Common use of Payments Following Termination Clause in Contracts

Payments Following Termination. (a) If the Employment is terminated for any reason, either by the Company or by the Executive’s resignation, then the Company shall pay the Executive the following amounts as part of the Company’s next regular payroll cycle but in no event later than thirty (30) days after the Termination Date, to the extent that the same have not already been paid; (i) any and all Base Salary and vacation pay earned through the Termination Date; and (ii) any reimbursable expenses properly reported by the Executive. (b) Unless the Executive resigns without Good Reason or the Employment is terminated for Cause, then the Company shall pay (i) any applicable prorated annual bonus, based on actual performance for the year of termination as determined by the Board in its discretion when making bonus determinations for other Senior Executives and payable at such time as annual bonuses are otherwise determined for other Senior Executives and (ii) any accrued but unpaid annual bonus for the fiscal year immediately preceding the year of termination.

Payments Following Termination. (a) If the Employment is terminated for any reason, either by the Company or by the Executive’s resignation, then the Company shall pay the Executive the following amounts as part of the Company’s next regular payroll cycle but in no event later than thirty (30) days after the Termination Date, to the extent that the same have not already been paid; (i) any and all Base Salary and vacation pay earned through the Termination Date; and (ii) any reimbursable expenses properly reported by the Executive. (b) Unless the Executive resigns without Good Reason or the Employment is terminated for Cause, then the Company shall pay (i) any applicable prorated annual bonus, based on actual performance for the year of termination as determined by the Board in its discretion when making bonus determinations for other Senior senior Executives and payable at such time as annual bonuses are otherwise determined for other Senior senior Executives and (ii) any accrued but unpaid annual bonus for the fiscal year immediately preceding the year of termination.