Common use of Executive’s Constructive Termination Clause in Contracts

Executive’s Constructive Termination. For purposes of this Agreement, “Constructive Termination” shall be defined as a material breach by VeriChip of its obligations under this Agreement (including but not limited to any reduction of Executive’s Base Salary or incentive compensation as provided herein). If Executive chooses to treat such material breach as a Constructive Termination, Executive shall provide VeriChip with written notice describing the circumstances being relied upon by Executive for such termination with respect to this Agreement within thirty (30) days after the event giving rise to the Constructive Termination. VeriChip shall have thirty (30) days after receipt of such notice to remedy the situation prior to the Constructive Termination being deemed final; or