Common use of Executive Termination Clause in Contracts

Executive Termination. Subject to the Company’s obligations to make the payments contemplated by Section 4(d), the Term of Employment may be terminated at any time by the Executive: (i) upon the death of Executive; (ii) in the event that because of physical or mental disability the Executive is unable to perform, and does not perform, as certified by a mutually agreeable competent medical physician, his material duties hereunder for 180 days in any continuous 210 day period; (iii) under circumstances involving a material reduction in Executive’s position, authority, base compensation or benefits or a hostile or adverse work environment, taken as a whole; or (iv) voluntarily or for any reason or no reason not referred to in clauses (i) through (iii) or no reason or non renewal of this Agreement by either Executive or the Company (a “Voluntary Termination”), after 30 days’ prior written notice to the Company and its Board of Directors, provided, that the expiration of the Term of Employment pursuant to Section 1, or any renewal term thereof, will not be considered a Voluntary Termination.