Common use of Termination by the Company Without Cause or by the Employee for Good Reason Clause in Contracts

Termination by the Company Without Cause or by the Employee for Good Reason. The Company may elect to terminate the Term and this Agreement without Cause and the Employee may terminate the Term and this Agreement for Good Reason. In the event that the Employee's employment is terminated under this Section 8.2, the Employee shall be entitled to receive (a) the continued payment of his Base Salary until the first anniversary of the date of termination; PROVIDED, HOWEVER, that any amount of severance payable under this Section 8.2 shall be reduced by any other compensation received by the Employee prior to the first anniversary of the date of termination, and (b) the continuation for a period of one year of welfare benefits to the Employee and his family on a basis substantially equivalent to those which would have been provided to them in accordance with the welfare plans, programs and arrangements of the Company had the Employee's employment not terminated; PROVIDED, HOWEVER, that such benefit continuation shall cease in the event that the Employee and his family obtain comparable welfare benefit coverage from any subsequent employer. On or prior to the date that the Company commences payment or continuation of benefits under this Section 8.2, the Employee shall execute and deliver a release of claims in favor of the Company in form and substance satisfactory to the Company and all applicable revocation periods shall expire.

Termination by the Company Without Cause or by the Employee for Good Reason. The Company may elect to terminate the Term and this Agreement without Cause and the Employee may terminate the Term and this Agreement for Good Reason. In the event that the Employee's employment is terminated under this Section 8.2, the Employee shall be entitled to receive (a) the continued payment of his Base Salary until the first anniversary of the date of termination; PROVIDEDprovided, HOWEVERhowever, that any amount of severance payable under this Section 8.2 shall be reduced by any other compensation received by the Employee prior to the first anniversary of the date of termination, and (b) the continuation for a period of one year of welfare benefits to the Employee and his family on a basis substantially equivalent to those which would have been provided to them in accordance with the welfare plans, programs and arrangements of the Company had the Employee's employment not terminated; PROVIDEDprovided, HOWEVERhowever, that such benefit continuation shall cease in the event that the Employee and his family obtain comparable welfare benefit coverage from any subsequent employer. On or prior to the date that the Company commences payment or continuation of benefits under this Section 8.2, the Employee shall execute and deliver a release of claims in favor of the Company in form and substance satisfactory to the Company and all applicable revocation periods shall expire.