Common use of Termination of Term of Employment Clause in Contracts

Termination of Term of Employment. Notwithstanding Section 3 hereof, the Term of Employment shall terminate immediately (the date of such termination is referred to as the “Termination Date”) upon the occurrence of any of the following events: (i) death or Permanent Disability (as defined below) of the Employee; (ii) election by the Company to terminate the Employee for Cause (as defined below); (iii) at the end of the thirty (30) day period following the Company’s delivery to the Employee of prior written notice of the Company’s election to terminate the Employee without Cause; (iv) election by the Employee to terminate for Good Reason (as defined below); (v) at the end of the thirty (30) day period following Employee’s delivery to the Company of prior written notice of his election to terminate; or (vi) upon the close of business on the last day of the Initial Term or the then-current Renewal Term, as applicable, as a result of receipt by either Party of a Non-Renewal Notice at least thirty (30) days prior to such date.