Common use of Termination by the Corporation Without Cause Clause in Contracts

Termination by the Corporation Without Cause. The Corporation shall be entitled to terminate Executive’s employment at any time without Cause by giving the Executive a one-time payment equal to the Executive’s Annual Compensation, plus an additional one months’ worth of Annual Compensation for each completed year of employment to a maximum of 18 months Annual Compensation. Such lump sum cash payment is payable on or before the fifth day following the Date of Termination. In addition, subject to the receipt of all necessary regulatory approvals, the Corporation shall permit any vested options to purchase common shares in the capital of the Corporation held by Executives to be exercisable for 6 months after the Date of Termination. All options that have not vested shall expire upon the Date of Termination. In the event of termination of Executive’s employment without Cause, rights and benefits of Executive under executive benefit plans and programs of the Corporation, unless prohibited by the relevant plan, will be continued for a twelve-month period.

Termination by the Corporation Without Cause. The Corporation shall be entitled to terminate Executive’s 's employment at any time without Cause by giving the Executive a one-time payment equal to the Executive’s 's Annual Compensation, plus an additional one months’ ' worth of Annual Compensation for each completed year of employment to a maximum of 18 months Annual Compensation. Such lump sum cash payment is payable on or before the fifth day following the Date of Termination. In addition, subject to the receipt of all necessary regulatory approvals, the Corporation shall permit any vested options to purchase common shares in the capital of the Corporation held by Executives to be exercisable for 6 months after the Date of Termination. All options that have not vested shall expire upon the Date of Termination. In the event of termination of Executive’s 's employment without Cause, rights and benefits of Executive under executive benefit plans and programs of the Corporation, unless prohibited by the relevant plan, will be continued for a twelve-month period.