Common use of Termination by Employee with Cause Clause in Contracts

Termination by Employee with Cause. Employee may terminate her ---------------------------------- obligations under this Agreement with cause after fifteen (15) days' written notice to Employer fully and accurately describing the cause for termination and Employer fails to cure the breach within such fifteen (15) day period. With "cause" shall mean a material and continuing breach by Employer in failing to pay to Employee amounts to which Employee is entitled under this Agreement. In the event Employee terminates this Agreement pursuant to this Section 7.4, (i) ----------- Employer shall immediately pay Employee's annual salary, bonus and fringe benefits and reimburse Employee for expenses in each case as set forth herein, earned or reimbursable and unpaid through the effective date of termination, and (ii), on the effective date of such termination, Employer shall also pay Employee, in a lump sum, (a) the present value of the Employee's annual salary (based on the base salary being earned at the time of the notice of termination) for the remainder of the Employment Term as would otherwise be payable (based on a discount rate of 5%) plus (b) the Employees last annual bonus, pro rated for the partial fiscal year already past at the date of termination, so that if 60% of the fiscal year has past, 60% of the prior years bonus shall be paid, but in no event will the bonus payment payable under this subsection (ii) (b) be less than Employees annual base salary at the time. In addition, if Employee terminates this Agreement with cause during its term all options on stock of the Employer granted to Employee in respect of her employment which have not vested and become exercisable shall become exercisable on the date of termination and shall be exercisable for a period of three months thereafter.

Termination by Employee with Cause. Employee may terminate her his ---------------------------------- obligations under this Agreement with cause after fifteen (15) days' written notice to Employer fully and accurately describing the cause for termination and Employer fails to cure the breach within such fifteen (15) day period. With "cause" shall mean a material and continuing breach by Employer in failing to pay to Employee amounts to which Employee is entitled under this Agreement. In the event Employee terminates this Agreement pursuant to this Section 7.4, (i) ----------- Employer shall immediately pay Employee's annual salary, bonus and fringe benefits and reimburse Employee for expenses in each case as set forth herein, earned or reimbursable and unpaid through the effective date of termination, and (ii), on the effective date of such termination, Employer shall also pay Employee, in a lump sum, (a) the present value of the Employee's annual salary (based on the base salary being earned at the time of the notice of termination) for the remainder of the Employment Term as would otherwise be payable (based on a discount rate of 5%) plus (b) the Employees last annual bonus, pro rated for the partial fiscal year already past at the date of termination, so that if 60% of the fiscal year has past, 60% of the prior years bonus shall be paid, but in no event will the bonus payment payable under this subsection (ii) (b) be less than Employees annual base salary at the time. In addition, if Employee terminates this Agreement with cause during its term all options on stock of the Employer granted to Employee in respect of her his employment which have not vested and become exercisable shall become exercisable on the date of termination and shall be exercisable for a period of three months thereafter.