Common use of Severance Event Clause in Contracts

Severance Event. A Severance Event occurs if the Company or an Affiliate terminates Employee's employment for any reason during Employee's Transitional Period, except for a termination due to a felony conviction or Employee's continued and willful failure to be present and perform Employee's duties or a termination resulting from the expiration, without renewal, of Employee's term of employment at the end of the initial term or any subsequent term. A Severance Event also occurs if Employee resigns or retires at a time which is during Employee's Transitional Period and within 90 days after the Company and its Affiliates have done any of the following: 1. fail to maintain Employee's base salary at a level that is equal to the higher of the level in effect immediately prior to the Change in Control, or the level to which it has been increased after the Change of Control; or 2. fail to provide for Employee's participation in (a) the Company or an Affiliate's annual bonus plan; stock option or other equity incentive programs; or group medical, dental, life, disability, retirement, profit sharing, thrift, nonqualified and deferred compensation plans, in each case on a basis comparable to that enjoyed by other employees of the Company or any of its Affiliates with duties comparable to those of Employee; or 3. fail to provide vacation and perquisites substantially equivalent to those provided by the Company or any of its Affiliates to employees with comparable duties, and at least as favorable as those provided immediately before the Change in Control Date; or 4. change Employee's duties and responsibilities so that they are not at least commensurate with those immediately prior to the Change in Control Date; or 9 OrthoLogic Corp. Employment Agreement Exhibit A Transitional Compensation 5. change Employee's primary place of employment by more than 25 miles from Employee's current office location or more than 10 additional miles from Employee's primary residence.

Severance Event. A Severance Event occurs if the Company or an Affiliate terminates Employee's employment for any reason during Employee's Transitional Period, except for a termination due to a felony conviction or Employee's continued and willful failure to be present and perform Employee's duties or a termination resulting from the expiration, without renewal, of Employee's term of employment at the end of the initial term or any subsequent term. A Severance Event also occurs if Employee resigns or retires at a time which is during Employee's Transitional Period and within 90 days after the Company and its Affiliates have done any of the following: 1. fail to maintain Employee's base salary at a level that is equal to the higher of the level in effect immediately prior to the Change in Control, or the level to which it has been increased after the Change of Control; or 2. fail to provide for Employee's participation in (a) the Company or an Affiliate's annual bonus plan; stock option or other equity incentive programs; or group medical, dental, life, disability, retirement, profit sharing, thrift, nonqualified and deferred compensation plans, in each case on a basis comparable to that enjoyed by other employees of the Company or any of its Affiliates with duties comparable to those of Employee; or 3. fail to provide vacation and perquisites substantially equivalent to those provided by the Company or any of its Affiliates to employees with comparable duties, and at least as favorable as those provided immediately before the Change in Control Date; oror 9 OrthoLogic Corp. Employment Agreement Exhibit A Transitional Compensation 4. change Employee's duties and responsibilities so that they are not at least commensurate with those immediately prior to the Change in Control Date; or 9 OrthoLogic Corp. Employment Agreement Exhibit A Transitional Compensationor 5. change Employee's primary place of employment by more than 25 miles from Employee's current office location or more than 10 additional miles from Employee's primary residence.