Common use of Employer Involuntary Termination Clause in Contracts

Employer Involuntary Termination. Employer shall be entitled, at its election and with or without cause, to terminate Officer’s employment pursuant to this Agreement upon written notice to Officer. Upon a termination by Employer, Employer shall continue to pay Officer at the rate and in the manner provided in Section 3 above for a period after the date of termination equivalent to: (i) one (1) year if Officer has been employed by Employer for a period of five (5) years or more; or (ii) six (6) months if Officer has been employed by Employer for a period of less than five (5) years. In either event, Employer shall treat Officer’s Stock Options, Performance Stock and Deferred Stock Award as provided in the award agreements pursuant to which such rights were granted. Officer shall not be entitled to any bonus for the fiscal year of the Employer in which such voluntary termination by Employer occurs. The Officer’s eligibility to receive benefits under this Section 7(b) shall be conditioned upon (i) the Officer’s execution of a General Release and Separation Agreement, and (ii) the General Release and Separation Agreement becoming effective after the lapse of any permitted or required revocation period without the associated revocation rights being exercised by Officer.

Employer Involuntary Termination. Employer shall be entitled, at its election and with or without cause, to terminate Officer’s 's employment pursuant to this Agreement upon written notice to Officer. Upon a termination by Employer, Employer shall continue to pay Officer at the rate and in the manner provided in Section 3 above for a period after the date of termination equivalent to: (i) one (1) year if Officer has been employed by Employer for a period of five (5) years or more; or (ii) six (6) months if Officer has been employed by Employer for a period of less than five (5) years. In either event, Employer shall treat Officer’s 's Stock Options, Performance Stock Options and Deferred Stock Award as provided in the award agreements pursuant to which such rights were granted. Officer shall not be entitled to any bonus for the fiscal year of the Employer in which such voluntary termination by Employer occurs. The Officer’s 's eligibility to receive benefits under this Section 7(b) shall be conditioned upon (i) the Officer’s 's execution of a General Release and Separation Agreement, and (ii) the General Release and Separation Agreement becoming effective after the lapse of any permitted or required revocation period without the associated revocation rights being exercised by Officer.

Employer Involuntary Termination. Employer shall be entitled, at its election and with or without cause, to terminate Officer’s 's employment pursuant to this Agreement upon written notice to Officer. Upon a termination by Employer, Employer shall continue to pay Officer at the rate and in the manner provided in Section 3 above for a period after the date of termination equivalent to: (i) one (1) year if Officer has been employed by Employer for a period of five (5) years or more; or (ii) six (6) months if Officer has been employed by Employer for a period of less than five (5) years. In either event, Employer shall treat Officer’s 's Stock Options, Performance Stock and Deferred Stock Award as provided in the award agreements pursuant to which such rights were granted. Officer shall not be entitled to any bonus for the fiscal year of the Employer in which such voluntary termination by Employer occurs. The Officer’s 's eligibility to receive benefits under this Section 7(b) shall be conditioned upon (i) the Officer’s 's execution of a General Release and Separation Agreement, and (ii) the General Release and Separation Agreement becoming effective after the lapse of any permitted or required revocation period without the associated revocation rights being exercised by Officer.