Common use of Termination of Employment by Employee Clause in Contracts

Termination of Employment by Employee. Employee may terminate his employment with the Company at any time and for any reason, such termination to be effective immediately upon notice by Employee to the Company. Upon such termination by Employee, all rights and obligations of the parties hereunder shall cease, except: if Employee terminates his employment under this Agreement for Good Reason (as defined below) within one year of a Change in Control (as defined below), (i) Employee shall receive a lump sum equal to his Base Salary times three plus any bonus or other long term incentive compensation to which the Employee would have been entitled absent the termination, (ii) Employee’s health and life insurance benefits shall continue for a period of 36 months after such termination, and (iii) all of Employee’s unvested options shall immediately vest and may be exercised by Employee for such post-termination period as is prescribed by such option agreements and related stock plan(s). Termination of employment pursuant to this Section 7 or otherwise shall not terminate or otherwise affect the rights and obligations of the parties pursuant to Sections 9 through 12 and Section 15 hereof.

Termination of Employment by Employee. Employee may terminate his employment with the Company at any time and for any reason, such termination to be effective immediately upon notice by Employee to the Company. Upon such termination by Employee, all rights and obligations of the parties hereunder shall cease, except: if Employee terminates his employment under this Agreement for Good Reason (as defined below) within one year of a Change in Control (as defined below), (i) Employee shall receive a lump sum equal to his Base Salary times three two plus any bonus or other long term incentive compensation to which the Employee would have been entitled absent the termination, (ii) Employee’s health and life insurance benefits shall continue for a period of 36 24 months after such termination, and (iii) all of Employee’s unvested options shall immediately vest and may be exercised by Employee for such post-termination period as is prescribed by such option agreements and related stock plan(s). Termination of employment pursuant to this Section 7 or otherwise shall not terminate or otherwise affect the rights and obligations of the parties pursuant to Sections 9 through 12 and Section 15 hereof.