Common use of Salary in Lieu of Notice Clause in Contracts

Salary in Lieu of Notice. If the Executive’s employment is terminated by either the Company or the Executive pursuant to Section 4.03, the Company will have the right, in lieu of permitting the Executive to continue to work all or part of the notice period, to pay to the Executive a lump sum equivalent to the Base Salary for the applicable period (less all applicable withholding taxes) and to require the Executive to immediately cease her employment with the Company.

Salary in Lieu of Notice. If the Executive’s employment is terminated by either the Company or the Executive pursuant to Section 4.03section 4.02, the Company will have the right, in lieu of permitting the Executive to continue to work all or part of the notice period, to pay to the Executive a lump sum equivalent to the Base Salary and vacation pay for the applicable period (less all applicable withholding taxes) and to require the Executive to immediately cease her employment with the Companyhis duties as President and Chief Executive Officer. Any such payment is in addition to that provided for in section 4.03 (if applicable).

Salary in Lieu of Notice. If the Executive’s employment is terminated by either the Company or the Executive pursuant to Section section 4.03, the Company will have the right, in lieu of permitting the Executive to continue to work all or part of the notice period, to pay to the Executive a lump sum equivalent to the Base Salary and vacation pay for the applicable period (less all applicable withholding taxes) and to require the Executive to immediately cease her employment with the Companyhis duties as Vice-President and General Counsel. Any such payment is in addition to that provided for in section 4.04 (if applicable).