Common use of Resignation; Termination for Cause Clause in Contracts

Resignation; Termination for Cause. If Executive resigns during the Employment Period or is terminated for Cause: (i) Executive will solely be paid his Salary and receive any Benefits accrued through the last day of his employment; (ii) Executive will not be entitled to receive his Salary or any Benefits for periods after the termination of the Employment Period, or any Bonus for the year in which employment terminated; and (iii) Executive’s rights with respect to vested and unvested stock options will be determined as provided in the applicable stock option plan; provided, however, if Executive resigns for Good Reason (as defined in Section 5) within twelve (12) months following the Effective Date (of the Transaction), Executive shall be entitled to the benefits described in Section 5.

Resignation; Termination for Cause. If Executive resigns during the Employment Period or is terminated for Cause: (i) Executive will solely be paid his Salary and receive any Benefits accrued through the last day of his employment; (ii) Executive will not be entitled to receive his Salary or any Benefits for periods after the termination of the Employment Period, or any Bonus for the year in which employment terminated; and (iii) Executive’s rights with respect to vested and unvested stock options will be determined as provided in the applicable stock option plan; provided, however, if Executive resigns for Good Reason (as defined in Section 5) within twelve (12) months following the Effective Date (of the Transaction), Executive shall be entitled to the benefits described in Section 5).