Common use of Determinations; Timing of Payments Clause in Contracts

Determinations; Timing of Payments. All determinations to be made under this Section 12(b) shall be made by the Company’s independent public accounting firm as in effect immediately prior to the Change of Control or another qualified independent firm selected by the Company before the Change of Control (the “Accounting Firm”), which firm shall provide its determinations and any supporting calculations to the Company and Chief Executive Officer within 10 business days of the event that gives rise to the “excess parachute payment.” Any such determination by the Accounting Firm shall be binding upon the Company and the Executive. Within five days after the Accounting Firm’s determination, the Company shall pay (or cause to be paid) or distribute (or cause to be distributed) to or for the benefit of the Executive such amounts as are then due to the Executive under this Agreement.

Appears in 2 contracts

Samples: Employment Agreement (Orthovita Inc), Employment Agreement (Orthovita Inc)

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Determinations; Timing of Payments. All determinations to be made under this Section 12(b11(b) shall be made by the Company’s independent public accounting firm as in effect immediately prior to the Change of Control or another qualified independent firm selected by the Company before the Change of Control (the “Accounting Firm”), which firm shall provide its determinations and any supporting calculations to the Company and Chief Executive Officer within 10 business days of the event that gives rise to the “excess parachute payment.” Any such determination by the Accounting Firm shall be binding upon the Company and the Executive. Within five days after the Accounting Firm’s determination, the Company shall pay (or cause to be paid) or distribute (or cause to be distributed) to or for the benefit of the Executive such amounts as are then due to the Executive under this Agreement.

Appears in 2 contracts

Samples: Severance and Change of Control Agreement (Orthovita Inc), Severance and Change of Control Agreement (Orthovita Inc)

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Determinations; Timing of Payments. All determinations to be made under this Section 12(b11(c) shall be made by the Company’s independent public accounting firm as in effect immediately prior to the Change of Control or another qualified independent firm selected by the Company before the Change of Control (the “Accounting Firm”), which firm shall provide its determinations and any supporting calculations to the Company and Chief Executive Officer within 10 business days of the event that gives rise to the “excess parachute payment.” Any such determination by the Accounting Firm shall be binding upon the Company and the Executive. Within five days after the Accounting Firm’s determination, the Company shall pay (or cause to be paid) or distribute (or cause to be distributed) to or for the benefit of the Executive such amounts as are then due to the Executive under this Agreement.

Appears in 1 contract

Samples: Severance and Change of Control Agreement (Orthovita Inc)

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