Common use of Voluntary Resignation by Executive Clause in Contracts

Voluntary Resignation by Executive. Executive may terminate the Employment Period at any time for any reason upon thirty (30) days' prior written notice. If the Employment Period is terminated pursuant to this SECTION 9(E), the Company shall have no further obligation to Executive except for salary and benefits accrued through the date of termination, and except as otherwise described in SECTION 4(C) of this Employment Agreement; provided, however, that if Executive is terminating the Employment Period for Good Reason (as defined below), then Executive will be entitled to receive as severance pay the Executive's Base Salary plus benefits (at the same cost to the Executive as in effect immediately prior to such termination of employment) for a period of six (6) months, payable at the Company's regular payroll intervals. Notwithstanding the above, Executive shall receive such amounts only if Executive is not in material breach of any of the provisions of the Confidentiality, Inventions, Non-Competition and Non-Solicitation Agreement. The following events will be deemed "GOOD REASON" for which Executive may terminate the Employment Period and receive the severance payments set forth in this SECTION 9(E):

Voluntary Resignation by Executive. Executive may terminate the Employment Period at any time for any reason upon thirty (30) days' prior written notice. If the Employment Period is terminated pursuant to this SECTION 9(E), the Company shall have no further obligation to Executive except for salary and benefits accrued through the date of termination, and except as otherwise described in SECTION 4(C) of this Employment Agreement; provided, however, that if Executive is terminating the Employment Period for Good Reason (as defined below), then Executive will be entitled to receive as severance pay the Executive's Base Salary plus benefits (at the same cost to the Executive as in effect immediately prior to such termination of employment) for a period of six twenty-four (624) months, payable at the Company's regular payroll intervals. Notwithstanding the above, Executive shall receive such amounts only if Executive is not in material breach of any of the provisions of the Confidentiality, Inventions, Non-Competition and Non-Solicitation Agreement. The following events will be deemed "GOOD REASON" for which Executive may terminate the Employment Period and receive the severance payments set forth in this SECTION 9(E):