Common use of REQUIRED RELOCATION Clause in Contracts

REQUIRED RELOCATION. 5.1 During the Term, the Corporation shall not require the Employee to relocate outside of the New York City/New Jersey metropolitan area (the "Area"). 5.2 In the event that after the Term of this Agreement and prior to July 1, 2000, the Corporation requires the Employee to relocate outside the Area and the Employee elects in his discretion, not to do so, the Employee may voluntarily leave the employ of the Corporation and in such event the Corporation shall pay to the Employee an amount equal to six month's base salary, (at the employee's base salary at the time of termination) (the "Severance Amount"). The Severance Amount shall be paid to the Employee in six equal monthly installments commencing on the first day of the month immediately following such termination. 5.3 Notwithstanding the foregoing, the Employee may be required to travel away from his home for reasonable periods of time in fulfillment of his responsibilities for the Corporation.