Common use of Payment of Accrued Obligations Clause in Contracts

Payment of Accrued Obligations. The Company shall pay to Executive a lump sum payment in cash, no later than 10 days after the date of termination of employment, equal to the sum of (1) Executive’s accrued Base Salary and any accrued vacation pay through the date of termination of employment, and (2) Executive’s annual bonus earned for the fiscal year immediately preceding the fiscal year in which the date of termination of employment occurs if such bonus has not been paid as of the date of termination of employment.

Payment of Accrued Obligations. The Company shall pay to Executive a lump sum payment in cash, no later than 10 days on the first regular payroll date after the date of termination of employment, equal to the sum of (1) Executive’s accrued Base Salary salary earned but unpaid and any unused accrued vacation pay pay, minus deductions required by law, through the date of termination of employment, and (2) Executive’s annual bonus earned for the fiscal year immediately preceding the fiscal year in which the date of termination of employment occurs occurs, minus deductions required by law, if such bonus has not been paid as of the date of termination of employment.

Payment of Accrued Obligations. The If Executive is terminated, the Company shall pay to Executive him a lump sum payment in cash, no later than 10 days after the date of termination of employment, equal to the sum of (1) Executive’s accrued Base Salary and any accrued vacation pay through the date of termination of employment, and (2) Executive’s annual bonus earned for the fiscal year immediately preceding the fiscal year in which the date of termination of employment occurs if such bonus has not been paid as of the date of termination of employment.