Common use of Payment Upon Termination of Employment Clause in Contracts

Payment Upon Termination of Employment. 1.1. The term ("Term") of this Agreement shall commence on the date of execution of this Agreement and shall remain in effect for a period of three years from the date of this agreement (the "Employment"). 1.2. Subject to clauses 1.4 and 3, the Employee shall be entitled to a lump-sum payment in an amount equal to 12 months base salary at the greater of the rate in effect on the effective date or as increased from time to time hereafter, and any accrued but unused vacation pay (the "Termination Payment") within 15 days of the termination of the Employment during the term hereof, and all of Employee's stock options which would have vested within 18 months of the date of termination of the Employment shall immediately vest in full and, notwithstanding anything to the contrary contained in any other document, be fully exercisable for a period of one year. 1.3. The Termination Payment shall be in full and final settlement of any rights, payments or benefits to which the Employee is entitled under any other agreement or arrangement pursuant to which he is employed by the Company or any of its subsidiaries or affiliates other than: 1.3.1. benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company; 1.3.2. stock options issued to Employee pursuant to any stock option plan of the Company. 1.4. The Employee shall not be entitled to the Termination Payment when the Employment is terminated in any of the following circumstances (the Employee being entitled, in such circumstances, only to payment for accrued and unused vacation, any payments to which he is otherwise entitled pursuant to life, disability, health or other insurance plan, and to exercise any stock option to the extent otherwise vested and exercisable under the terms of such plan and stock option agreements): 1.4.1. the conviction of the Employee of a felony involving dishonesty;

Payment Upon Termination of Employment. 1.1. The term ("Term") of this Agreement shall commence on the date of execution of this Agreement and shall remain in effect for a period of three years from the date of this agreement (the "Employment"). 1.2. Subject to clauses 1.4 and 3, the Employee shall be entitled to a lump-sum payment in an amount equal to the amount, if any, to which he is entitled under the Employment Ordinance (Cap. 57) plus such amount the total of which shall be equal to 12 months base salary at the greater of the rate in effect on the effective date or as increased from time to time hereafter, and any accrued but unused vacation pay (the "Termination Payment") within 15 days of the termination of the Employment during the term hereof, and all of Employee's stock options which would have vested within 18 months of the date of termination of the Employment shall immediately vest in full and, notwithstanding anything to the contrary contained in any other document, be fully exercisable for a period of one year. 1.3. The Termination Payment shall be in full and final settlement of any rights, payments or benefits to which the Employee is entitled under any other agreement or arrangement pursuant to which he is employed by the Company or any of its subsidiaries or affiliates other than: 1.3.1. benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company; 1.3.2. stock options issued to Employee pursuant to any stock option plan of the Company. 1.4. The Employee shall not be entitled to the Termination Payment when the Employment is terminated in any of the following circumstances (the Employee being entitled, in such circumstances, only to payment for accrued and unused vacation, any payments to which he is otherwise entitled pursuant to life, disability, health or other insurance plan, and to exercise any stock option to the extent otherwise vested and exercisable under the terms of such plan and stock option agreements): 1.4.1. the conviction of the Employee of a felony involving dishonesty;

Payment Upon Termination of Employment. 1.1. The term ("“Term"”) of this Agreement shall commence on the date of execution of this Agreement January 1, 2003 and shall remain in effect for a period until the earlier of three years from the date of this agreement (the "Employment")a) December 31, 2004 or (b) until terminated as hereinafter provided. 1.2. Employee shall be paid a monthly salary of $18,333.33. Employee will be eligible for additional compensation pursuant to the terms and conditions of the US Sales VP Incentive Compensation Plan attached hereto as Exhibit A and made a part hereof. Employee will not participate in other executive compensation programs. Employee will be eligible for all company benefits, as they may be in effect from time to time. 1.3. Subject to clauses 1.4 1.5 and 3, the Employee shall be entitled to a lump-sum payment in an amount equal to the greater of (a) $220,000 or (b) 12 months base salary at the greater of the rate in effect on at the effective date or as increased from time to time hereafterof termination, and any accrued but unused vacation pay (the "“Termination Payment"”) within 15 days of the termination of the Employment employment during the term hereof, and all of Employee's ’s stock options which would have vested within 18 months of the date of termination of the Employment employment shall immediately vest in full and, notwithstanding anything to the contrary contained in any other document, be fully exercisable for a period of one year. 1.31.4. The Termination Payment shall be in full and final settlement of any rights, payments or benefits to which the Employee is entitled under any other agreement or arrangement pursuant to which he is employed by the Company or any of its subsidiaries or affiliates other than: 1.3.11.4.1. benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company; 1.3.21.4.2. stock options issued to Employee pursuant to any stock option plan of the Company. 1.41.5. The Employee shall not be entitled to the Termination Payment when the Employment employment is terminated in any of the following circumstances (the Employee being entitled, in such circumstances, only to payment for accrued and unused vacation, any payments to which he is otherwise entitled pursuant to life, disability, health or other insurance plan, and to Employment Agreement January 1, 2003 exercise any stock option to the extent otherwise vested and exercisable under the terms of such plan and stock option agreements): 1.4.11.5.1. the conviction of the Employee of a felony involving dishonesty;

Payment Upon Termination of Employment. 1.1. The term ("“Term"”) of this Agreement shall commence on the date of execution of this Agreement and shall remain in effect for a period of three years from the date of this agreement until December 31, 2004 (the "“Employment"”). 1.2. Subject to clauses 1.4 and 3, the Employee shall be entitled to a lump-sum payment in an amount equal to the amount, if any, to which he is entitled under the Employment Ordinance (Cap. 57) plus such amount the total of which shall be equal to 12 months base salary at the greater of the rate in effect on the effective date or as increased from time to time hereafter, and any accrued but unused vacation pay (the "“Termination Payment"”) within 15 days of the termination of the Employment during the term hereof, and all of Employee's ’s stock options which would have vested within 18 months of the date of termination of the Employment shall immediately vest in full and, notwithstanding anything to the contrary contained in any other document, be fully exercisable for a period of one year. 1.3. In lieu of the payment provided for in 1.2, above, and nonwithstanding paragraph 1.5.6 below, provided the Employee shall remain in the employ of the Company until December 31, 2004, then, in such event, if Employee shall elect to terminate his employment with the Company, Employee shall be entitled to an amount equal to $200,000 in lieu of all other severance payments, damages, and demands of any nature whatsoever, and all of Employee’s stock options which would have vested within 18 months of the date of termination of the Employment shall immediately vest in full and be fully exercisable for a period of one year. 1.4. The Termination Payment shall be in full and final settlement of any rights, payments or benefits to which the Employee is entitled under any other agreement or arrangement pursuant to which he is employed by the Company or any of its subsidiaries or affiliates other than: 1.3.11.4.1. benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company; 1.3.21.4.2. stock options issued to Employee pursuant to any stock option plan of the Company. 1.41.5. The Employee shall not be entitled to the Termination Payment when the Employment is terminated in any of the following circumstances (the Employee being entitled, in such circumstances, only to payment for accrued and unused vacation, any payments to which he is otherwise entitled pursuant to life, disability, health or other insurance plan, and to exercise any stock option to the extent otherwise vested and exercisable under the terms of such plan and stock option agreements): 1.4.11.5.1. the conviction of the Employee of a felony involving dishonesty;

