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 January 1, 2005 and shall remain in effect until the earlier of (a) December 31, 2005 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 1.5 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 rate in effect at the time of termination, and any accrued but unused vacation pay (the “Termination Payment”) within 15 days of the termination of 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 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. 1.4. 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: 1.4.1. benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company; 1.4.2. stock options issued to Employee pursuant to any stock option plan of the Company. 1.5. The Employee shall not be entitled to the Termination Payment when 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 1, 2005 1.5.1. 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 January July 1, 2005 2004 and shall remain in effect until the earlier of (a) December 31June 30, 2005 or (b) until terminated as hereinafter provided. 1.2. Employee shall be paid a monthly salary of $20,833.33 13,333.33 and shall be entitled to participate in all Company benefit plans in effect from time to time. 1.3. Subject to clauses 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 80,000 or (b) 12 6 months base salary at the rate in effect at the time of termination, and any accrued but unused vacation pay (the “Termination Payment”) within 15 days of the termination of 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 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. 1.4. 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: 1.4.1. benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company; 1.4.2. stock options issued to Employee pursuant to any stock option plan of the Company. 1.5. The Employee shall not be entitled to the Termination Payment when 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 July 1, 20052004 1.5.1. 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 January July 1, 2005 2004 and shall remain in effect until the earlier of (a) December 31, 2005 or (b) until terminated as hereinafter provided. 1.22.2. Employee shall be paid a monthly salary of $20,833.33 22,916.66 and shall be entitled to participate in all Company benefit plans in effect from time to time. 1.32.3. Subject to clauses 1.5 and 3, the Employee shall be entitled to a lump-sum payment in an amount equal to the greater of (a) $250,000 275,000 or (b) 12 months base salary at the rate in effect at the time of termination, and any accrued but unused vacation pay (the “Termination Payment”) within 15 days of the termination of 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 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. 1.42.4. 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: 1.4.12.4.1. benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company; 1.4.22.4.2. stock options issued to Employee pursuant to any stock option plan of the Company. 1.52.5. The Employee shall not be entitled to the Termination Payment when 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 Employment Agreement - Xxxxxx Xxxxxxx July 1, 2004 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 1, 2005): 1.5.12.5.1. 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 January 1, 2005 2003 and shall remain in effect until the earlier of (a) December 31, 2005 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 1.5 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 rate in effect at the time of termination, and any accrued but unused vacation pay (the “Termination Payment”) within 15 days of the termination of 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 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. 1.4. 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: 1.4.1. benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company; 1.4.2. stock options issued to Employee pursuant to any stock option plan of the Company. 1.5. The Employee shall not be entitled to the Termination Payment when 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 1, 20052003 1.5.1. 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 January 1, 2005 and shall remain in effect until the earlier of (a) December 31, 2005 or (b) until terminated as hereinafter provided. 1.22.2. 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. 1.32.3. Subject to clauses 1.5 2.5 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 rate in effect at the time of termination, and any accrued but unused vacation pay (the “Termination Payment”) within 15 days of the termination of 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 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. 1.42.4. 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: 1.4.12.4.1. benefits pursuant to any life, disability, health, or other insurance policy or benefit plan provided by the Company; 1.4.22.4.2. stock options issued to Employee pursuant to any stock option plan of the Company. 1.52.5. The Employee shall not be entitled to the Termination Payment when 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 Employment Agreement – Xxxxxxx X. Xxxxxx January 1, 2005 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 1, 2005): 1.5.12.5.1. the conviction of the Employee of a felony involving dishonesty; 2.5.2. the termination of the Employee for Good Cause. “Good Cause” shall mean (i) Employee’s conviction of or guilty plea to the commission of an act or acts constituting a felony under the laws of the United States or any state thereof, (ii) action by the Employee involving personal dishonesty, theft or fraud in connection with the Employee’s duties as an officer of the Company, or (iii) a breach of any one or more material terms of this Agreement (including but not limited to the confidentiality and non-solicitation provisions contained herein.)