Common use of Payments in the Event of Termination Clause in Contracts

Payments in the Event of Termination. Upon the termination of the Employment Period by reason of death or disability, by the Employee without Good Reason, or by the Employer for Cause, the Employer shall pay to the Employee, or his estate, as the case may be, the Base Salary and Performance Bonus earned to the date of death or termination for disability or Cause, or date of termination by the Employee, as the case may be. In addition, all vested and unexercised Options shall remain exercisable by the Employee for a period of 365 days. Upon the termination of the Employment Period by the Employer without Cause or by the Employee for Good Reason, the Employer shall pay to the Employee (A) the Base Salary and Performance Bonus earned to the date of such termination, and (B) an additional amount in a lump sum in cash equal to the lesser of (x) the Base Salary at the time of termination for a period of six months; or (y) the Base Salary at the time of termination for a period beginning on the date of such termination and ending on the date that the Employment Period would have ended pursuant to this Agreement had there been no termination of Employee's employment. In addition, all vested and unexercised Options shall become and remain exercisable by the Employee until the expiration date of the Options pursuant to the Option Agreement.