Common use of Voluntary Termination by Employee for Good Reason Clause in Contracts

Voluntary Termination by Employee for Good Reason. Employee may at any time voluntarily terminate this Agreement for "Good Reason" upon thirty (30) days' prior written notice to the Company. For purposes of this Agreement, Good Reason shall mean the occurrence of any of the following events: (i) a change materially adverse to the Employee in the Employee's status, title, position, or responsibilities; (ii) the insolvency or the filing of a petition for bankruptcy of the Company; (iii) the failure of the Company to obtain an agreement, satisfactory to the Employee, from any successor or assign of the Company to assume and agree to perform this Agreement; or (iv) any material breach by the Company of this Agreement. In the event of voluntary termination for Good Reason, (i) the Company shall, at the election of Employee, either continue to pay Employee his then effective salary and all benefits hereunder for twelve (12) months, including 100% of any bonus paid or payable to Employee with respect to the calendar year immediately preceding termination, or pay Employee, within fifteen (15) days of termination, a lump sum payment equal to Employee's salary and benefits hereunder for twelve (12) months, including 100% of any bonus paid or payable to Employee with respect to the calendar year immediately preceding termination, and (ii) all outstanding stock options held by Employee shall become fully vested and exercisable.

Voluntary Termination by Employee for Good Reason. Employee may at any time voluntarily terminate this Agreement for "Good Reason" upon thirty (30) days' prior written notice to the Company. For purposes of this Agreement, Good Reason shall mean the occurrence of any of the following events: (i) a change materially adverse to the Employee in the Employee's status, title, position, or responsibilities; (ii) the insolvency or the filing of a petition for bankruptcy of the Company; (iii) the failure of the Company to obtain an agreement, satisfactory to the Employee, from any successor or assign of the Company to assume and agree to perform this Agreement; or (iv) any material breach by the Company of this Agreement. In the event of voluntary termination for Good Reason, (i) the Company shall, at the election of Employee, either continue to pay Employee his then effective salary and all benefits hereunder for twelve six (126) months, including 10050% of any bonus paid or payable to Employee with respect to the calendar year immediately preceding termination, or pay Employee, within fifteen (15) days of termination, a lump sum payment equal to Employee's salary and benefits hereunder for twelve six (126) months, including 10050% of any bonus paid or payable to Employee with respect to the calendar year immediately preceding termination, and (ii) all outstanding stock options held by Employee shall become fully vested and exercisable.

Voluntary Termination by Employee for Good Reason. Employee may at any time voluntarily terminate this Agreement for "Good Reason" upon thirty (30) days' prior written notice to the Company. For purposes of this Agreement, Good Reason shall mean the occurrence of any of the following events: (i) a change materially adverse to the Employee in the Employee's status, title, position, or responsibilities; (ii) the insolvency or the filing of a petition for bankruptcy of the Company; (iii) the failure of the Company to obtain an agreement, satisfactory to the Employee, from any successor or assign of the Company to assume and agree to perform this Agreement; or (iv) any material breach by the Company of this Agreement. In the event of voluntary termination for Good Reason, (i) the Company shall, at the election of Employee, either continue to pay Employee his her then effective salary and all benefits hereunder for twelve six (126) months, including 10050% of any bonus paid or payable to Employee with respect to the calendar year immediately preceding termination, or pay Employee, within fifteen (15) days of termination, a lump sum payment equal to Employee's salary and benefits hereunder for twelve six (126) months, including 10050% of any bonus paid or payable to Employee with respect to the calendar year immediately preceding termination, and (ii) all outstanding stock options held by Employee shall become fully vested and exercisable.

Voluntary Termination by Employee for Good Reason. Employee may ------------------------------------------------- at any time voluntarily terminate this Agreement for "Good Reason" upon thirty (30) days' prior written notice to the Company. For purposes of this Agreement, Good Reason shall mean the occurrence of any of the following events: (i) a change materially adverse to the Employee in the Employee's status, title, position, or responsibilities; (ii) the insolvency or the filing of a petition for bankruptcy of the Company; (iii) the failure of the Company to obtain an agreement, satisfactory to the Employee, from any successor or assign of the Company to assume and agree to perform this Agreement; or (iv) any material breach by the Company of this Agreement. In the event of voluntary termination for Good Reason, (i) the Company shall, at the election of Employee, either continue to pay Employee his her then effective salary and all benefits hereunder for twelve six (126) months, including 10050% of any bonus paid or payable to Employee with respect to the calendar year immediately preceding termination, or pay Employee, within fifteen (15) days of termination, a lump sum payment equal to Employee's salary and benefits hereunder for twelve six (126) months, including 10050% of any bonus paid or payable to Employee with respect to the calendar year immediately preceding termination, and (ii) all outstanding stock options held by Employee shall become fully vested and exercisable.