By GLG Without Cause. GLG may terminate the Employee’s employment without Cause (as defined in Exhibit B) by giving to the Employee not less than six (6) months of notice in writing, except as otherwise provided in clause 8.6. The delivery of a Notice of Non- Extension under clause 1.2 by GLG to the Employee will be treated as a termination without Cause by GLG. In the event of a termination without Cause, GLG will pay to the Employee, subject to clauses 8.6 and 8.10, on the thirtieth (30th) day following his employment termination date, a payment in an amount equal to:
By GLG Without Cause. GLG may terminate the Employee’s employment without Cause (as defined in clause 8.3) by giving to the Employee not less than six (6) months of notice in writing. The delivery of a Notice of Non-Extension under clause 1.2 by GLG to the Employee will be treated as a termination without Cause by GLG. In the event of a termination without Cause, GLG will pay to the Employee (a) within thirty (30) days of his employment termination date, a bonus under clauses 4.2 and 4.3 for the year preceding the year in which the termination without Cause is effective, but only to the extent that bonuses for such preceding year have not been paid, and (b) a pro-rata bonus (calculated on a straight-line basis from the beginning of the year through the date on which the Employee’s employment is terminated without Cause) under clauses 4.2 and 4.3 for the year in which his employment terminates without Cause, payable no later than March 15 of the year following the year in which his employment is terminated without Cause; provided that the bonus payment under the preceding clause (b) will not be reduced on a pro-rata basis in the event the Employee’s termination is due to a delivery of a Notice of Non-Extension by GLG; and further provided that any portion of such bonus that is subject to the achievement of performance goals will only be paid to the extent that any such performance goals are achieved for the applicable year. Alternatively, GLG may, in its absolute discretion, elect to terminate the employment of the Employee at any time with immediate effect by paying the Employee in a lump-sum his salary under clause 3.1 for six (6) months in lieu of providing the Employee with any advance notice of termination. In such case, GLG will also pay to the Employee the amounts set forth in clauses (a) and (b) of the preceding paragraph at the times set forth in such clauses (a) and (b).
By GLG Without Cause. GLG may terminate the Employee’s employment without Cause (as defined in clause 8.3) by giving to the Employee not less than twelve weeks of notice in writing. Alternatively, GLG may, in its absolute discretion, elect to terminate the employment of the Employee at any time with immediate effect by paying the Employee in a lump sum his salary under clause 3.1 for twelve weeks in lieu of providing the Employee with any advance notice of termination, from which payment taxes and other withholdings will be deducted. In the event of a termination of the Employee’s employment by GLG without Cause on or before the second anniversary of the Start Date, then, subject to clause 8.6, GLG shall continue to pay to the Employee his salary under clause 3.1 through the second anniversary of the Start Date, from which payments taxes and other withholdings will be deducted. In such event, the Employee may also be entitled to additional compensation pursuant to the terms of clause 4.3. At all times while the Employee is receiving payments under clause 4.3 or this clause 8.2 (or would be receiving payments but for clause 8.6), the Employee shall have a duty to mitigate the amount of such payments that GLG is obligated to pay to the Employee by making a good faith effort to obtain alternative employment (or paid work as a partner, consultant, or otherwise). Any compensation that the Employee earns during such time period as a result of other employment or work as a partner, consultant, or otherwise shall offset, on a dollar-for-dollar basis, the amount of such payments that GLG otherwise would be obligated to pay to the Employee under this Agreement. The Employee shall have an affirmative duty to promptly notify GLG of any employment or other paid work that he obtains (and in any event no later than seven days after obtaining such employment or other paid work) while receiving payments under clause 4.3 or this clause 8.2. The failure of the Employee to make a good faith effort to obtain such employment or other paid work will be grounds for GLG to refuse to make any further payments under clause 4.3 or this clause 8.2 and to recoup any payments under clause 4.3 and this clause 8.2 that it has already made to the Employee.
