Common use of Termination of Employment; Effect of Termination of Employment Clause in Contracts

Termination of Employment; Effect of Termination of Employment. Executive’s employment pursuant to this Agreement shall terminate upon any of the following occurrences, with the following effects: (a) The expiration of 38 months following the Effective Date of this Agreement, or if Executive’s employment is extended by the written mutual agreement of the Corporation and Executive or in accordance with Section 5 in the event of a Change in Control, the expiration of the period of extension. Subject to Section 5, in the event Executive’s employment is terminated pursuant to this Section 4(a), the Corporation shall pay to executive the compensation, including but not limited to salary and prorated bonus, that would otherwise be payable to the Executive up to the end of the month in which her termination of employment occurs. (b) At the election of the Corporation for any reason, with or without Cause, during the period that this Agreement is in effect, including any period of extension. In the event Executive’s employment is terminated at the election of the Corporation pursuant to this Section 4(b) other than for Cause, a Change in Control of the Corporation, or Executive’s death or disability, and prior to the expiration of 38 months following the Effective Date of this Agreement, or if Executive’s employment is extended by the written mutual agreement of the Corporation and Executive, the expiration of the period of extension, the Corporation shall provide Executive with a severance benefit determined on the basis of twelve (12) months of Executive’s monthly base salary, as defined in Section 3(a), as of the date of termination. The severance benefit shall be paid in installments, each equal to Executive’s monthly base salary as of the date of termination, net of any required withholdings, for a period of twelve (12) months from the date of Executive’s termination of employment, or until such earlier date as the President or Chief Executive Officer of the Corporation has made a determination based on substantial evidence that Executive has materially violated any of the provisions of Sections 8, 9,10 or 11, whichever occurs earlier. Any severance payment that is more then 30 (days) in arrears (the “late date”) shall be credited with interest from such late date at a rate of ten percent (10%) per annum. Such severance payments shall be in full /s/ Xxxxx Xxxxx Executive /s/ Xxxx X. Xxxxx Corporation

Termination of Employment; Effect of Termination of Employment. Executive’s employment pursuant to this Agreement shall terminate upon any of the following occurrences, with the following effects: (a) The expiration of 38 36 months following the Effective Date of this Agreement, or if Executive’s employment is extended by the written mutual agreement of the Corporation and Executive or in accordance with Section 5 in the event of a Change in Control, the expiration of the period of extension. Subject to Section 5, in the event Executive’s employment is terminated pursuant to this Section 4(a), the Corporation shall pay to executive the compensation, including but not limited to salary and prorated bonus, that would otherwise be payable to the Executive up to the end of the month in which her his termination of employment occurs. (b) At the election of the Corporation for any reason, with or without Cause, during the period that this Agreement is in effect, including any period of extension. In the event Executive’s employment is terminated at the election of the Corporation pursuant to this Section 4(b) other than for Cause, a Change in Control of the Corporation, or Executive’s death or disability, and prior to the expiration of 38 36 months following the Effective Date of this Agreement, or if Executive’s employment is extended by the written mutual agreement of the Corporation and Executive, the expiration of the period of extension, the Corporation shall provide Executive with a severance benefit determined on the basis of twelve (12) months of Executive’s monthly base salary, as defined in Section 3(a), as of the date of termination. The severance benefit shall be paid in installments, each equal to Executive’s monthly base salary as of the date of termination, net of any required withholdings, for a period of twelve (12) months from the date of Executive’s termination of employment, or until such earlier date as the President or Chief Executive Officer of the Corporation has made a determination based on substantial evidence that Executive has materially violated any of the provisions of Sections 8, 9,10 or 11, whichever occurs earlier. Any severance payment that is more then 30 (days) in arrears (the “late date”) shall be credited with interest from such late date at a rate of ten percent (10%) per annum. Such severance payments shall be in full /s/ Xxxxx Xxxxx Executive /s/ Xxxx X. Xxxxx Corporationprovisions