Payment Upon Termination of Employment. 1.1. The term ("“Term"”) of this Agreement shall commence on the date of execution of this Agreement April 1, 2003 and shall remain in effect for a period until the earlier of three years from the date of this agreement (the "Employment")a) December 31, 2004 or (b) until terminated as hereinafter provided. 1.2. If the Employee shall remain in the employ of the Company until November 30, 2003, then the Company shall pay the sum of $110,000 to Employee. 1.3. Subject to clauses 1.4 and 3, the Employee shall be entitled to a lump-sum payment in an amount equal to the amount, if any, to which he is entitled under the Employment Ordinance (Cap. 57) plus such amount the total of which shall be equal to 12 months base salary at the greater of the rate in effect on the effective date or as increased from time to time hereafter, and any accrued but unused vacation pay (the "“Termination Payment"”) within 15 days of the termination of the Employment during the term hereof, and all of Employee's ’s stock options which would have vested within 18 months of the date of termination of the Employment shall immediately vest in full and, notwithstanding anything to the contrary contained in any other document, be fully exercisable for a period of one year. 1.31.4. The Termination Payment shall be in full and final settlement of any rights, payments or benefits to which the Employee is entitled under any other agreement or arrangement pursuant to which he is employed by the Company or any of its subsidiaries or affiliates other than: 1.3.11.4.1. benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company; 1.3.21.4.2. stock options issued to Employee pursuant to any stock option plan of the Company. 1.41.5. The Employee shall not be entitled to the Termination Payment when the Employment is terminated in any of the following circumstances (the Employee being entitled, in such circumstances, only to payment for accrued and unused vacation, any payments to which he is otherwise entitled pursuant to life, disability, health or other insurance plan, and to exercise any stock option to the extent otherwise vested and exercisable under the terms of such plan and stock option agreements): 1.4.11.5.1. the conviction of the Employee of a felony involving dishonesty;

Payment Upon Termination of Employment. 1.12.1. The term ("“Term"”) of this Agreement shall commence on the date of execution of this Agreement April 12, 2005 and shall remain in effect until the earlier of (a) December 31, 2005 or (b) until terminated as hereinafter provided. 2.2. Employee shall be paid a monthly salary of HK$117,000.00 per month. 2.3. Employee shall be responsible for a period and shall pay all income, sales, real estate, vat, duties, and other taxes of three years every nature whatsoever without any form of assistance or contribution from the date of this agreement (the "Employment")Company. 1.22.4. Employee shall be entitled to participate in all Company benefit plans in effect in its Hong Kong subsidiary, Peak Plastics and Metal Products (International) Limited, during the term of her employment with the Company or any subsidiary of the Company. 2.5. Subject to clauses 1.4 2.7 and 34, the Employee shall be entitled to a lump-sum payment in an amount equal to 12 the greater of (a)US$90,000 or (b) 6 months base salary at the greater of the rate in effect on at the effective date or as increased from time to time hereafterof termination, and any accrued but unused vacation pay (the "“Termination Payment"”) within 15 days of the termination receipt of the Employment during the term hereof, general release attached hereto as Appendix I; and all of Employee's ’s stock options which would have vested within 18 months of the date of termination of the Employment employment shall immediately vest in full and, notwithstanding anything to the contrary contained in any other document, and be fully exercisable for a period of one yearsix months from such date of termination of employment. 1.32.6. The Termination Payment shall be in full and final settlement of any rights, payments or benefits to which the Employee is entitled under any other agreement or arrangement pursuant to which he she is employed by the Company or any of its subsidiaries or affiliates other than: 1.3.12.6.1. benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company;Company or any of its subsidiaries to which Employee was a beneficiary on the date of termination of Employee’s employment; and Employment Agreement– Xxxxx Xxxx April 12, 2005 1.3.22.6.2. stock options issued to Employee pursuant to any stock option plan of the Company. 1.42.7. The Employee shall not be entitled to the Termination Payment when the Employment employment is terminated in any of the following circumstances (the Employee being entitled, in such circumstances, only to payment for accrued and unused vacation, any payments to which he she is otherwise entitled pursuant to life, disability, health or other insurance plan, and to exercise any stock option to the extent otherwise vested and exercisable under the terms of such plan and stock option agreements): 1.4.12.7.1. the conviction of the Employee of a felony involving dishonesty;

Payment Upon Termination of Employment. 1.12.1. The term ("“Term"”) of this Agreement shall commence on the date of execution of this Agreement January 1, 2005 and shall remain in effect for a period until the earlier of three years from the date of this agreement (the "Employment")a) December 31, 2005 or (b) until terminated as hereinafter provided. 1.22.2. Employee shall be paid a monthly salary of HK$130,000 and shall be entitled to participate in all applicable Company benefit plans in effect from time to time. 2.3. Subject to clauses 1.4 1.5 and 3, the Employee shall be entitled to a lump-sum payment in an amount equal to the greater of (a) $HK$1,755,000 or (b) 12 months base salary at the greater of the rate in effect on at the effective date or as increased from time to time hereafterof termination, and any accrued but unused vacation pay (the "“Termination Payment"”) within 15 days of the termination of the Employment employment during the term hereof, and all of Employee's ’s stock options which would have vested within 18 months of the date of termination of the Employment employment shall immediately vest in full and, notwithstanding anything to the contrary contained in any other document, be fully exercisable for a period of one year. 1.32.4. The Termination Payment shall be in full and final settlement of any rights, payments or benefits to which the Employee is entitled under any other agreement or arrangement pursuant to which he is employed by the Company or any of its subsidiaries or affiliates other than: 1.3.12.4.1. benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company; 1.3.22.4.2. stock options issued to Employee pursuant to any stock option plan of the Company. 1.42.5. The Employee shall not be entitled to the Termination Payment when the Employment employment is terminated in any of the following circumstances (the Employee being entitled, in such Employment Agreement - Xxxxx Xxxx January 1, 2005 circumstances, only to payment for accrued and unused vacation, any payments to which he is otherwise entitled pursuant to life, disability, health or other insurance plan, and to exercise any stock option to the extent otherwise vested and exercisable under the terms of such plan and stock option agreements): 1.4.12.5.1. the conviction of the Employee of a felony involving dishonesty;

Payment Upon Termination of Employment. 1.1. The term ("“Term"”) of this Agreement shall commence on the date of execution of this Agreement January 3, 2003 and shall remain in effect for a period until the earlier of three years from the date of this agreement (the "Employment")a) December 31, 2004 or (b) until terminated as hereinafter provided. 1.2. Employee shall be paid a monthly salary of $20,833.33 and shall be entitled to participate in all Company benefit plans in effect from time to time. 1.3. Subject to clauses 1.4 1.5 and 3, the Employee shall be entitled to a lump-sum payment in an amount equal to the greater of (a) $250,000 or (b) 12 months base salary at the greater of the rate in effect on at the effective date or as increased from time to time hereafterof termination, and any accrued but unused vacation pay (the "“Termination Payment"”) within 15 days of the termination of the Employment employment during the term hereof, and all of Employee's ’s stock options which would have vested within 18 months of the date of termination of the Employment employment shall immediately vest in full and, notwithstanding anything to the contrary contained in any other document, be fully exercisable for a period of one year. 1.31.4. The Termination Payment shall be in full and final settlement of any rights, payments or benefits to which the Employee is entitled under any other agreement or arrangement pursuant to which he is employed by the Company or any of its subsidiaries or affiliates other than: 1.3.11.4.1. benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company; 1.3.21.4.2. stock options issued to Employee pursuant to any stock option plan of the Company. 1.41.5. The Employee shall not be entitled to the Termination Payment when the Employment employment is terminated in any of the following circumstances (the Employee being entitled, in such circumstances, only to payment for accrued and unused vacation, any payments to which he is otherwise entitled pursuant to life, disability, health or other insurance plan, and to exercise any stock option to the extent otherwise vested and exercisable under the terms of such plan and stock option agreements):): Employment Agreement January 3, 2003 1.4.11.5.1. the conviction of the Employee of a felony involving dishonesty;