Common use of Voluntary Termination by Employer Clause in Contracts

Voluntary Termination by Employer. Employer may terminate this Employment Agreement at any time for any reason sufficient to it, by act of its Board. Such termination shall be immediately effective. Following such voluntary termination, Employee shall continue to receive Employee's annual salary, payable immediately prior to termination, together with any benefits accrued to the date of termination, plus all benefits to which Employee is then entitled under subparagraph 2(e) above, for the balance of the then current Employment Agreement; provided, that if Employer is unable to continue to provide such benefits to Employee at substantially the same cost it would incur were Employee still employed by Employer, Employer shall have the right to pay Employee the Benefit Cost of such benefits in lieu of continuing to provide such benefits to Employee. It is provided, however, if Employee directly or indirectly engages in or acts as an Employee of or consultant for any trade or occupation that is in competition with Employer, such salary and benefits shall thereupon terminate." 6. Section 4(c) of the Employment Agreement is amended to read in its entirety as follows:

Voluntary Termination by Employer. Employer may terminate this Amended and Restated Employment Agreement at any time for any reason sufficient to it, by act of its Board. Such termination shall be immediately effective. Following such voluntary termination, Employee shall continue to receive Employee's ’s annual salary, payable as immediately prior to termination, together with any benefits accrued to the date of termination, plus all benefits to which Employee is then entitled under subparagraph 2(e) above, for the balance of the then current Amended and Restated Employment Agreement; provided, that if the Employer is unable to continue to provide any such benefits to Employee at substantially the same cost it would incur were Employee still employed by EmployerBenefit Cost, Employer shall have the right to pay Employee the Benefit Cost of such benefits in lieu of continuing to provide such benefits to Employee. It is provided, however, if Employee directly or indirectly engages in or acts as an Employee employee of or consultant for any trade or occupation that is in competition with Employer, such salary and benefits shall thereupon terminate." 6. Section 4(c) of the Employment Agreement is amended to read in its entirety as follows:

Voluntary Termination by Employer. Employer may terminate this Employment Agreement at any time for any reason sufficient to it, by act of its BoardBoard of Directors. Such termination shall be immediately effective. Following such voluntary termination, Employee shall continue to receive Employee's annual salary, payable as immediately prior to termination, together with any benefits accrued to the date of termination, plus all benefits to which Employee is then entitled under subparagraph 2(e) above, for the balance of the then current term of this Employment Agreement; provided, that if Employer is unable to continue to provide any such benefits to Employee at substantially the same cost it would incur were Employee still employed by EmployerBenefit Cost, Employer shall have the right to pay Employee the Benefit Cost of such benefits in lieu of continuing to provide such benefits to Employee. It is provided, however, if Employee directly or indirectly engages in or acts as an Employee employee of or consultant for any trade or occupation that is in competition with Employer, such salary and benefits shall thereupon terminate." 6. Section 4(c) of the Employment Agreement is amended to read in its entirety as follows:

Voluntary Termination by Employer. Employer may terminate this Employment Agreement at any time for any reason sufficient to it, by act of its Board. Such termination shall be immediately effective. Following such voluntary termination, Employee shall continue to receive Employee's annual salary, payable immediately prior to termination, together with any benefits accrued to the date of termination, plus all benefits to which Employee is then entitled under subparagraph 2(e) above, for the balance of the then current Employment Agreement; provided, that if Employer is unable to continue to provide such benefits to Employee at substantially the same cost it would incur were Employee still employed by Employer, Employer shall have the right to pay Employee the Benefit Cost of such benefits in lieu of continuing to provide such benefits to Employee. It is is, provided, however, if Employee directly or indirectly engages in or acts as an Employee executive of or consultant for any trade or occupation that is in competition with Employer, such salary and benefits shall thereupon terminate." 6. Section 4(c) of the Employment Agreement is amended to read in its entirety as follows: