Common use of Termination with Notice by Either Party Clause in Contracts

Termination with Notice by Either Party. The Company or Employee may terminate this Agreement for any reason or no reason upon sixty (60) days prior written notice to the other. If the Company terminates the employment of Employee without Good Cause (as herein defined), the Company fails to renew this Agreement as provided in Section 5 without Good Cause, the Employee terminates his employment with Good Cause (as herein defined) or the Employee fails to renew this Agreement as provided in Section 5, the Company shall pay Employee severance compensation calculated at the rate of Salary in effect as of the date immediately preceding the date of termination and the cost of premiums for any Company sponsored insurance policy (or the cash equivalent) for twenty-four (24) months, payable in the manner and at such times as the Salary otherwise would have been payable to the Employee hereunder were Employee to continue to be employed by the Company. If the Company terminates the employment of Employee with Good Cause, the Company fails to renew this Agreement as provided in Section 5 with Good Cause, or Employee terminates his employment with the Company hereunder as provided in this Section 5(a), the Company shall not be under any obligation to pay Employee, and Employee shall not be entitled to, any such severance compensation.

Termination with Notice by Either Party. The Company or Employee may terminate this Agreement for any reason or no reason upon sixty (60) days prior written notice to the other. If the Company terminates the employment of Employee without Good Cause (as herein defined), the Company fails to renew this Agreement as provided in Section 5 without Good Cause, the Employee terminates his employment with Good Cause (as herein defined) or the ), provided that Employee fails to renew is otherwise in compliance with this Agreement as provided in Section 5Agreement, the Company shall pay Employee severance compensation calculated at the rate of Salary in effect as of the date immediately preceding the date of termination and the cost of premiums for any Company sponsored insurance policy (or the cash equivalent) for twenty-four (24) months, payable in the manner and at such times as the Salary otherwise would have been payable to the Employee hereunder were Employee to continue to be employed by the Company. If the Company terminates the employment of Employee with Good Cause, the Company fails to renew this Agreement as provided in Section 5 with Good Causeis not renewed, or Employee terminates his employment with the Company hereunder as provided in this Section 5(a)without Good Cause, the Company shall not be under any obligation to pay Employee, and Employee shall not be entitled to, any such severance compensationcompensation but shall only be entitled to the Salary earned and reasonable expenses reimbursable under this Agreement incurred through the date of Employee's termination.

Termination with Notice by Either Party. The Company or Employee may terminate this Agreement for any reason or no reason upon sixty (60) days prior written notice to the other. If the Company terminates the employment of Employee without Good Cause (as herein defined), the Company fails to renew this Agreement as provided in Section 5 without Good Cause, defined)or the Employee terminates his employment with Good Cause (as herein defined) or the Employee fails to renew this Agreement as provided in Section 5), the Company shall pay Employee severance compensation calculated at the rate of Salary in effect as of the date immediately preceding the date of termination and the cost of premiums for any Company sponsored insurance policy (or the cash equivalent) for twenty-four as follows: (24i) if terminated prior to the first anniversary of this Agreement, Employee shall be paid six months, payable (ii) if terminated after the first anniversary but before the second anniversary Employee shall be paid 1 year; (iii) if terminated after the second anniversary, Employee shall be paid 2 years. All payments will be in the manner and at such times as the Salary otherwise would have been payable to the Employee hereunder were Employee to continue to be employed by the Company. If the Company terminates the employment of Employee with Good Cause, the Company fails to renew this Agreement as provided in Section 5 with Good Cause, or Cause Employee terminates his employment with the Company hereunder as provided in without Good Cause, or the parties do not extend or renew this Section 5(a)Agreement regardless of any reason, the Company shall not be under any obligation to pay Employee, and Employee shall not be entitled to, any such severance compensation.

Termination with Notice by Either Party. The Company or Employee may terminate this Agreement for any reason or no reason upon sixty (60) days prior written notice to the other. If the Company terminates the employment of Employee without Good Cause (as herein defined), the Company fails to renew this Agreement as provided in Section 5 without Good Cause, the Employee terminates his employment with Good Cause (as herein defined) or the Employee fails to renew this Agreement as provided in Section 5), the Company shall pay Employee severance compensation calculated at the rate of Salary in effect as of the date immediately preceding the date of termination and the cost of premiums for any Company sponsored insurance policy policies (or the cash equivalent) for twenty-four twelve (2412) months, payable in the manner and at such times as the Salary otherwise would have been payable to the Employee hereunder were Employee to continue to be employed by the Company. If the Company terminates the employment of Employee with Good Cause, the Company fails to renew this Agreement as provided in Section 5 with Good Cause, the Employee fails to renew this Agreement as provided in Section 5, or Employee terminates his employment with the Company hereunder as provided in this Section 5(a), the Company shall not be under any obligation to pay Employee, and Employee shall not be entitled to, any such severance compensation.