Common use of Termination Without Cause by Employer Clause in Contracts

Termination Without Cause by Employer. Employer may terminate Employee’s employment at any time without Cause (as defined in Section 5(c) below) by giving prior, written notice to Employee. In such case, Employer shall pay the Annual Salary to Employee for a twelve month period following termination of employment plus a pro rata performance bonus, accrued vacation and fringe benefits. Employer shall pay Employee on the same pay dates on which and in the manner by which its pays its current employees. All stock options granted but not vested shall become fully vested in Employee. For purposes of calculating the performance bonus, if same is due to Employee in the event of such termination, Employer shall apply the same percentage of performance bonus paid in the fiscal year proceeding the fiscal year during which the termination became effective, prorated for the portion of the fiscal year that transpired prior to the termination.