Common use of Additional Remedy Clause in Contracts

Additional Remedy. In the event of an arbitrator's determination that Executive has breached any of the covenants contained in this Section 12 during his employment or within one year after termination thereof for any reason, then (1) all of Executive's outstanding stock options shall immediately terminate as of the date of the breach and (2) any gains realized by Executive from exercising all or a portion of any stock options within three months prior to his termination of employment or anytime after his termination of employment, shall be paid by Executive to the Company. The amount of the realized gains shall be the difference between the exercise price and the fair market value of the stock on the day each option is exercised and the Executive agrees to pay immediately said amounts to the Company. The Company shall cooperate with the Executive in filing amended tax returns required as a result of the exercise by the Company of its rights pursuant to this subclause (ii). Executive agrees to pay immediately the unpaid balance to the Company. Executive may be released from his obligations hereunder only if the Board (or its duly appointed agent) determines in its sole discretion that such action is in the best interests of the Company.