Common use of Termination Without Cause by Company Clause in Contracts

Termination Without Cause by Company. During the term of this Agreement, Company may, by action of its Board of Directors (with Employee abstaining from the vote on any such action), terminate Employee's employment with Company "without cause" (as defined in this Section 10(b)), by sending written notice to Employee specifying with reasonable particularity the basis for such termination. Upon any such termination, Employee's right to any further compensation hereunder shall cease and terminate, except that Employee shall be entitled to receive, on the terms and at the times specified in this Agreement: (i) any salary earned through the date of termination of employment; (ii) the reimbursement of any expenses incurred by Employee prior to the date of termination; and (iii) a severance package, in which Employee shall receive an amount equal to (x) Employee's monthly compensation at the time of termination, multiplied by (y) the number of months remaining in the Initial Term or any Renewal Term, as applicable. For purposes of this Section 10(b), an event or occurrence constituting termination "without cause" shall be any termination by Company that is not termination "for cause" as described in Section 10(a) hereof, including without limitation the failure of Company to renew Employee's employment at the end of the Initial Term.

Termination Without Cause by Company. During the term of this Agreement, Company may, by action of its Board of Directors (with Employee abstaining from the vote on any such action), terminate Employee's employment with Company "without cause" (as defined in this Section 10(b)), below) by sending written notice to Employee specifying with reasonable particularity the basis for such termination. Upon any such termination, Employee's right to any further compensation hereunder shall cease and terminate, except that Employee shall be entitled to receive, on the terms and at the times specified in this Agreement: (i) any salary earned through the date of termination of employment; (ii) the reimbursement of any expenses incurred by Employee prior to the date of termination; and (iii) a severance package, in which Employee shall receive an amount equal to (x) Employee's monthly compensation at the time of termination, multiplied by (y) the number of months remaining in the Initial Term or any Renewal Term, as applicable; provided that such severance package shall not exceed $50,000. For purposes of this Section 10(bparagraph (b), an event or occurrence constituting termination "without cause" shall be any termination by Company that is not termination "for cause" as described in Section 10(aparagraph (a) hereofabove, including without limitation the failure of Company to renew Employee's employment at the end of the Initial Term.