Common use of Payment of Compensation on Termination Clause in Contracts

Payment of Compensation on Termination. 5.5.1 Upon termination of Consultant's services prior to the expiration of this Agreement, if such termination is pursuant to Section 4.1, 4.2, 4.5, 4.6, or 4.7 hereof, Consultant shall be entitled to his Annual Fee and Bonus Compensation, earned but unpaid through the date of termination of agreement, payable on the date of termination. Consultant shall also be entitled to exercise any vested options for a period of One (1) Year following the termination of his agreement hereunder. 5.5.2 Upon termination of Consultant's agreement prior to the expiration of this Agreement, if such termination is pursuant to Section 4.4 hereof, Consultant shall be entitled to any Annual Fee, Bonus Compensation, earned but unpaid through the date of termination of employment, payable on the date of termination. In addition, in case of termination pursuant to Section 4.4, the payment of $1,000,000 in cash if terminated prior to the first anniversary of the Effective Date, and $2,500,000 in cash if terminated pursuant to Section 4.4 after the first anniversary of the Effective Date, which additional payments shall be made in quarterly installments. Consultant shall also be entitled to exercise any vested options for a period of one year following the termination of this agreement hereunder. The provisions of this Section 5.5.2 shall apply throughout the Term of this Agreement, including any period of extension in accordance with the provisions of Section 2 above. 5.5.3 In the event that Consultant is not serving as the Chairman of the Board and Strategic Consultant during the term of this Agreement or is terminated as a result of a Change of Control (as hereafter defined), Consultant shall be entitled to any Annual Fee and Bonus Compensation earned but unpaid through the date of termination of this contract, payable on the date of termination. Upon termination as a result of a Change of Control, Consultant shall also be entitled to receive the payment set forth in Section 5.5.

Payment of Compensation on Termination. 5.5.1 Upon termination of ConsultantExecutive's services employment prior to the expiration of this Agreement, if such termination is pursuant to Section 4.1, 4.2, 4.5, 4.6, or 4.7 hereof, Consultant Executive shall be entitled to his any Annual Fee and Salary, Bonus Compensation, earned and vacation accrued but unpaid through the date of termination of agreementemployment, payable on the date of termination. Consultant Executive shall also be entitled to exercise any vested options for a period of One (1) Year following the termination of his agreement employment hereunder. 5.5.2 Upon termination of ConsultantExecutive's agreement employment prior to the expiration of this Agreement, if such termination is pursuant to Section 4.4 hereof, Consultant Executive shall be entitled to any Annual FeeSalary, Bonus Compensation, earned and vacation accrued but unpaid through the date of termination of employment, payable on the date of termination. In addition, in case of termination pursuant to Section 4.4, the payment of $1,000,000 in cash if terminated prior to the first anniversary of the Effective Date, and $2,500,000 in cash if terminated pursuant to Section 4.4 after the first anniversary of the Effective Date, which additional payments shall be made in quarterly installments. Consultant Executive shall also be entitled to exercise any vested options for a period of one year following the termination of this agreement his employment hereunder. The provisions of this Section 5.5.2 shall apply throughout the Term of this Agreement, including any period of extension in accordance with the provisions of Section 2 above. 5.5.3 In the event that Consultant Executive is not serving as the Chairman of the Board Chief Executive Officer and Strategic Consultant President during the term of this Agreement or is terminated as a result of a Change of Control (as hereafter defined), Consultant Executive shall be entitled to any Annual Fee Salary, Bonus Compensation, and Bonus Compensation earned vacation accrued but unpaid through the date of termination of this contractemployment, payable on the date of termination. Upon termination as a result of a Change of Control, Consultant Executive shall also be entitled to receive the payment set forth in Section 5.5.