Common use of Payment Upon Termination for Good Cause, Resignation without Good Reason, Death or Disability Clause in Contracts

Payment Upon Termination for Good Cause, Resignation without Good Reason, Death or Disability. In the event of termination of his employment pursuant to Sections 5(a), 5(d) or 5(e), Employee, or his estate where applicable, shall be paid any earned but unpaid Base Salary through the date of termination or cessation of employed services and any accrued and unused paid time off through said date. In addition, in the case of a termination of employment pursuant to Sections 5(e), Employee or his estate shall be paid any accrued and unpaid bonus for any prior fiscal year and a pro rata portion (based on the number of days of employment in the fiscal year of termination divided by 365) of the bonus, if any, for the fiscal year in which the termination occurs. Employee shall also receive his vested benefits in accordance with the terms of Employer's compensation and benefit plans, and his participation in such plans and all other perquisites shall cease as of the date of termination, except to the extent Employee may elect to continue coverage as under any welfare benefit plans as required by Part 6, Title I of the Employee Retirement Income Security Act of 1974, as amended.

Payment Upon Termination for Good Cause, Resignation without Good Reason, Death or Disability. In the event of termination of his employment pursuant to Sections 5(a), 5(d) or 5(e), Employee, or his estate where applicable, shall be paid any earned but unpaid Base Salary through the date of termination or cessation of employed services and any accrued and unused paid time off through said date. In addition, in the case of a termination of employment pursuant to Sections 5(e), Employee or his estate shall be paid any accrued and unpaid bonus bonus(s) for any prior fiscal year and a pro rata portion (based on the number of days of employment in the fiscal year of termination divided by 365) of the bonus, if any, for the fiscal year in which the termination occurs. Employee shall also receive his vested benefits in accordance with the terms of Employer's compensation and benefit plans, and his participation in such plans and all other perquisites shall cease as of the date of termination, except to the extent Employee may elect to continue coverage as under any welfare benefit plans as required by Part 6, Title I of the Employee Retirement Income Security Act of 1974, as amended.