Common use of TERMINATION WITHOUT CAUSE; FAILURE TO RENEW WITHOUT CAUSE; RESIGNATION FOR GOOD REASON Clause in Contracts

TERMINATION WITHOUT CAUSE; FAILURE TO RENEW WITHOUT CAUSE; RESIGNATION FOR GOOD REASON. If, during the Term, Executive's employment is terminated without Cause, the Company delivers a Nonrenewal Notice without Cause, or if Executive resigns from his employment for Good Reason, the Company shall pay executive severance pay in an amount equal to two times the sum of: (1) Executive's Base Salary and (2) the greater of (i) the percentage of Executive's actual earnings used to calculate bonus paid to the Executive in the year preceding termination of employment multiplied by Base Salary or (ii) the average of bonuses paid Executive over the last three years preceding the termination or resignation, (the "Severance Payment"). The Severance Payment shall be paid over twenty-four months in such equal installments as are consistent with the Company's prevailing payroll policies. The Severance Payment is subject to Executive fulfilling certain stipulations set forth in Section 4(A) hereof. Executive shall also be entitled to receive a PRO RATA portion of any bonus paid for the year of termination payable at such time as payments are generally made under the bonus plan, such bonus shall equal the greater of (i) the percentage of Executive's actual earnings used to calculate bonus paid to the Executive in the year preceding termination of employment multiplied by Base Salary or (ii) the average of bonuses paid Executive over the last three years preceding the termination or resignation, multiplied by a fraction where the numerator is the number of days during the year that Executive was employed by the Company and the denominator is 365. Additionally, the Company shall continue to pay all (or the applicable portion) of the premiums for such group insurance benefits (such as health, life, and disability insurance policies) that covered Executive on the day next preceding Executive's termination of employment for twenty-four months following termination under this Section 4(A). Executive shall have no further right to receive any other compensation or benefits after termination or resignation except as may be provided by the terms of the Company's employee benefit plans or programs.