than for Cause or Disability, in either case at any time prior to the expiration of the Term of Employment, Executive shall be entitled to the following payments and benefits: (1) The Company shall pay to the Executive, not later than 30 thirty (30) days following the Date of Termination, the Executive's accrued but unpaid Basic Salary through the Date of Termination plus compensation for current and carried-over unused vacation and compensation days in accordance with the applicable personnel policy. (2) In lieu of any further payments of salary or bonus to the Executive after the Date of Termination, the Company shall pay to the Executive, not later than ten (10) days following the Date of Termination, a lump sum cash severance payment (the "Severance Payment") equal to the total compensation (including bonus) paid to or accrued for the benefit of the Executive by the Company for services rendered during the twelve-month period immediately preceding the Date of Termination.

Termination for Good Reason or Without Cause. In the event Executive terminates his employment with the Company for Good Reason or the Company terminates Executive's Employment for any reason other than for Cause or Disability, in either case at any time prior to the expiration of the Term of Employment, Executive shall be entitled to the following payments and benefits: (1) The Company shall pay to the Executive, not later than 30 thirty (30) days following the Date of Termination, the Executive's accrued but unpaid Basic Salary through the Date of Termination plus compensation for current and carried-over unused vacation and compensation days in accordance with the applicable personnel policy. (2) In lieu of any further payments of salary or bonus to the Executive after the Date of Termination, the Company shall pay to the Executive, not later than ten (10) days following the Date of Termination, a lump sum cash severance payment (the "Severance Payment") equal to the total compensation (including bonus) paid to or accrued for the benefit of the Executive by the Company for services rendered during the twelve-month period immediately preceding the Date of Termination.