Termination of Employment; Effect of Termination of Employment. Executive’s employment pursuant to this Agreement shall terminate upon any of the following occurrences, with the following effects: (a) The expiration of 38 months following the Effective Date of this Agreement, or if Executive’s employment is extended by the written mutual agreement of the Corporation and Executive or in accordance with Section 5 in the event of a Change in Control, the expiration of the period of extension. Subject to Section 5, in the event Executive’s employment is terminated pursuant to this Section 4(a), the Corporation shall pay to executive the compensation, including but not limited to salary and prorated bonus, that would otherwise be payable to the Executive up to the end of the month in which her his termination of employment occurs. (b) At the election of the Corporation for any reason, with or without Cause, during the period that this Agreement is in effect, including any period of extension. In the event Executive’s employment is terminated at the election of the Corporation pursuant to this Section 4(b) other than for Cause, a Change in Control of the Corporation, or Executive’s death or disability, and prior to the expiration of 38 months following the Effective Date of this Agreement, or if Executive’s employment is extended by the written mutual agreement of the Corporation and Executive, the expiration of the period of extension, the Corporation shall provide Executive with a severance benefit determined on the basis of twelve (12) months of Executive’s monthly base salary, as defined in Section 3(a), as of the date of termination. The severance benefit shall be paid in installments, each equal to Executive’s monthly base salary as of the date of termination, net of any required withholdings, for a period of twelve (12) months from the date of Executive’s termination of employment, or until such earlier date as the President or Chief Executive Officer of the Corporation has made a determination based on substantial evidence that Executive has materially violated any of the provisions of Sections 8, 9,10 8,9,10 or 11, whichever occurs earlier. Any severance payment that is more then 30 (days) in arrears (the “late date”) shall be credited with interest from such late date at a rate of ten percent (10%) per annum. Such severance payments shall be in full satisfaction of any and all obligations then or thereafter owed by the Corporation to Executive pursuant to this Agreement. /s/ Xxxxx Xxxxx Xxxx Xxxxxx Executive /s/ Xxxx X. Xxxxx Corporation (c) At the election of the Corporation, for “Cause”, immediately upon written notice by the Corporation to Executive. “Cause” for such termination shall mean:

Termination of Employment; Effect of Termination of Employment. Executive’s employment pursuant to this Agreement shall terminate upon any of the following occurrences, with the following effects: (a) The expiration of 38 months following the Effective Date of this Agreement, or if Executive’s employment is extended by the written mutual agreement of the Corporation and Executive or in accordance with Section 5 in the event of a Change in Control, the expiration of the period of extension. /s/ Xxxxx Xxxxxxxx Executive /s/ Xxxx X. Xxxxx Corporation Subject to Section 5, in the event Executive’s employment is terminated pursuant to this Section 4(a), the Corporation shall pay to executive the compensation, including but not limited to salary and prorated bonus, that would otherwise be payable to the Executive up to the end of the month in which her his termination of employment occurs. (b) At the election of the Corporation for any reason, with or without Cause, during the period that this Agreement is in effect, including any period of extension. In the event Executive’s employment is terminated at the election of the Corporation pursuant to this Section 4(b) other than for Cause, a Change in Control of the Corporation, or Executive’s death or disability, and prior to the expiration of 38 months following the Effective Date of this Agreement, or if Executive’s employment is extended by the written mutual agreement of the Corporation and Executive, the expiration of the period of extension, the Corporation shall provide Executive with a severance benefit determined on the basis of twelve (12) months of Executive’s monthly base salary, as defined in Section 3(a), as of the date of termination. The severance benefit shall be paid in installments, each equal to Executive’s monthly base salary as of the date of termination, net of any required withholdings, for a period of twelve (12) months from the date of Executive’s termination of employment, or until such earlier date as the President or Chief Executive Officer of the Corporation has made a determination based on substantial evidence that Executive has materially violated any of the provisions of Sections 8, 9,10 9, 10 or 11, whichever occurs earlier. Any severance payment that is more then 30 (days) in arrears (the “late date”) shall be credited with interest from such late date at a rate of ten percent (10%) per annum. Such severance payments shall be in full /s/ Xxxxx Xxxxx satisfaction of any and all obligations then or thereafter owed by the Corporation to Executive /s/ Xxxx X. Xxxxx pursuant to this Agreement. (c) At the election of the Corporation, for “Cause”, immediately upon written notice by the Corporation to Executive. “Cause” for such termination shall mean: