Severance Amount. All of the amounts described in clauses (i) and (iii) shall be paid to the Executive no later than ten (10) days following the Date of Termination; provided that any amount payable under clause (iii) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payment, if any. All of the Section 10(i) Severance Amount shall be paid to the Executive no later than ten (10) days following the later of (x) the Date of Termination and (y) the execution of an agreement by the Executive, in form and substance reasonably satisfactory to the Company, providing for (I) a full release by the Executive of the Company, its officers, directors, representatives and affiliates from all liabilities, obligations or claims, other than those obligations specifically provided in this Section 10(i) (and the Company shall provide a mutual release of the Executive), (II) an affirmation of the Executive's obligations pursuant to Section 14 hereof and (III) an agreement by the Executive to immediately repay to the Company one hundred percent (100%) of the Section 10(i) Severance Amount upon any breach of such agreement; provided, however, that any Section 10(i) Severance Amount payable under Section 10(i)(iv) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payments, if any. Additionally, in the event that the Executive's employment is terminated upon expiration of the Term, all of the Executive's options to purchase shares of capital stock of the Company which are unvested as of the expiration of the Term but otherwise scheduled to vest on the first vesting date scheduled to occur following the expiration of the Term, shall immediately vest and become exercisable upon the expiration of the Term and all remaining unvested options shall terminate as of such date. All of Executive's options to purchase capital stock of the Company that are vested as of the expiration of the Term or become vested pursuant to the immediately preceding sentence may be exercised by the Executive at any time within one (1) year following the expiration of the Term and shall then terminate; provided, however, that in the event the Executive is entitled to receive a payment with respect to the Pro Rata Bonus, all of such vested options may be exercised by the Executive within two (2) years following the Date of Termination and shall then terminate.
Appears in 2 contracts
Samples: Employment Agreement (Iasis Healthcare Corp), Employment Agreement (Iasis Healthcare Corp)
Severance Amount. All of the amounts described in clauses (i) and (iii) shall be paid to the Executive no later than ten (10) days following the Date of Termination; provided that any amount payable under clause (iii) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payment, if any. All of the Section 10(i10(e) Severance Amount shall be paid to the Executive no later than ten (10) days following the later of (x) the Date of Termination and (y) the execution of an agreement by the Executive, in form and substance reasonably satisfactory to the Company, providing for (I) a full release by the Executive of the Company, its officers, directors, representatives and affiliates from all liabilities, obligations or claims, other than those obligations specifically provided in this Section 10(i10(e) (and the Company shall provide a mutual release of the Executive), (II) an affirmation of the Executive's obligations pursuant to Section 14 hereof and (III) an agreement by the Executive to immediately repay to the Company one hundred percent (100%) of the Section 10(i10(e) Severance Amount upon any breach of such agreement; provided, however, that any Section 10(i10(e) Severance Amount payable under pursuant to Section 10(i)(iv10(e)(iv) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payments, if any. Additionally, in the event that the Executive's employment is terminated upon expiration of the Termpursuant to this Section 10(e), all of the Executive's options to purchase shares of capital stock of the Company (including the New Option) which are unvested as of the expiration Date of the Term Termination but otherwise scheduled to vest on the first vesting date scheduled to occur following the expiration Date of the TermTermination, shall immediately vest and become exercisable upon on the expiration Date of the Term Termination and all remaining unvested options shall terminate as of such datethe Date of Termination. All In the event the Executive's employment is terminated pursuant to this Section 10(e), all of the Executive's options to purchase capital stock of the Company that are vested as of the expiration Date of Termination (other than the Term Rollover Option) or become vested pursuant to the immediately preceding sentence may be exercised by the Executive at any time within one (1) year following the expiration Executive's Date of the Term Termination and shall then terminate; provided, however, that in the event the Executive is entitled to receive a payment with respect to the Pro Rata Bonus, all of such vested options may be exercised by the Executive within two (2) years following the Date of Termination and shall then terminate.
