Common use of Termination by the Executive Without Good Reason Clause in Contracts

Termination by the Executive Without Good Reason. The Executive may terminate this Agreement and his employment with the Company without “good reason” (as defined below) upon 30 days’ prior written notice to the Company. In such a case, the Executive may be required to perform his business duties and shall be paid his regular salary up to the date of the termination. At the option of the Company, the Company may require the Executive to depart from the Company upon receiving said 30 days’ notice from the Executive of the termination of this Agreement. In such event, the Company shall pay to the Executive (i) an amount equal to 30 calendar days of his Base Salary at the then-effective rate; (ii) all accrued but unpaid allowances and expense reimbursements, and (iii) accrued Base Salary to be paid by a five (5) year promissory note, the Executive shall not be entitled to receive any other compensation or severance allowance, including any incentive compensation earned after termination, under this Agreement. In addition, all options received and not exercised shall be cancelled and the Executive shall not be entitled to any options hereunder.

Termination by the Executive Without Good Reason. The Executive may terminate this Agreement and his employment with the Company without “good reason” (as defined below) upon 30 60 days’ prior written notice to the Company. In such a case, the Executive may be required to perform his business duties and shall be paid his regular salary up to the date of the termination. At the option of the Company, the Company may require the Executive to depart from the Company upon receiving said 30 60 days’ notice from the Executive of the termination of this Agreement. In such event, the Company shall pay to the Executive (i) an amount equal to 30 calendar days of his Base Salary at the then-effective rate; and (ii) all accrued but unpaid allowances and expense reimbursements, and (iii) accrued Base Salary to be paid by a five (5) year promissory note, the Executive shall not be entitled to receive any other compensation or severance allowance, including any incentive compensation earned after termination, under this Agreement. In addition, all options received and not exercised shall be cancelled and the Executive shall not be entitled to any options hereunder.

Termination by the Executive Without Good Reason. The Executive may terminate this Agreement and his employment with the Company without “good reason” (as defined below) upon 30 60 days’ prior written notice to the Company. In such a case, the Executive may be required to perform his business duties and shall be paid his regular salary up to the date of the termination. At the option of the Company, the Company may require the Executive to depart from the Company upon receiving said 30 60 days’ notice from the Executive of the termination of this Agreement. In such event, the Company shall pay to the Executive (i) an amount equal to 30 calendar days of his Base Salary at the then-effective rate; and (ii) all accrued but unpaid allowances and expense reimbursements, and (iii) accrued Base Salary to be paid by a five (5) year promissory note, the Executive shall not be entitled to receive any other compensation or severance allowance, including any incentive compensation earned after termination, under this Agreement. In addition, all options received and not exercised shall be cancelled and the Executive shall not be entitled to any options hereunder.

Termination by the Executive Without Good Reason. The Executive may terminate this Agreement and his employment with the Company without “good reason” (as defined below) upon 30 days’ prior written notice to the Company. In such a case, the Executive may be required to perform his business duties and shall be paid his regular salary up to the date of the termination. At the option of the Company, the Company may require the Executive to depart from the Company upon receiving said 30 days’ notice from the Executive of the termination of this Agreement. In such event, the Company shall pay to the Executive (i) an amount equal to 30 calendar days of his Base Salary at the then-effective rate; and (ii) all accrued but unpaid allowances and expense reimbursements, and (iii) accrued Base Salary to be paid by a five (5) year promissory note, the Executive shall not be entitled to receive any other of this compensation or severance allowance, including any incentive compensation earned after termination, under this Agreement. In addition, all options received and not exercised yet visited shall be cancelled and the Executive shall not be entitled to any options hereunder.

Termination by the Executive Without Good Reason. The Executive may terminate this Agreement and his employment with the Company without “good reason” (as defined below) upon 30 60 days’ prior written notice to the Company. In such a case, the Executive may be required to perform his business duties and shall be paid his regular salary up to the date of the termination. At the option of the Company, the Company may require the Executive to depart from the Company upon receiving said 30 60 days’ notice from the Executive of the termination of this Agreement. In such event, the Company shall pay to the Executive (i) an amount equal to 30 60 calendar days of his Base Salary at the then-effective rate; (ii) rate and all accrued but unpaid allowances and expense reimbursements, and (iii) accrued Base Salary to be paid by a five (5) year promissory note, the Executive shall not be entitled to receive any other compensation or severance allowance, including any incentive compensation earned after termination, allowance under this Agreement. In addition, all The Option (and any other stock options received and not exercised granted under the Plan) shall be cancelled and exercisable in accordance with the Executive shall not be entitled to any options hereunderterms thereof.

Termination by the Executive Without Good Reason. The Executive may terminate this Agreement and his employment with the Company without “good reason” (as defined below) upon 30 days’ prior written notice to the Company. In such a case, the Executive may be required to perform his business duties and shall be paid his regular salary up to the date of the termination. At the option of the Company, the Company may require the Executive to depart from the Company upon receiving said 30 days’ notice from the Executive of the termination of this Agreement. In such event, the Company shall pay to the Executive (i) an amount equal to 30 calendar days of his Base Salary at the then-effective rate; and (ii) all accrued but unpaid allowances and expense reimbursements, and (iii) accrued Base Salary to be paid by a five (5) year promissory note, the Executive shall not be entitled to receive any other compensation or severance allowance, including any incentive compensation earned after termination, under this Agreement. In addition, all options received and not exercised shall be cancelled and the Executive shall not be entitled to any options hereunder.

Termination by the Executive Without Good Reason. The Executive may terminate this Agreement and his employment with the Company without “good reason” (as defined below) upon 30 90 days’ prior written notice to the Company. In such a case, the Executive may be required to perform his business duties and shall be paid his regular salary up to the date of the termination. At the option of the Company, the Company may require the Executive to depart from the Company upon any day after receiving said 30 90 days’ notice from the Executive of the termination of this Agreement. In such event, the Company shall pay to the Executive (i) an amount equal his regular salary up to 30 calendar days the date of his Base Salary at the then-effective ratetermination; and (ii) all accrued but unpaid allowances and expense reimbursements, and (iii) accrued Base Salary to be paid by a five (5) year promissory note, the Executive shall not be entitled to receive any other compensation or severance allowance, including any incentive compensation earned after termination, under this Agreement. In addition, all options received and not exercised shall be cancelled and the Executive shall not be entitled to any options hereunder.