Payment Upon Termination under Section 6 Sample Clauses

Payment Upon Termination under Section 6. 4. In the event that Executive resigns with Good Reason or the Company terminates Executive’s employment without Cause or by electing not to renew this Agreement, the Company shall (i) pay the Executive ‘ s Base Salary and vacation pay accrued, if applicable, until for the date remainder of the term of the Executive’ s employment terminates pursuant to this Agreement; and (ii) reimburse the outstanding expenses properly incurred by the Executive until the date the Executive’s employment terminates and submitted for reimbursement; (iii) pay Executive an amount equal to the average of Executive’s Annual Bonuses (as contemplated by Section 5.2.2 herein) for the two years immediately preceding Executive’ s termination under this subsection 6.6.1, payable in a lump sum no later than thirty (30) days from the date of termination (iv) pay Executive the Stretch Bonus if the termination under Section 6.4 occurs within one (I) year from the date that a Transaction is consummated. In addition, all Options granted to Executive shall be deemed fully vested and exercisable for the remaining term of such Options.