Common use of Compensation After Termination Clause in Contracts

Compensation After Termination. (a) If the Employment Period is terminated (i) by the Company without Cause; (ii) by reason of Employee's Disability; or (iii) through expiration of the Employment Period or death of Employee, then, (1) all shares of the Company's capital stock beneficially owned by the Employee may, at the Company's election, be repurchased by the Company for cash equal to the fair market value thereof at the effective date of termination (with the cash payment in full made promptly after a termination pursuant to this Section 2.6(a)(i) or 2.6(a)(iii) and with the cash payment made in three equal consecutive annual installments beginning on the date of termination pursuant to this Section 2.6(a)(ii)); (2) except as otherwise provided in the specific terms of the option agreement or grant, all unvested options to purchase stock of the Company held by Employee shall cease and terminate as of the date of termination, and all vested but unexercised options to purchase stock of the Company held by Employee may, at the Company's election, be repurchased by the Company (according to the same payment terms as apply to shares of the Company's capital stock) for an amount constituting the excess of fair market value of the shares subject to the options over the exercise price of the options, if any, and if there is no such excess, then such options may be repurchased by the Company for one hundred dollars ($100) in the aggregate; whereupon, the Company shall have no further obligations hereunder or otherwise with respect to Employee's employment from and after the termination or expiration date (except for the unpaid installments and payment of Employee's current Base Salary accrued through the date of termination or expiration) and the Company shall continue to have all other rights available hereunder (including without limitation, all rights under Sections 3 and 4 at law or in equity). For purposes of this Agreement, "fair market value" of shares of the Company's capital stock shall be determined as follows:

Compensation After Termination. (a) If the Employment Period is terminated (i) by the Company without Cause; (ii) by reason of Employee's ’s Disability; or (iii) through expiration of the Employment Period or death of Employee, then, (1) all shares of the Company's ’s capital stock beneficially owned by the Employee may, at the Company's ’s election, be repurchased by the Company for cash equal to the fair market value thereof at the effective date of termination (with the cash payment in full made promptly after a termination pursuant to this Section 2.6(a)(i) or 2.6(a)(iii) and with the cash payment made in three equal consecutive annual installments beginning on the date of termination pursuant to this Section 2.6(a)(ii)); (2) except as otherwise provided in the specific terms of the option agreement or grant, all unvested options to purchase stock of the Company held by Employee shall cease and terminate as of the date of termination, and all vested but unexercised options to purchase stock of the Company held by Employee may, at the Company's ’s election, be repurchased by the Company (according to the same payment terms as apply to shares of the Company's ’s capital stock) for an amount constituting the excess of fair market value of the shares subject to the options over the exercise price of the options, if any, and if there is no such excess, then such options may be repurchased by the Company for one hundred dollars ($100) in the aggregate; whereupon, the Company shall have no further obligations hereunder or otherwise with respect to Employee's ’s employment from and after the termination or expiration date (except for the unpaid installments and payment of Employee's ’s current Base Salary accrued through the date of termination or expiration) and the Company shall continue to have all other rights available hereunder (including without limitation, all rights under Sections 3 and 4 at law or in equity). For purposes of this Agreement, "“fair market value" ” of shares of the Company's ’s capital stock shall be determined as follows:

Compensation After Termination. (a) If the Employment Period is terminated (i) by the Company without Cause; (ii) by reason of Employee's Disability; or (iii) through expiration of the Employment Period or death of Employee, then, (1) all shares of the Company's capital stock beneficially owned by the Employee may, at the Company's election, be repurchased by the Company for cash equal to the fair market value thereof at the effective date of termination (with the cash payment in full made promptly after a termination pursuant to this Section 2.6(a)(i2.6(a)(I) or 2.6(a)(iii) and with the cash payment made in three equal consecutive annual installments beginning on the date of termination pursuant to this Section 2.6(a)(ii)); (2) except as otherwise provided in the specific terms of the option agreement or grant, all unvested options to purchase stock of the Company held by Employee shall cease and terminate as of the date of termination, and all vested but unexercised options to purchase stock of the Company held by Employee may, at the Company's election, be repurchased by the Company (according to the same payment terms as apply to shares of the Company's capital stock) for an amount constituting the excess of fair market value of the shares subject to the options over the exercise price of the options, if any, and if there is no such excess, then such options may be repurchased by the Company for one hundred dollars ($100) in the aggregate; whereupon, the Company shall have no further obligations hereunder or otherwise with respect to Employee's employment from and after the termination or expiration date (except for the unpaid installments and payment of Employee's current Base Salary accrued through the date of termination or expiration) and the Company shall continue to have all other rights available hereunder (including without limitation, all rights under Sections 3 and 4 at law or in equity). For purposes of this Agreement, "fair market value" of shares of the Company's capital stock shall be determined as follows: