Common use of Other Grounds for Termination/Resignation Clause in Contracts

Other Grounds for Termination/Resignation. (A) Employee acknowledges and understands that the Employer may terminate Employee's employment if any of the following events occur (I) the Employer is sold; (ii) the Employer becomes a subsidiary of a non-related party; (iii) the Employer experiences a 25% or more change in ownership (but not as a result of an IPO); (iv) the Employer elects to have a new Chief Financial Officer. If any of the foregoing events occur and the Employer elects to terminate Employee's employment, Employee will be entitled to (a) his then current salary for twelve (12) months; (b) incentive compensation, pro-rated on a calendar year basis; (c) continuation of all of his insurances at the Company's expense for twelve (12) months; (d) the immediate vesting of any unvested stock options along with the five years exercise right of all options. (B) The Employer acknowledges und understands that the Employee may resign his employment with the Employer if any one of the following events occur: (I) The Employer is sold; (ii) the Employer becomes a subsidiary of a non-related party; (iii) the Employer experiences a twenty five (25%) percent or more change in ownership (but not as a result of an IPO); (iv) the Employer commits any act of fraud, misrepresentation or bad faith against the Employee; (v) his duties, reporting relationships or responsibilities are materially reduced; (vi) the Employer elects to have a new Chief Financial Officer. If any of the events described in clauses (I), (ii), (iii) occur and Employee elects to resign, Employee shall be entitled to only (a) his then current salary for six (6) months; (b) any unpaid incentive compensation pro-rated on a six (6) month basis; (c) continuation of all of his insurances at the Employer's expense for six (6) months. Furthermore, any unvested Stock Options shall be vested immediately along with a five (5) years exercise rights of all his options. If the events described in clauses (iv) or (v) or (vi) occur and Employee elects to resign, he shall be entitled to the separation benefits in Section 3.3 (A)

Other Grounds for Termination/Resignation. (A) Employee acknowledges and understands that the Employer may terminate Employee's employment if any of the following events occur (Ii) the Employer is sold; (ii) the Employer becomes a subsidiary of a non-related party; (iii) the Employer experiences a 25% or more change in ownership (but not as a result of an IPO); (iv) the Employer elects to have a new Chief Financial OfficerCEO. If any of the foregoing events occur and the Employer elects to terminate Employee's employment, Employee will be entitled to (a) his then current salary for twelve (12) months; (b) incentive compensation, pro-rated on a calendar year basis; (c) continuation of all of his insurances at the Company's expense for twelve (12) months; (d) the immediate vesting of any unvested stock options along with the five years exercise right of all options. (B) The Employer acknowledges und understands that the Employee may resign his employment with the Employer if any one of the following events occur: (Ii) The Employer is sold; (ii) the Employer becomes a subsidiary of a non-related party; (iii) the Employer experiences a twenty five (25%) percent or more change in ownership (but not as a result of an IPO); (iv) the Employer commits any act of fraud, misrepresentation or bad faith against the Employee; (v) his duties, reporting relationships or responsibilities are materially reduced; (vi) the Employer elects to have a new Chief Financial OfficerCEO. If any of the events described in clauses (Ii), (ii), (iii) occur and Employee elects to resign, Employee shall be entitled to only (a) his then current salary for six (6) months; (b) any unpaid incentive compensation pro-rated on a six (6) month basis; (c) continuation of all of his insurances at the Employer's expense for six (6) months. Furthermore, any unvested Stock Options shall be vested immediately along with a five (5) years exercise rights of all his options. If the events described in clauses (iv) or (v) or (vi) occur and Employee elects to resign, he shall be entitled to the separation benefits in Section 3.3 (A)

Other Grounds for Termination/Resignation. (A) Employee acknowledges and understands that the Employer may terminate Employee's employment if any of the following events occur (I) the Employer is sold; (ii) the Employer becomes a subsidiary of a non-related party; (iii) the Employer experiences a 25% or more change in ownership (but not as a result of an IPO); (iv) the Employer elects to have a new Chief Financial OfficerPresident. If any of the foregoing events occur and the Employer elects to terminate Employee's employment, Employee will be entitled to (a) his then current salary for twelve (12) months; (b) incentive compensation, pro-rated on a calendar year basis; (c) continuation of all of his insurances at the Company's expense for twelve (12) months; (d) the immediate vesting of any unvested stock options along with the five years exercise right of all options. (B) The Employer acknowledges und understands that the Employee may resign his employment with the Employer if any one of the following events occur: (I) The Employer is sold; (ii) the Employer becomes a subsidiary of a non-related party; (iii) the Employer experiences a twenty five (25%) percent or more change in ownership (but not as a result of an IPO); (iv) the Employer commits any act of fraud, misrepresentation or bad faith against the Employee; (v) his duties, reporting relationships or responsibilities are materially reduced; (vi) the Employer elects to have a new Chief Financial OfficerPresident. If any of the events described in clauses (I), (ii), (iii) occur and Employee elects to resign, Employee shall be entitled to only (a) his then current salary for six (6) months; (b) any unpaid incentive compensation pro-rated on a six (6) month basis; (c) continuation of all of his insurances at the Employer's expense for six (6) months. Furthermore, any unvested Stock Options shall be vested immediately along with a five (5) years exercise rights of all his options. If the events described in clauses (iv) or (v) or (vi) occur and Employee elects to resign, he shall be entitled to the separation benefits in Section 3.3 (A)

