Common use of Payments Upon Termination of Employment Clause in Contracts

Payments Upon Termination of Employment. In the case of Executive’s termination of employment with the Company for any reason, Executive or Executive’s estate or legal representative (as applicable) shall be entitled to receive, to the extent permitted by applicable law, from the Company (i) Executive’s Annual Salary through the date of termination to the extent not previously paid; (ii) to the extent not previously paid, the amount of any bonus earned or accrued by Executive as of the date of termination under any compensation and benefit plans, programs or arrangements maintained in force by the Company for any fiscal year of the Company ended prior to the date of termination that is then unpaid, subject to the terms and conditions of any such plan, program or arrangement; (iii) any vacation pay or expense reimbursements accrued by Executive, in accordance with Company policy for senior executives, as of the date of termination, to the extent not previously paid; and (iv) all benefits accrued by Executive under all benefit plans and qualified and nonqualified retirement, pension, 401(k) and similar plans and arrangements of the Company, in such manner and at such times as are provided under the terms of such plans and arrangements.

Payments Upon Termination of Employment. In the case of Executive’s termination of employment with the Company for any reason, Executive or Executive’s estate or legal representative (as applicable) shall be entitled to receive, to the extent permitted by applicable law, from the Company (i) Executive’s Annual Salary through the date of termination to the extent not previously paid; (ii) to the extent not previously paid, the amount of any bonus earned or accrued by Executive as of the date of termination under any compensation and benefit plans, programs or arrangements maintained in force by the Company for any fiscal year of the Company ended prior to the date of termination that is then unpaid, subject to the terms and conditions of any such plan, program or arrangement; (iii) any vacation pay or expense reimbursements accrued by Executive, in accordance with Company policy for senior executives, as of the date of termination, to the extent not previously paid; and (iv) all benefits accrued by Executive under all benefit plans and qualified and nonqualified retirement, pension, 401(k) and similar plans and arrangements of the Company, including any severance arrangements provided to Executive by the Company outside of this Agreement (except to the extent such severance arrangements are prohibited under Section 2 (a) above), in such manner and at such times as are provided under the terms of such plans and arrangements.