Common use of Compensation Upon Termination – Obligations of CALYPSO Upon Termination Clause in Contracts

Compensation Upon Termination – Obligations of CALYPSO Upon Termination. A. If the Executive shall suffer a death or a termination hereunder based upon Executive’s Disability, as defined under Section 13, CALYPSO shall pay the Executive the following: (i) the Executive’s full Base Compensation including any past due amounts up to the Date of Termination at the rate in effect on the Date of Termination; B. If the Executive shall suffer a Termination based upon any of the following circumstances, he shall receive no compensation, separation pay, stock options or any employment benefits referenced in this or any other agreement: 1. He commits a felony, or any misdemeanor criminal offense involving a crime of dishonesty, moral turpitude or violence; 2. He abuses alcohol or uses illegal narcotics; 3. Engages in insubordination; 4. He commits gross negligence in the performance of his duties; 5. He breaches his fiduciary obligations as Chief Financial Officer; C. If the Executive is terminated for any other reason, he shall receive (90) days (Ninety Days) pay, plus pro-rated stock options as enumerated herein.

Compensation Upon Termination – Obligations of CALYPSO Upon Termination. A. If the Executive shall suffer a death or a termination hereunder based upon Executive’s Disability, as defined under Section 13, CALYPSO shall pay the Executive the following: (i) the Executive’s full Base Compensation including any past due amounts up to the Date of Termination of this Agreement at the rate in effect on the Date of Termination; B. If the Executive shall suffer a Termination based upon any of the following circumstances, he shall receive no compensation, separation pay, stock options or any employment benefits referenced in this or any other agreement: 1. (i) He commits a felony, or any misdemeanor criminal offense involving a crime of dishonesty, moral turpitude or violence; 2. (ii) He abuses alcohol or uses illegal narcotics; 3. Engages in insubordination; 4. (iii) He commits gross negligence in the performance of his duties; 5. (iv) He breaches his fiduciary obligations as Chief Financial Executive Officer; C. If the Executive is terminated for any other reason, (other than death, disability or reasons enumerated in B (i - iv), he shall receive ninety (90) days (Ninety Days) pay, plus pro-rated stock options as enumerated herein.

Compensation Upon Termination – Obligations of CALYPSO Upon Termination. A. If the Executive shall suffer a death or a termination hereunder based upon Executive’s Disability, as defined under Section 13, CALYPSO shall pay the Executive the following: (i) the Executive’s full Base Compensation including any past due amounts up to the Date of Termination at the rate in effect on the Date of Termination; B. If the Executive shall suffer a Termination based upon any of the following circumstances, he shall receive no compensation, separation pay, stock options or any employment benefits referenced in this or any other agreement: 1. He commits a felony, or any misdemeanor criminal offense involving a crime of dishonesty, moral turpitude or violence; 2. He abuses alcohol or uses illegal narcotics; 3. Engages in insubordination; 4. He commits gross negligence in the performance of his duties; 5. He breaches his fiduciary obligations as Chief Financial Officer; C. CHIEF FINANCIAL OFFICER; C If the Executive is terminated for any other reason, he shall receive sixty (9060) days (Ninety Days) pay, plus pro-rated stock options as enumerated herein.