Other Grounds for Termination/Resignation. (A) Employee acknowledges and understands that the Employer may terminate mayterminate Employee's employment if any of the following events occur (Ii) the Employer is sold; (ii) the Employer becomes a subsidiary of a non-related party; (iii) the Employer experiences a 25% or more change in ownership (but not as a result of an IPO); (iv) the Employer elects to have a new Chief Financial OfficerPresident. If any of the foregoing events occur and the Employer elects to terminate Employee's employment, Employee will be entitled to (a) his then current salary for twelve (12) months; (b) incentive compensation, pro-rated on a calendar year basis; (c) continuation of all of his insurances at the Company's expense for twelve (12) months; (d) the immediate vesting of any unvested stock options along with the five years exercise right of all options. (B) The Employer acknowledges und understands that the Employee may resign his employment with the Employer if any one of the following events occur: (Ii) The Employer is sold; (ii) the Employer becomes a subsidiary of a non-related party; (iii) the Employer experiences a twenty five (25%) percent or more change in ownership (but not as a result of an IPO); (iv) the Employer commits any act of fraud, misrepresentation or bad faith against the Employee; (v) his duties, reporting relationships or responsibilities are materially reduced; (vi) the Employer elects to have a new Chief Financial OfficerPresident. If any of the events described in clauses (Ii), (ii), (iii) occur and Employee elects to resign, Employee shall be entitled to only (a) his then current salary for six (6) months; (b) any unpaid incentive compensation pro-rated on a six (6) month basis; (c) continuation of all of his insurances at the Employer's expense for six (6) months. Furthermore, any unvested Stock Options shall be vested immediately along with a five (5) years exercise rights of all his options. If the events described in clauses (iv) or (v) or (vi) occur and Employee elects to resign, he shall be entitled to the separation benefits in Section 3.3 (A)

Other Grounds for Termination/Resignation. (A) Employee acknowledges and understands that the Employer may terminate Employee's employment if any of the following events occur (Ii) the Employer is sold; (ii) the Employer becomes a subsidiary of a non-related party; (iii) the Employer experiences a 2545% or more change in ownership (but not as a result of an IPO); (iv) the Employer elects to have a new Chief Financial Officer. VP of R&D. If any of the foregoing events occur and the Employer elects to terminate Employee's employment, Employee will be entitled to (a) his then current salary for twelve (12) months; (b) incentive compensation, pro-rated on a calendar year basis; (c) continuation of all of his insurances at the Company's expense for twelve (12) months; (d) the immediate vesting of any unvested stock options along with the five years exercise right of all options. (B) The Employer acknowledges und understands that the Employee may resign his employment with the Employer if any one of the following events occur: (Ii) The Employer is sold; (ii) the Employer becomes a subsidiary of a non-related party; (iii) the Employer experiences a twenty forty five (2545%) percent or more change in ownership (but not as a result of an IPO); (iv) the Employer commits any act of fraud, misrepresentation or bad faith against the Employee; (v) his duties, reporting relationships or responsibilities are materially reduced; (vi) the Employer elects to have a new Chief Financial Officer. VP of R&D. If any of the events described in clauses (Ii), (ii), (iii) occur and Employee elects to resign, Employee shall be entitled to only (a) his then current salary for six (6) months; (b) any unpaid incentive compensation pro-rated on a six (6) month basis; (c) continuation of all of his insurances at the Employer's expense for six (6) months. Furthermore, any unvested Stock Options shall be vested immediately along with a five (5) years exercise rights of all his options. If the events described in clauses (iv) or (v) or (vi) occur and Employee elects to resign, he shall be entitled to the separation benefits in Section 3.3 (A)

Other Grounds for Termination/Resignation. (A) Employee acknowledges and understands that the Employer may terminate Employee's employment if any of the following events occur (I) the Employer is sold; (ii) the Employer becomes a subsidiary of a non-related party; (iii) the Employer experiences a 2545% or more change in ownership (but not as a result of an IPO); (iv) the Employer elects to have a new Chief Financial Officer. VP of R&D. If any of the foregoing events occur and the Employer elects to terminate Employee's employment, Employee will be entitled to (a) his then current salary for twelve (12) months; (b) incentive compensation, pro-rated on a calendar year basis; (c) continuation of all of his insurances at the Company's expense for twelve (12) months; (d) the immediate vesting of any unvested stock options along with the five years exercise right of all options. (B) The Employer acknowledges und understands that the Employee may resign his employment with the Employer if any one of the following events occur: (I) The Employer is sold; (ii) the Employer becomes a subsidiary of a non-related party; (iii) the Employer experiences a twenty forty five (2545%) percent or more change in ownership (but not as a result of an IPO); (iv) the Employer commits any act of fraud, misrepresentation or bad faith against the Employee; (v) his duties, reporting relationships or responsibilities are materially reduced; (vi) the Employer elects to have a new Chief Financial Officer. VP of R&D. If any of the events described in clauses (I), (ii), (iii) occur and Employee elects to resign, Employee shall be entitled to only (a) his then current salary for six (6) months; (b) any unpaid incentive compensation pro-rated on a six (6) month basis; (c) continuation of all of his insurances at the Employer's expense for six (6) months. Furthermore, any unvested Stock Options shall be vested immediately along with a five (5) years exercise rights of all his options. If the events described in clauses (iv) or (v) or (vi) occur and Employee elects to resign, he shall be entitled to the separation benefits in Section 3.3 (A)