Common use of Termination by Either Party Without Cause Clause in Contracts

Termination by Either Party Without Cause. At any time during the ----------------------------------------- term hereof, this Employment Agreement may be terminated "without cause" by either Employer or Employee upon written notice to the other party. (A) In the event of such termination "without cause" by Employee, Employer shall have the option either (a) to accept Employee's resignation, effective immediately on receipt of such notice; or (b) to require Employee to continue to perform his duties hereunder, for a period not to exceed six (6) months from the date of receipt of such written notice. In either event, the Employee' 5 compensation and benefits hereunder shall continue only until the effective date of termination, as defined in Paragraph 6.4 below. (B) In the event of such termination "without cause" by Employer, Employee shall be continued on the payroll for twenty-four (24) months, and shall receive bonuses equal to those received by him during the twenty-four (24) months prior to termination. Such severance pay shall be paid to him in twenty- four (24) equal, successive monthly payments, beginning on the first day of the month immediately following the effective date of termination. Employee shall also be continued under all group benefit plans for a period of twenty-four (24) months from the effective date of termination, as defined in paragraph 6.4 (A) below.

Termination by Either Party Without Cause. At any time during the ----------------------------------------- term hereof, this Employment Agreement may be terminated "without cause" by either Employer or Employee upon written notice to the other party. (A) In the event of such termination "without cause" by Employee, Employer shall have the option either (a) to accept Employee's resignation, effective immediately on receipt of such notice; or (b) to require Employee to continue to perform his duties hereunder, for a period not to exceed six (6) months from the date of receipt of such written notice. In either event, the Employee' 5 's compensation and benefits hereunder shall continue only until the effective date of termination, as defined in Paragraph 6.4 below. (B) In the event of such termination "without cause" by Employer, Employee shall be continued on the payroll for twenty-four twelve (2412) months, and shall receive bonuses equal to those received by him during the twenty-four twelve (2412) months prior to termination. Such severance pay shall be paid to him in twenty- four twelve (2412) equal, successive monthly payments, beginning on the first 1st day of the month immediately following the effective date of termination. Employee shall also be continued under all group benefit plans for a period of twenty-four twelve (2412) months from the effective date of termination, as defined in paragraph 6.4 (AParagraph 6.4(A) below. In addition, Employee's stock options shall continue to vest, and he shall have the continuing right to exercise such options during the period of twelve (12) months from the effective date of termination.