Separation Without Cause, or For Good Reason Clause Samples
Separation Without Cause, or For Good Reason. Notwithstanding anything to the contrary contained in this Agreement, the Company may in its sole discretion, at any time, separate Executive from employment with the Company Without Cause upon sixty (60) days' prior written notice, and Executive may initiate a separation for Good Reason upon thirty (30) days' prior written notice (hereinafter, any such separation by the Company or Executive shall be called a "Separation Without Cause").
Separation Without Cause, or For Good Reason. If ------------------------------------------- the Employment Period is terminated by the Board without Cause or by the Executive with Good Reason, then (1) all options granted to the Executive as of the date thereof shall vest immediately and (2) the Executive shall be entitled to receive on such effective date of termination (x) a pro rata bonus payment through the date of termination equal to the pro rated portion of the greater of (i) the prior year's annual bonus received by the Executive or (ii) $90,000, provided, however, that for the period commencing on the date hereof and ending on December 31, 1999, the Executive shall be entitled to a pro rata share of an annual bonus of ninety thousand dollars ($90,000), (y) his Annual Base Salary then in effect for a period equal to the longer of the unexpired Employment Period (not including any renewals thereof) or twelve (12) months and in accordance with normal payroll practices and (z) his life, medical and disability insurance benefits, if any, for one year from the effective date of such termination, and with respect to subclauses (2)(x), (y) and (z) ----------------- --- --- hereof, with no duty to mitigate. Subject to the requirement of applicable law, in the event of a separation without Cause or for Good Reason, the Executive shall have a period of one year in which to exercise options acquired hereunder.
Separation Without Cause, or For Good Reason. If the ------------------------------------------- Employment Period is terminated by the Board without Cause or by the Executive with Good Reason, then (1) all options granted to the Executive as of the date thereof shall vest immediately and (2) the Executive shall be entitled to receive on such effective date of termination (x) a pro rata bonus payment through the date of termination equal to the pro rated portion of the greater of (i) the prior year's annual bonus received by the Executive or (ii) $90,000, provided, however, that for the period commencing on the date hereof and ending on December 31, 1999, the Executive shall be entitled to a pro rata share of an annual bonus of ninety thousand dollars ($90,000), (y) his Annual Base Salary then in effect for a period equal to the longer of the unexpired Employment Period (not including any renewals thereof)