Common use of Payment of Severance Amount Clause in Contracts

Payment of Severance Amount. (a) If the Executive's employment by the Corporation or any Subsidiary, or Successor or Assign of the Corporation shall be subject to an Involuntary Termination, then the Corporation shall pay the Executive an amount equal to the Severance Amount, payable within fifteen days after the Termination Date. If the Executive terminates his/her employment for Good Reason, then the Corporation shall pay to the Executive an amount equal to the Severance Amount, payable within fifteen days after the Termination Date. (b) In the event of either an Involuntary Termination or the Executive's resignation for Good Reason, any stock options previously granted to the Executive shall immediately become fully vested, and all such options shall be exercisable by the Executive at any time within six months from the Termination Date. In addition, 40% of any options under the Long Term Stock Option Incentive Plan not granted as of the Termination Date shall immediately be deemed granted to the Executive and shall be fully vested, and all such options shall be exercisable by the Executive at any time within six months of the Termination Date.