Termination of Employment and Severance Payments. (a) Xxxxxx acknowledges that he is employed at the will of the Company and that his employment may be terminated by the Company at any time with or without cause, for any reason or for no reason. This Agreement is not intended and will not be construed so as to create any right of Xxxxxx to continued employment. The Company may terminate Xxxxxx’ employment at any time without Cause (as defined below) by providing thirty (30) days’ prior written notice to Xxxxxx (“Termination Without Cause”). The Company may terminate Xxxxxx’ employment for Cause effective as of the date of notice by providing written notice to Xxxxxx (“Termination With Cause”). The Company may terminate Xxxxxx’ employment if the Board reasonably determines that Xxxxxx is unable to perform his duties by reason of Total Disability (as defined below) by providing ten (10) days’ prior written notice to Xxxxxx. Xxxxxx may resign as an employee at any time for Employee Cause (as defined below) by providing thirty (30) days’ prior written notice to the Company (“Termination for Employee Cause”). Xxxxxx may also resign as an employee at any time, for any other reason or for no reason, by providing thirty (30) days’ prior written notice to the Company (“Resignation”).
Termination of Employment and Severance Payments. As of January 25, 2002 (the "Separation Date"), Xx. Xxxxxxxx'x employment as Chief Executive Officer, President and any and all other employment positions that Xx. Xxxxxxxx may have held at PlanetCAD or its subsidiaries shall cease. In furtherance of the preceding sentence, Xx. Xxxxxxxx hereby resigns, effective as of the Separation Date, as a director on the Board of Directors of PlanetCAD. No later than January 29, 2002, PlanetCAD shall pay Xx. Xxxxxxxx the gross amount of $12,980.40, less legally required withholdings, which the parties agree represents the value of Bracking's accrued, unused vacation pay as of the Separation Date. From the Separation Date until May 9, 2002 (the "Severance Period"), PlanetCAD shall pay Xx. Xxxxxxxx a total gross amount of $65,625, $32,812.50 of which shall be paid, less legally required withholdings, in a lump sum on January 29, 2002, and the remaining $32,812.50 of which shall be paid, less legally required withholdings, in seven semimonthly installments in accordance with PlanetCAD's standard payment practices during the Severance Period. PlanetCAD will reimburse Xx. Xxxxxxxx for the expenses that he incurs in continuing, through July 31, 2002, his benefits, as permitted by COBRA. Thereafter, Xx. Xxxxxxxx may continue such coverage pursuant to COBRA, at his own expense. PlanetCAD will extend, for one year from the Separation Date, the expiration date of Xx. Xxxxxxxx'x vested stock options from April 25, 2002 (the 90th day following the Separation Date as provided in Xx. Xxxxxxxx'x incentive stock option agreement dated December 14, 2000) to January 25, 2003. Xx. Xxxxxxxx acknowledges that (i) any vested stock option retained by Xx. Xxxxxxxx after the 90th day following the Separation Date will be deemed to be a nonstatutory stock option, and (ii) he has had the opportunity to consult with tax counsel of his choice regarding the effect thereof. Xx. Xxxxxxxx shall be entitled to retain the laptop computer (excluding all peripheral hardware such as independent monitors and keyboards) and cellular telephone that he used during the term of his employment with PlanetCAD, but all cellular telephone service fees, internet access fees and other related service fees and charges incurred in connection with the use of either the laptop computer or the cellular telephone after the Separation Date will be Xx. Xxxxxxxx'x sole responsibility. PlanetCAD shall withhold federal income taxes from the payments made under this paragraph at...
Termination of Employment and Severance Payments. Notwithstanding anything to the contrary contained in this Agreement, the Executive's employment hereunder shall terminate during the term of this Agreement under the following circumstances:
Termination of Employment and Severance Payments
