Common use of Termination Without Cause by Employer or for Good Reason by Executive Clause in Contracts

Termination Without Cause by Employer or for Good Reason by Executive. If the Employment Period is terminated by Employer without Cause or by Executive for Good Reason, Employer will pay to Executive a lump sum payment equal to one full year of Executive’s then Base Salary. Employer shall also continue to provide the Executive with all employee benefits and perquisites which he was participating in or receiving at the effective date of termination (or if greater, at the end of the prior year) for two years. If such benefits cannot be provided under the Employer’s programs, such benefits and perquisites will be provided on a tax effective basis on an individual basis to the Executive.

Termination Without Cause by Employer or for Good Reason by Executive. If the Employment Period is terminated by Employer without Cause or by Executive for Good Reason, Employer will pay to Executive a lump sum payment equal to one full year eighteen (18) months of Executive’s then Base Salary. Employer shall also continue to provide the Executive with all employee benefits and perquisites which he was participating in or receiving at the effective date of termination (or if greater, at the end of the prior year) for two years. If such benefits cannot be provided under the Employer’s programs, such benefits and perquisites will be provided on a tax effective basis on an individual basis to the Executive.