Common use of Termination of Employment by the Executive for Good Reason Clause in Contracts

Termination of Employment by the Executive for Good Reason. The Executive may terminate his employment for Good Reason during the Term upon at least 15 days prior written notice to the Company which specifically identifies the basis for such Good Reason. The Executive’s employment shall terminate upon the date specified in his notice of termination. If the Company disputes the existence of Good Reason, the issue of whether Good Reason exists shall promptly be submitted to arbitration in accordance with Section 13. If the arbitrator or arbitrators conclude that Good Reason does not exist, the Executive shall be treated as having terminated his employment hereunder without Good Reason on the date specified in his notice of termination. Upon the termination of the Executive’s employment by the Executive for Good Reason, the Executive shall be entitled to the same payments and benefits as provided in Section 3(b) above; provided, however, that if the Executive terminates his employment for Good Reason based on a reduction in his base salary, then the base salary to be used in determining the salary payments in accordance with Section 3(b)(2) above shall be the base salary in effect immediately prior to such reduction.

Termination of Employment by the Executive for Good Reason. The Executive may terminate his employment for Good Reason during the Term of Employment upon at least 15 days prior written notice to the Company which specifically identifies the basis for such Good Reason. The Executive’s 's employment shall terminate upon the date specified in his notice of termination. If the Company disputes the existence of Good Reason, the issue of whether Good Reason exists shall promptly be submitted to arbitration in accordance with Section 1321. If the arbitrator or arbitrators conclude that Good Reason does not exist, the Executive shall be treated as having terminated his employment hereunder without Good Reason on the date specified in his notice of termination. Upon the termination of the Executive’s 's employment by the Executive for Good Reason, the Executive shall be entitled to the same payments and benefits as provided in Section 3(b10(d) above; provided, however, that if the Executive terminates his employment for Good Reason based on a reduction in his base salaryBase Salary, then the base salary Base Salary to be used in determining the salary continuation payments in accordance with Section 3(b)(210(d)(3) above shall be the base salary Base Salary in effect immediately prior to such reduction.