Common use of Amount of Severance Payment Clause in Contracts

Amount of Severance Payment. Subject to the provisions of this Section 3, in addition to any Base Salary and unreimbursed expenses accrued but unpaid as of the Termination Date (which shall be paid in accordance with the customary payroll practices of the Company), the Company shall pay Employee (the “Severance Payment”) the following: (A) payment of the full amount of Base Salary for the days remaining of the contract for the full ten (10) year period of the contract, paid in full on the six-month anniversary of the Termination Date; (B) any bonus amount that would otherwise have been payable to Employee, payable on the next date on which a bonus amount would have otherwise been payable to Employee following the Termination Date, prorated through the Termination Date; (C) grant Employee the option, for the thirty (30) days following the Termination Date, to sell to the Company up to 100% of the Employee’s common stock, stock options and warrants, at a per share price equal to the 10-day average closing price of CornerWorld’s common stock for the ten (10) trading days immediately preceding the date of Employee’s exercise of such option. (D) any vacation pay accrued but unpaid as of the Termination Date, payable in a single lump sum payment on the Termination Date; and (E) the lump sum payment of five million dollars ($5,000,000) paid in full on the six-month anniversary of the Termination Date.