Appears in 2 contracts
Samples: Employment Agreement (Biltmore Surgery Center Holdings Inc), Employment Agreement (Biltmore Surgery Center Holdings Inc)
Severance Amount. All of the amounts described in clauses (iA) and (iiiC) shall be paid to the Executive no later than ten (10) days following the Date of Termination; provided that any amount payable under clause (iiiC) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payment, if any. All of the Section 10(i10(f) Severance Amount shall be paid to the Executive no later than ten (10) days following the later of (x) the Date of Termination and (y) the execution of an agreement by the Executive, in form and substance reasonably satisfactory to the Company, providing for (I) a full release by the Executive of the Company, its officers, directors, representatives and affiliates from all liabilities, obligations or claims, other than those obligations specifically provided in this Section 10(i10(f) (and the Company shall provide a mutual release of the Executive), (II) an affirmation of the Executive's obligations pursuant to Section 14 hereof and (III) an agreement by the Executive to immediately repay to the Company one hundred percent (100%) of the Section 10(i10(f) Severance Amount upon any breach of such agreement; provided, however, that any Section 10(i10(f) Severance Amount payable under Section 10(i)(iv10(f)(D) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payments, if any. Additionally, in the event that the Executive's employment is terminated upon expiration of the Termpursuant to this Section 10(f), all of the Executive's options to purchase shares of capital stock of the Company which are unvested as of the expiration Date of the Term Termination but otherwise scheduled to vest on the first vesting date scheduled to occur following the expiration Date of the TermTermination, shall immediately vest and become exercisable upon on the expiration Date of the Term Termination and all remaining unvested options shall terminate as of such datethe Date of Termination. All of the Executive's options to purchase capital stock of the Company that are vested as of the expiration applicable Date of the Term Termination or become vested pursuant to the immediately preceding sentence may be exercised by the Executive at any time within one (1) year following the expiration Executive's Date of the Term Termination and shall then terminate; provided, however, that in the event that the Executive is entitled to receive a payment with respect to the Pro Rata Bonus, all of such vested options may be exercised by the Executive within two (2) years following the Date of Termination and shall then terminate. For purposes of this Agreement, a "Change in Control" shall be deemed to have occurred (A) at such time as any Person (as defined in Section 13(d)(3) or 14(d)(2) of the Securities and Exchange Act of 1934, as amended form time to time (the "Exchange Act")) or "group" of Persons (as defined in Section 13(d) of the Exchange Act), other than any of the parties to that certain Stockholders Agreement, dated October 7, 1999, among the Company, JLL Healthcare, LLC, a Delaware limited liability company, and certain other stockholders, as the same may be amended (the "Stockholders Agreement"), directly or indirectly, acquires beneficially or of record, more than 50% of the outstanding voting securities of the Company (by operation of law or otherwise) or (B) upon a sale of all or substantially all of the assets of the Company.
Appears in 1 contract
Severance Amount. All of the amounts described in clauses (iA) and (iiiC) shall be paid to the Executive no later than ten (10) days following the Date of Termination; provided that any amount payable under clause (iiiC) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payment, if any. All of the Section 10(i10(f) Severance Amount shall be paid to the Executive no later than ten (10) days following the later of (x) the Date of Termination and (y) the execution of an agreement by the Executive, in form and substance reasonably satisfactory to the Company, providing for (I) a full release by the Executive of the Company, its officers, directors, representatives and affiliates from all liabilities, obligations or claims, other than those obligations specifically provided in this Section 10(i10(f) (and the Company shall provide a mutual release of the Executive), (II) an affirmation of the Executive's obligations pursuant to Section 14 hereof and (III) an agreement by the Executive to immediately repay to the Company one hundred percent (100%) of the Section 10(i10(f) Severance Amount upon any breach of such agreement; provided, however, that any Section 10(i10(f) Severance Amount payable under Section 10(i)(iv10(f)(D) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payments, if any. Additionally, in the event that the Executive's employment is terminated upon expiration pursuant to this Section 10(f) other than in the case of the Terma Change in Control, all of the Executive's options to purchase shares of capital stock of the Company (including the New Option) which are unvested as of the expiration Date of the Term Termination but otherwise scheduled to vest on the first vesting date scheduled to occur following the expiration Date of the TermTermination, shall immediately vest and become exercisable upon on the expiration Date of the Term Termination and all remaining unvested options shall terminate as of such datethe Date of Termination. All In the event the Executive's employment is terminated pursuant to this Section 10(f), all of the Executive's options to purchase capital stock of the Company that are vested as of the expiration applicable Date of Termination (other than the Term Rollover Option) or become vested pursuant to the immediately preceding sentence may be exercised by the Executive at any time within one (1) year following the expiration Executive's Date of the Term Termination and shall then terminate; provided, however, that in the event that the Executive is entitled to receive a payment with respect to the Pro Rata Bonus, all of such vested options may be exercised by the Executive within two (2) years following the Date of Termination and shall then terminate.
Appears in 1 contract
Samples: Employment Agreement (Biltmore Surgery Center Holdings Inc)
Severance Amount. All of the amounts described in clauses (i) and (iii) shall be paid to the Executive no later than ten (10) days following the Date of Termination; provided that any amount payable under clause (iii) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payment, if any. All of the Section 10(i10(e) Severance Amount shall be paid to the Executive no later than ten (10) days following the later of (x) the Date of Termination and (y) the execution of an agreement by the Executive, in form and substance reasonably satisfactory to the Company, providing for (I) a full release by the Executive of the Company, its officers, directors, representatives and affiliates from all liabilities, obligations or claims, other than those obligations specifically provided in this Section 10(i10(e) (and the Company shall provide a mutual release of the Executive), (II) an affirmation of the Executive's ’s obligations pursuant to Section 14 hereof and (III) an agreement by the Executive to immediately repay to the Company one hundred percent (100%) of the Section 10(i10(e) Severance Amount upon any breach of such agreement; provided, however, that any Section 10(i10(e) Severance Amount payable under pursuant to Section 10(i)(iv10(e)(iv) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payments, if any. Additionally, in the event that the Executive's ’s employment is terminated upon expiration of the Termpursuant to this Section 10(e), all of the Executive's ’s options to purchase shares of capital stock of the Company (including the New Option) which are unvested as of the expiration Date of the Term Termination but otherwise scheduled to vest on the first vesting date scheduled to occur following the expiration Date of the TermTermination, shall immediately vest and become exercisable upon on the expiration Date of the Term Termination and all remaining unvested options shall terminate as of such datethe Date of Termination. All In the event the Executive’s employment is terminated pursuant to this Section 10(e), all of the Executive's ’s options to purchase capital stock of the Company that are vested as of the expiration Date of Termination (other than the Term Rollover Option) or become vested pursuant to the immediately preceding sentence may be exercised by the Executive at any time within one (1) year following the expiration Executive’s Date of the Term Termination and shall then terminate; provided, however, that in the event the Executive is entitled to receive a payment with respect to the Pro Rata Bonus, all of such vested options may be exercised by the Executive within two (2) years following the Date of Termination and shall then terminate.
Appears in 1 contract
Severance Amount. All of the amounts described in clauses (i) and (iii) shall be paid to the Executive no later than ten (10) days following the Date of Termination; provided that any amount payable under clause (iii) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payment, if any. All of the Section 10(i) Severance Amount shall be paid to the Executive no later than ten (10) days following the later of (x) the Date of Termination and (y) the execution of an agreement by the Executive, in form and substance reasonably satisfactory to the Company, providing for (I) a full release by the Executive of the Company, its officers, directors, representatives and affiliates from all liabilities, obligations or claims, other than those obligations specifically provided in this Section 10(i) (and the Company shall provide a mutual release of the Executive), (II) an affirmation of the Executive's obligations pursuant to Section 14 hereof and (III) an agreement by the Executive to immediately repay to the Company one hundred percent (100%) of the Section 10(i) Severance Amount upon any breach of such agreement; provided, however, that any Section 10(i) Severance Amount payable under Section 10(i)(iv) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payments, if any. Additionally, in the event that the Executive's employment is terminated upon expiration of the Termpursuant to this Section 10(i), all of the Executive's options to purchase shares of capital stock of the Company which are unvested as of the expiration of the Term but otherwise scheduled to vest on the first vesting date scheduled to occur following the expiration of the Term, shall immediately vest and become exercisable upon the expiration of the Term and all remaining unvested options shall terminate as of such date. All In the event the executive's employment is terminated pursuant to this Section 10(i), all of Executive's options to purchase capital stock of the Company that are vested as of the expiration of the Term (other than the Rollover Option) or become vested pursuant to the immediately preceding sentence may be exercised by the Executive at any time within one (1) year following the expiration of the Term and shall then terminate; provided, however, that in the event the Executive is entitled to receive a payment with respect to the Pro Rata Bonus, all of such vested options may be exercised by the Executive within two (2) years following the Date of Termination and shall then terminate.
