Common use of Payments of Accrued Obligations upon Termination of Employment Clause in Contracts

Payments of Accrued Obligations upon Termination of Employment. In the event of Executive's termination of employment by the Company for any reason, the Company will pay Executive or Executive's estate or legal representative (as applicable) (i) all unpaid salary and unpaid vacation accrued by Executive through the Termination Date, (ii) any unreimbursed business expenses incurred by Executive through the Termination Date, in accordance with Company policy, and (iii) except in the case of a termination for Cause or disability, and no later than 70 days from the Termination Date, any unpaid bonus for any fiscal year of the Company ended prior to the Termination Date, calculated and paid (following approval by the Compensation Committee of the Board of Directors) in accordance with the variable compensation plan for that year.