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 45% or more change in ownership (but not as a result of an IPO); (iv) the Employer elects to have a new 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.

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 4525% or more change in ownership (but not as a result of an IPO); (iv) the Employer elects to have a new VP of R&D. CEO. 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.

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 45% or more change in ownership (but not as a result of an IPO); (iv) the Employer elects to have a new 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.

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 4525% or more change in ownership (but not as a result of an IPO); (iv) the Employer elects to have a new VP of R&D. President. 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.

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 4525% or more change in ownership (but not as a result of an IPO); (iv) the Employer elects to have a new VP of R&D. President. 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.

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 4525% or more change in ownership (but not as a result of an IPO); (iv) the Employer elects to have a new VP of R&D. 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.