Appears in 1 contract
Samples: Employment Agreement (Biltmore Surgery Center Holdings Inc)
Severance Amount. All of the amounts described in clauses (i) and (iii) shall be paid to the Executive no later than ten (10) days following the Date of Termination; provided that any amount payable under clause (iii) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payment, if any. All of the Section 10(i10(e) Severance Amount shall be paid to the Executive no later than ten (10) days following the later of (x) the Date of Termination and (y) the execution of an agreement by the Executive, in form and substance reasonably satisfactory to the Company, providing for (I) a full release by the Executive of the Company, its officers, directors, representatives and affiliates from all liabilities, obligations or claims, other than those obligations specifically provided in this Section 10(i10(e) (and the Company shall provide a mutual release of the Executive), (II) an affirmation of the Executive's obligations pursuant to Section 14 hereof and (III) an agreement by the Executive to immediately repay to the Company one hundred percent (100%) of the Section 10(i10(e) Severance Amount upon any breach of such agreement; provided, however, that any Section 10(i10(e) Severance Amount payable under pursuant to Section 10(i)(iv10(e)(iv) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payments, if any. Additionally, in the event that the Executive's employment is terminated upon expiration of the Termpursuant to this Section 10(e), all of the Executive's options to purchase shares of capital stock of the Company which are unvested as of the expiration Date of the Term Termination but otherwise scheduled to vest on the first vesting date scheduled to occur following the expiration Date of the TermTermination, shall immediately vest and become exercisable upon on the expiration Date of the Term Termination and all remaining unvested options shall terminate as of such datethe Date of Termination. All of the Executive's options to purchase capital stock of the Company that are vested as of the expiration Date of the Term Termination or become vested pursuant to the immediately preceding sentence may be exercised by the Executive at any time within one (1) year following the expiration Executive's Date of the Term Termination and shall then terminate; provided, however, that in the event that the Executive is entitled to receive a payment with respect to the Pro Rata Bonus, all of such vested options may be exercised by the Executive within two (2) years following the Date of Termination and shall then terminate.
Appears in 1 contract
Severance Amount. All of the amounts described in clauses (iA) and (iiiC) shall be paid to the Executive no later than ten (10) days following the Date of Termination; provided that any amount payable under clause (iiiC) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payment, if any. All of the Section 10(i10(f) Severance Amount shall be paid to the Executive no later than ten (10) days following the later of (x) the Date of Termination and (y) the execution of an agreement by the Executive, in form and substance reasonably satisfactory to the Company, providing for (I) a full release by the Executive of the Company, its officers, directors, representatives and affiliates from all liabilities, obligations or claims, other than those obligations specifically provided in this Section 10(i10(f) (and the Company shall provide a mutual release of the Executive), (II) an affirmation of the Executive's obligations pursuant to Section 14 hereof and (III) an agreement by the Executive to immediately repay to the Company one hundred percent (100%) of the Section 10(i10(f) Severance Amount upon any breach of such agreement; provided, however, that any Section 10(i10(f) Severance Amount payable under Section 10(i)(iv10(f)(D) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payments, if any. Additionally, in the event that the Executive's employment is terminated upon expiration pursuant to this Section 10(f) other than in the case of the Terma Change in Control, all of the Executive's options to purchase shares of capital stock of the Company (including the New Option) which are unvested as of the expiration Date of the Term Termination but otherwise scheduled to vest on the first vesting date scheduled to occur following the expiration Date of the TermTermination, shall immediately vest and become exercisable upon on the expiration Date of the Term Termination and all remaining unvested options shall terminate as of such datethe Date of Termination. All In the event the executive's employment is terminated pursuant to this Section 10(f), all of the Executive's options to purchase capital stock of the Company that are vested as of the expiration applicable Date of Termination (other than the Term Rollover Option) or become vested pursuant to the immediately preceding sentence may be exercised by the Executive at any time within one (1) year following the expiration Executive's Date of the Term Termination and shall then terminate; provided, however, that in the event the Executive is entitled to receive a payment with respect to the Pro Rata Bonus, all of such vested options may be exercised by the Executive within two (2) years following the Date of Termination and shall then terminate.
