Common use of Without Cause, With Severance Clause in Contracts

Without Cause, With Severance. The Corporation may terminate Employee's employment immediately at any time and for any reason without Cause upon providing notice to Employee. However, in such event the Corporation shall pay Employee any earned and unpaid bonus or incentive compensation, if any, on a pro rata basis for the period through the Employee's termination date. In addition, provided that Employee meets all of the conditions set forth in this paragraph for receiving severance pay, the Corporation shall pay Employee severance pay in monthly installments equal to 1/12 of Employee's annualized base salary at the time of termination, less applicable withholdings, up to the earlier of (i) three (3) months from the date of Employee's date of termination or (ii) the date on which Employee begins earning income from self-employment, employment, consulting, independent contracting, or other work activities. Employee shall only be entitled receive the severance pay described herein if Employee meets all of the following conditions: