Common use of Termination Without Cause by Employer Clause in Contracts

Termination Without Cause by Employer. Employer, in its discretion and for any reason, may terminate this Agreement at any time by delivering written notice to Employee prior to such intended termination ("Termination Date"). This Agreement shall terminate on the Termination Date and the Parties shall have no further duties or obligations to each other, provided, however, that (i) Employer shall for the remaining portion of the Term following the Termination Date continue to pay Employee the base compensation specified and as scheduled in Section 3.01, (ii) Employer shall pay Employee for each pay period for the remaining portion of the Term an amount equal to one/twenty-fourth of the bonus received by Employee for the year prior to the Termination Date, and (iii) Employer shall pay Employee at the end of the Term a lump sum amount equal to the bonus received by Employee for the year prior to the Termination Date multiplied by a fraction the numerator of which is the number of days in the year prior to the Termination Date and the denominator is 365.

Termination Without Cause by Employer. Employer, in its discretion and for any reason, may terminate this Agreement at any time by delivering written notice to Employee prior to such intended termination ("Termination Date"). This Agreement shall terminate on the Termination Date and the Parties shall have no further duties or obligations to each other, provided, however, that (i) Employer shall for the remaining portion of the Term following the Termination Date continue to pay Employee the base compensation specified and as scheduled in Section 3.01, 3.01 hereof for a period of three years from the Termination Date at the same times specified in Section 3.01 (ii) Employer shall pay Employee for each pay period for in the remaining portion of three year period following the Term Termination Date an amount equal to one/twenty-fourth of the bonus received by Employee for the year prior to the Termination Date, and (iii) Employer shall pay Employee at the end of the Term a lump sum amount equal to the bonus received by Employee for the year prior to the Termination Date multiplied by a fraction the numerator of which is the number of days in the year prior to the Termination Date and the denominator is 365.