Common use of Regular Severance Package Clause in Contracts

Regular Severance Package. Subject to the conditions set forth in subsection 3.09(d), in the event Executive’s employment under this Agreement is terminated during the Term, or upon Executive’s receipt of written Notice of Non-Renewal pursuant to paragraph 1.03, above, and prior to or in the absence of a Change of Control (as defined above) by the Company other than for Cause or by Executive for Good Reason, then: (i) as and for a severance package (“Regular Severance Package”), Executive shall receive one hundred percent (100%) of the aggregate of (x) Executive’s annual Base Salary for the year in which such termination occurs, and (y) the amount of any Incentive Payment paid to Executive for the prior year under the Management Incentive Program applicable to Executive. Such amount shall be paid either in a single lump sum payment or ratably in accordance with the Company’s normal salary payment schedule for senior management (but not less frequently than monthly) over eighteen (18) months, at the sole discretion of the Company. During such 18 month period, the Company shall also provide to Executive under COBRA all Company-paid medical insurance benefits available to other senior executives of the Company, all costs of which shall be paid by the Company; and (ii) All unvested warrants, options or restricted stock then held by Executive, if any, that would vest in the twelve (12) month period immediately following the cessation of Executive’s employment shall vest automatically on the date three (3) months following the termination of Executive’s employment. All other unvested Options or restricted stock shall immediately be forfeited (subject, however, to any contrary determination of the Board in its sole discretion).

Regular Severance Package. Subject to the conditions set forth in subsection 3.09(d), in the event Executive’s employment under this Agreement is terminated during the Term, or of upon Executive’s receipt of written Notice of Non-Renewal pursuant to paragraph 1.03, above, and prior to or in the absence of a Change of Control (as defined above) by the Company other than for Cause or by Executive for Good Reason, then: (i) as and for a severance package (“Regular Severance Package”), Executive shall receive one hundred percent (100%) of the aggregate of (x) Executive’s annual Base Salary for the year in which such termination occurs, and (y) the amount of any Incentive Payment paid to Executive for the prior year under the Management Incentive Program applicable to Executive. Such amount shall be paid either in a single lump sum payment or ratably in accordance with the Company’s normal salary payment schedule for senior management (but not less frequently than monthly) over eighteen (18) months, at the sole discretion of the Company. During such 18 month period, the Company shall also provide to Executive under COBRA all Company-paid medical insurance benefits available to other senior executives of the Company, all costs of which shall be paid by the Company; and (ii) All unvested warrants, options or restricted stock then held by Executive, if any, that would vest in the twelve (12) month period immediately following the cessation of Executive’s employment shall vest automatically on the date three (3) months following the termination of Executive’s employment. All other unvested Options or restricted stock shall immediately be forfeited (subject, however, to any contrary determination of the Board in its sole discretion).

Regular Severance Package. Subject to the conditions set forth in subsection 3.09(d), in the event Executive’s employment under this Agreement is terminated during the Term, or upon Executive’s receipt of written Notice of Non-Renewal pursuant to paragraph 1.03, above, and prior to or in the absence of a Change of Control (as defined above) by the Company other than for Cause or Company, by Executive for Good ReasonReason or other than for Cause, then: (i) as and for a severance package (“Regular Severance Package”), Executive shall receive one hundred percent (100%) of the aggregate of (x) Executive’s annual Base Salary for the year in which such termination occurs, and (y) the amount of any Incentive Payment paid to Executive for the prior year under the Management Incentive Program applicable to Executive. Such amount shall be paid either in a single lump sum payment or ratably in accordance with the Company’s normal salary payment schedule for senior management (but not less frequently than monthly) over eighteen (18) months, at the sole discretion of the Company. During such 18 month period, the Company shall also provide to Executive under COBRA all Company-paid medical insurance benefits available to other senior executives of the Company, all costs of which shall be paid by the Company; and (ii) All unvested warrants, options or restricted stock then held by Executive, if any, that would vest in the twelve (12) month period immediately following the cessation of Executive’s employment shall vest automatically on the date three (3) months following the termination of Executive’s employment. All other unvested Options or restricted stock shall immediately be forfeited (subject, however, to any contrary determination of the Board in its sole discretion).