Common use of Termination of Employment by Company Without Cause; Resignation for Good Reason Clause in Contracts

Termination of Employment by Company Without Cause; Resignation for Good Reason. If Employee's employment is terminated by the Company without Cause, or Employee Resigns for Good Reason, within 30 days following the date of such termination of employment, the Company shall pay Employee the Accrued Amount as of the date of such termination, and in addition, the Company shall make a cash lump sum payment to Employee equal to the sum of (x) the greater of the amount described in (i) or (ii) below, plus (y) the "Gross-Up Payment," as defined and more fully provided for in Section 18(g). (i) the product of three (3) times the greater of (1) the sum of the amounts paid or payable to Employee pursuant to Sections 4 and 5 hereunder (and the short-term portion of any bonus amounts paid or payable pursuant to Section 6 hereunder) for the calendar year preceding the calendar year in which such termination of employment occurs or (2) the sum of the amounts paid or payable to Employee pursuant to Sections 4 and 5 hereunder (and the short-term portion of any bonus amounts paid or payable pursuant to Section 6 hereunder) during the one-year period ending on the date of such termination; or (ii) The amount payable pursuant to Section 4 hereunder for the remainder of the Term at a rate equal to his base salary in effect at the time of the date of such termination.

Termination of Employment by Company Without Cause; Resignation for Good Reason. If Employee's employment is terminated by the Company without Cause, or Employee Resigns for Good Reason, within 30 days following the date of such termination of employment, the Company shall pay Employee the Accrued Amount as of the date of such termination, and in addition, the Company shall make a cash lump sum payment to Employee equal to the sum of (x) the greater of the amount described in (i) or (ii) below, plus (y) the "Gross-Up Payment," as defined and more fully provided for in Section 18(g). (i1) the product of three (3) times the greater of (1) the sum of the amounts paid or payable to Employee pursuant to Sections 4 and 5 hereunder (and the short-term portion of any bonus amounts paid or payable pursuant to Section 6 hereunder) for the calendar year preceding the calendar year in which such termination of employment occurs or (2) the sum of the amounts paid or payable to Employee pursuant to Sections 4 and 5 hereunder (and the short-term portion of any bonus amounts paid or payable pursuant to Section 6 hereunder) during the one-year period ending on the date of such termination; or (ii2) The amount payable pursuant to Section 4 hereunder for the remainder of the Term at a rate equal to his base salary in effect at the time of the date of such termination.