Appears in 1 contract
Samples: Employment Agreement (Biltmore Surgery Center Holdings Inc)
Severance Amount. All of the amounts described in clauses (i) and (iii) shall be paid to the Executive no later than ten (10) days following the Date of Termination; provided that any amount payable under clause (iii) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payment, if any. All of the Section 10(i) Severance Amount shall be paid to the Executive no later than ten (10) days following the later of (x) the Date of Termination and (y) the execution of an agreement by the Executive, in form and substance reasonably satisfactory to the Company, providing for (I) a full release by the Executive of the Company, its officers, directors, representatives and affiliates from all liabilities, obligations or claims, other than those obligations specifically provided in this Section 10(i) (and the Company shall provide a mutual release of the Executive), (II) an affirmation of the Executive's obligations pursuant to Section 14 hereof and (III) an agreement by the Executive to immediately repay to the Company one hundred percent (100%) of the Section 10(i) Severance Amount upon any breach of such agreement; provided, however, that any Section 10(i) Severance Amount payable under Section 10(i)(iv) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payments, if any. Additionally, in the event that the Executive's employment is terminated upon expiration of the Termpursuant to this Section 10(i), all of the Executive's options to purchase shares of capital stock of the Company which are unvested as of the expiration of the Term but otherwise scheduled to vest on the first vesting date scheduled to occur following the expiration of the Term, shall immediately vest and become exercisable upon the expiration of the Term and all remaining unvested options shall terminate as of such date. All In the event the Executive's employment is terminated pursuant to this Section 10(i), all of Executive's options to purchase capital stock of the Company that are vested as of the expiration of the Term (other than the Rollover Option) or become vested pursuant to the immediately preceding sentence may be exercised by the Executive at any time within one (1) year following the expiration of the Term and shall then terminate; provided, however, that in the event the Executive is entitled to receive a payment with respect to the Pro Rata Bonus, all of such vested options may be exercised by the Executive within two (2) years following the Date of Termination and shall then terminate.
Appears in 1 contract
Samples: Employment Agreement (Biltmore Surgery Center Holdings Inc)
Severance Amount. All of the amounts described in clauses (i) and (iii) shall be paid to the Executive no later than ten (10) days following the Date of Termination; provided that any amount payable under clause (iii) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payment, if any. All of the Section 10(i10(e) Severance Amount shall be paid to the Executive no later than ten (10) days following the later of (x) the Date of Termination and (y) the execution of an agreement by the Executive, in form and substance reasonably satisfactory to the Company, providing for (I) a full release by the Executive of the Company, its officers, directors, representatives and affiliates from all liabilities, obligations or claims, other than those obligations specifically provided in this Section 10(i10(e) (and the Company shall provide a mutual release of the Executive), (II) an affirmation of the Executive's obligations pursuant to Section 14 hereof and (III) an agreement by the Executive to immediately repay to the Company one hundred percent (100%) of the Section 10(i10(e) Severance Amount upon any breach of such agreement; provided, however, that any Section 10(i10(e) Severance Amount payable under pursuant to Section 10(i)(iv10(e)(iv) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payments, if any. Additionally, in the event that the Executive's employment is terminated upon expiration of the Termpursuant to this Section 10(e), all of the Executive's options to purchase shares of capital stock of the Company (including the New Option) which are unvested as of the expiration Date of the Term Termination but otherwise scheduled to vest on the first vesting date scheduled to occur following the expiration Date of the TermTermination, shall immediately vest and become exercisable upon on the expiration Date of the Term Termination and all remaining unvested options shall terminate as of such datethe Date of Termination. All In the event the executive's employment is terminated pursuant to this Section 10(e), all of the Executive's options to purchase capital stock of the Company that are vested as of the expiration Date of Termination (other than the Term Rollover Option) or become vested pursuant to the immediately preceding sentence may be exercised by the Executive at any time within one (1) year following the expiration Executive's Date of the Term Termination and shall then terminate; provided, however, that in the event the Executive is entitled to receive a payment with respect to the Pro Rata Bonus, all of such vested options may be exercised by the Executive within two (2) years following the Date of Termination and shall then terminate.
