Common use of Employment Transition and Severance Agreement Clause in Contracts

Employment Transition and Severance Agreement. If Employer so requests within five business days following a termination of this Agreement pursuant to Section 4.2, 4.4, 4.5, or 4.7, Employee shall continue to be employed by Employer on a part time basis for a period (the "Transition Period") to be determined by Employer that shall not exceed ninety (90) days, unless extended by mutual agreement. During the Transition Period, the Employee shall perform (to the extent reasonably capable in the case of a termination pursuant to Section 4.5 or Section 4.7) such services as may reasonably be required for the transition to others of matters previously within Employee's responsibilities. Unless otherwise mutually agreed, Employee will not be required to serve more than five (5) days per month during the Transition Period. For services during the Transition Period, Employee shall be compensated at a daily rate equal to his Base Salary immediately preceding the termination of this Agreement divided by 365. In addition, if Employee fully satisfies his obligations during the Transition Period and fully complies with all provisions of Section 8 of this Agreement, all stock options, restricted stock and other incentive compensation awards granted to Employee by Employer prior to termination of this Agreement shall continue to vest.