Common use of NOTICE RECEIVED Clause in Contracts

NOTICE RECEIVED. In any change in Control situation in which the Employee has received written notice from the successor to the Company that such successor is willing to assume the Company's obligations hereunder, the Employee may nonetheless, at his sole discretion, elect to terminate employment by providing written notice to the Company at least five (5) business days prior to the anticipated closing of the transaction giving rise to the Change in Control. In such case, the provisions of Section G will apply as though the Company had terminated Employee's employment; provided, however, that under such circumstances, (i) in lieu of the Salary Continuation and Bonus, the Company shall pay the Employee the Change in Control Payment, in one lump sum on or before the closing of the transaction giving rise to the Change in Control.

NOTICE RECEIVED. In any change in Control situation in which the Employee has received written notice from the successor to the Company that such successor is willing to assume the Company's obligations hereunder, the Employee may nonetheless, at his sole discretion, elect to terminate employment by providing written notice to the Company at least five (5) business days prior to the anticipated closing of the transaction giving rise to the Change in Control. In such case, the provisions of Section G 3 will apply as though the Company had terminated Employee's employment; provided, however, that under such circumstances, (i) in lieu of the Salary Continuation and Bonus, the Company shall pay the Employee the Change in Control Payment, in one lump sum on or before the closing of the transaction giving rise to the Change in Control.

NOTICE RECEIVED. In any change in Control situation in which the Employee has received written notice from the successor to the Company that such successor is willing to assume the Company's obligations hereunder, the Employee may nonetheless, at his sole discretion, elect to terminate employment by providing written notice to the Company at least five (5) business days prior to the anticipated closing of the transaction giving rise to the Change in Control. In such case, the provisions of Section G F will apply as though the Company had terminated Employee's employment; provided, however, that under such circumstances, (i) in lieu of the Salary Continuation and Bonus, the Company shall pay the Employee the Change in Control Payment, in one lump sum on or before the closing of the transaction giving rise to the Change in Control.