Appears in 1 contract
Samples: Employment Agreement (Biltmore Surgery Center Holdings Inc)
Severance Amount. All of the amounts described in clauses (i) and (iii) shall be paid to the Executive no later than ten (10) days following the Date of Termination; provided that any amount payable under clause (iii) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payment, if any. All of the Section 10(i) Severance Amount shall be paid to the Executive no later than ten (10) days following the later of (x) the Date of Termination and (y) the execution of an agreement by the Executive, in form and substance reasonably satisfactory to the Company, providing for (I) a full release by the Executive of the Company, its officers, directors, representatives and affiliates from all liabilities, obligations or claims, other than those obligations specifically provided in this Section 10(i) (and the Company shall provide a mutual release of the Executive), (II) an affirmation of the Executive's obligations pursuant to Section 14 hereof and (III) an agreement by the Executive to immediately repay to the Company one hundred percent (100%) of the Section 10(i) Severance Amount upon any breach of such agreement; provided, however, that any Section 10(i) Severance Amount payable under Section 10(i)(iv) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payments, if any. Additionally, in the event that the Executive's employment is terminated upon expiration of the Termunder this Section 10(i), all of the Executive's options to purchase shares of capital stock of the Company which are unvested as of the expiration of the Term but otherwise scheduled to vest on the first vesting date scheduled to occur following the expiration of the Term, shall immediately vest and become exercisable upon the expiration of the Term and all remaining unvested options shall terminate as of such date. All In the event the Executive's employment is terminated pursuant to this Section 10(i), all of Executive's options to purchase capital stock of the Company that are vested as of the expiration of the Term (other than the Rollover Option) or become vested pursuant to the immediately preceding sentence may be exercised by the Executive at any time within one (1) year following the expiration of the Term and shall then terminate; provided, however, that in the event the Executive is entitled to receive a payment with respect to the Pro Rata Bonus, all of such vested options may be exercised by the Executive within two (2) years following the Date of Termination and shall then terminate.
Appears in 1 contract
Samples: Employment Agreement (Biltmore Surgery Center Holdings Inc)
Severance Amount. All of the amounts described in clauses (iA) and (iiiC) shall be paid to the Executive no later than ten (10) days following the Date of Termination; provided that any amount payable under clause (iiiC) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payment, if any. All of the Section 10(i10(f) Severance Amount shall be paid to the Executive no later than ten (10) days following the later of (x) the Date of Termination and (y) the execution of an agreement by the Executive, in form and substance reasonably satisfactory to the Company, providing for (I) a full release by the Executive of the Company, its officers, directors, representatives and affiliates from all liabilities, obligations or claims, other than those obligations specifically provided in this Section 10(i10(f) (and the Company shall provide a mutual release of the Executive), (II) an affirmation of the Executive's obligations pursuant to Section 14 hereof and (III) an agreement by the Executive to immediately repay to the Company one hundred percent (100%) of the Section 10(i10(f) Severance Amount upon any breach of such agreement; provided, however, that any Section 10(i10(f) Severance Amount payable under Section 10(i)(iv10(f)(D) shall be paid to the Executive no later than five (5) days following the determination of the amount of such payments, if any. Additionally, in the event that the Executive's employment is terminated upon expiration pursuant to this Section 10(f) other than in the case of the Terma Change in Control, all of the Executive's options to purchase shares of capital stock of the Company (including the New Option) which are unvested as of the expiration Date of the Term Termination but otherwise scheduled to vest on the first vesting date scheduled to occur following the expiration Date of the TermTermination, shall immediately vest and become exercisable upon on the expiration Date of the Term Termination and all remaining unvested options shall terminate as of such datethe Date of Termination. All In the event the Executive's employment is terminated pursuant to this Section 10(f), all of the Executive's options to purchase capital stock of the Company that are vested as of the expiration applicable Date of Termination (other than the Term Rollover Option) or become vested pursuant to the immediately preceding sentence may be exercised by the Executive at any time within one (1) year following the expiration Executive's Date of the Term Termination and shall then terminate; provided, however, that in the event the Executive is entitled to receive a payment with respect to the Pro Rata Bonus, all of such vested options may be exercised by the Executive within two (2) years following the Date of Termination and shall then terminate.
Appears in 1 contract
Samples: Employment Agreement (Biltmore Surgery Center Holdings Inc)