Common use of Voluntary Termination by the Executive Without Good Reason Clause in Contracts

Voluntary Termination by the Executive Without Good Reason. If the Executive resigns or otherwise voluntarily terminates the Executive’s employment without Good Reason or for a reason other than Retirement, or if the Executive’s employment terminates due to non-renewal of the Agreement by the Executive, the amount the Executive shall be entitled to receive from the Company shall be limited to the Accrued Obligations and, subject to the compliance with the covenants in Section 9 and Section 10 and the execution, timely return and non-revocation of the Release, a pro-rated Annual Bonus for the year of termination based on the actual achievement of any performance goal or goals thereunder (as determined by the Company based on reasonable estimates) and pro-rated based on the Executive’s period of service during the performance period. In the event an Annual Bonus is payable pursuant to this Section 5(d), such bonus shall be paid to the Executive no later than March 15th of the year after the year to which the bonus relates.