Common use of Payment Upon Sale or Merger of Company Clause in Contracts

Payment Upon Sale or Merger of Company. In the event the Company shall merge, sell a controlling interest, or sell a majority of its assets, the Company shall pay Executive Seven Hundred and Twenty Thousand Dollars ($720,000). Further, as to any vested but unexercised options to purchases shares in the Company which are held by Executive at the earlier of (1) the Company's execution of a Letter of Intent to (a) merge, (b) sell a controlling interest, or (c) sell a majority of its assets, or (2) the date of any such merger or sale is consummated, the Company shall pay Executive cash in the amount equal to the difference between the consideration paid to the Company on a per share basis less the exercise price of the option, the value of which is multiplied by the number of options which Executive holds.

Payment Upon Sale or Merger of Company. In the event the Company shall merge, sell a controlling interest, or sell a majority of its assets, the Company shall pay Executive Seven Hundred and Twenty Thousand Dollars three ($720,000)3) times his annual salary then in effect. Further, as to any vested but unexercised options to purchases purchase shares in the Company which are held by Executive at the earlier of (1) the Company's ’s execution of a Letter of Intent to (a) merge, (b) sell a controlling interest, or (c) sell a majority of its assets, or (2) the date of any such merger or sale is consummated, the Company shall pay Executive cash in the amount equal to the difference between the consideration paid to the Company on a per share basis less the exercise price of the option, the value of which is multiplied by to the number of options which Executive holds.

Payment Upon Sale or Merger of Company. In the event the -------------------------------------- Company shall merge, sell a controlling interest, or sell a majority of its assets, the Company shall pay Executive Seven Hundred two-hundred and Twenty Thousand Dollars fifty thousand ($720,000)250,000) dollars. Further, as to any vested but unexercised options to purchases shares in the Company which are held by Executive at the earlier of (1) the Company's execution of a Letter of Intent to (a) merge, (b) sell a controlling interest, or (c) sell a majority of its assets, or (2) the date of any such merger or sale is consummated, the Company shall pay Executive cash in the amount equal to the number of vested options which Executive holds multiplied by the difference between the consideration paid to the Company upon a sale or merger of the Company on a per share basis less the exercise price of the option, the value of which is multiplied by the number of options which Executive holds.

Payment Upon Sale or Merger of Company. In the event the Company shall merge, sell a controlling interest, or sell a majority of its assets, the Company shall pay Executive Seven Five Hundred and Twenty Thousand Dollars ($720,000500,000). Further, as to any vested but unexercised options to purchases shares in the Company which are held by Executive at the earlier of (1) the Company's execution of a Letter of Intent to (a) merge, (b) sell a controlling interest, or (c) sell a majority of its assets, or (2) the date of any such merger or sale is consummated, the Company shall pay Executive cash in the amount equal to the difference between the consideration paid to the Company on a per share basis less the exercise price of the option, the value of which is multiplied by the number of options which Executive holds.