BY THE COMPANY FOR REASONS OTHER THAN FOR
JUST CAUSE, THE COMPANY WILL CONTINUE TO MAKE MONTHLY LEASE PAYMENTS ON THE
VEHICLE PAST THE EMPLOYEE'S DATE OF TERMINATION AND UNTIL THE END OF THE LEASE
TERM, AND THEREAFTER PROVIDE THE EMPLOYEE WITH THE OPTION TO PURCHASE THE
VEHICLE AT THE END OF THE LEASE, PROVIDED THERE IS A PURCHASE OPTION AS PART OF
THE ORIGINAL VEHICLE LEASE.
3.
TERMINATION AND SEVERANCE.
THE EMPLOYEE'S EMPLOYMENT MAY BE TERMINATED AS
FOLLOWS:
1
A.
AT THE EMPLOYEE'S OPTION.
SUBJECT TO THE COMPANY'S RIGHT TO
TERMINATE THE EMPLOYEE PURSUANT TO PARAGRAPHS 3.B, 3.C AND 3.D BELOW, THE
EMPLOYEE MAY TERMINATE HIS EMPLOYMENT HEREUNDER FOR ANY REASON AT ANY TIME UPON
AT LEAST SIXTY (60) DAYS' PRIOR WRITTEN NOTICE.
IN THE EVENT THE EMPLOYEE
TERMINATES HIS EMPLOYMENT PURSUANT TO THIS PARAGRAPH 3.A, EITHER THE EMPLOYEE OR
THE COMPANY CAN ELECT, PRIOR TO THE EXPIRATION OF THE SIXTY (60) DAY NOTICE
PERIOD PROVIDED ABOVE, THAT THE EMPLOYEE RECEIVE SEVERANCE PAYMENTS PURSUANT TO
PARAGRAPH 3.E HEREOF, WHICH ELECTION BY EITHER PARTY WILL ALSO CAUSE THE
PROVISIONS OF PARAGRAPH 4 HEREOF TO BECOME OPERABLE.
IF NO SUCH ELECTION IS
MADE, THE EMPLOYEE SHALL NOT BE ENTITLED TO ANY SEVERANCE PAYMENTS PURSUANT TO
PARAGRAPH 3.E HEREOF.
A FORM OF ELECTION THAT CAN BE USED BY THE EMPLOYEE OR
THE COMPANY IS APPENDED AS EXHIBIT B.
B.
UPON DISABILITY OF EMPLOYEE.
IF THE EMPLOYEE BECOMES DISABLED FOR
SUCH PERIOD OF TIME AND UNDER CIRCUMSTANCES WHICH ENTITLE HIM TO RECEIVE
DISABILITY BENEFITS UNDER THE TERMS OF ANY DISABILITY POLICY NOW MAINTAINED OR
TO BE PURCHASED FOR THE EMPLOYEE BY THE COMPANY, THEN THE BOARD OF DIRECTORS OF
THE COMPANY, IN ITS DISCRETION, MAY ELECT TO TERMINATE THE EMPLOYEE'S EMPLOYMENT
BY REASON OF SUCH DISABILITY.
IN THE EVENT OF SUCH TERMINATION THE EMPLOYEE
SHALL BE ENTITLED TO SEVERANCE PAYMENTS PURSUANT TO PARAGRAPH 3.E HEREOF, LESS
THE "BEFORE INCOME TAX" VALUE OF DISABILITY BENEFITS RECEIVED UNDER SAID
DISABILITY POLICY.
C.
AT THE ELECTION OF THE COMPANY FOR JUST CAUSE.
NOTWITHSTANDING
PARAGRAPH 3.A, THE COMPANY MAY, IMMEDIATELY AND UNILATERALLY, TERMINATE THE
EMPLOYEE'S EMPLOYMENT FOR JUST CAUSE AT ANY TIME DURING THE TERM OF THIS
AGREEMENT BY NOTICE TO THE EMPLOYEE.
TERMINATION OF THE EMPLOYEE'S EMPLOYMENT
BY THE COMPANY SHALL CONSTITUTE A TERMINATION FOR JUST CAUSE IF SUCH TERMINATION
IS FOR ONE OR MORE OF THE FOLLOWING REASONS:
(I) EMPLOYEE'S CONVICTION IN A
COURT OF LAW OF ANY FELONY, WHICH CONVICTION MAKES HIM UNFIT FOR CONTINUING
EMPLOYMENT, PREVENTS HIM FROM EFFECTIVE MANAGEMENT OF THE COMPANY OR MATERIALLY
ADVERSELY AFFECTS THE REPUTATION OR BUSINESS ACTIVITIES OF THE COMPANY; (II) THE
COMMISSION BY THE EMPLOYEE OF ANY ACT OF FRAUD OR EMBEZZLEMENT, OR THE
MISAPPROPRIATION BY THE EMPLOYEE OF ANY MONEY OR OTHER ASSETS OR PROPERTY
(TANGIBLE OR INTANGIBLE) OF THE COMPANY; OR (III) DISHONESTY OR WILLFUL
MISCONDUCT WHICH ADVERSELY AFFECTS THE REPUTATION OR BUSINESS ACTIVITIES OF THE
COMPANY, OR MISAPPROPRIATION OF FUNDS.
D.
AT THE ELECTION OF THE COMPANY FOR REASONS OTHER THAN JUST
CAUSE.