Common use of Severance Package Clause in Contracts

Severance Package. If Executive's employment with Company is terminated pursuant to Sections 9.03 or 9.04, Executive shall be entitled to three (3) month severance package consisting of Executive's compensation and all benefits as provided for in Sections 5, 6 and 7 and all Executive's remaining unvested options shall vest immediately. Payments shall be made monthly or in a lump sum payment at the Board's sole discretion. In the event severance is paid in a lump sum, the cash amount excluding insurance benefits shall be paid at the present value for the time remaining in the 3-month severance agreement based on the current prime interest rate as charged by the Federal Reserve Bank in New York.

Severance Package. If Executive's employment with Company is terminated pursuant to Sections 9.03 Section 8.03 or 9.048.04, Executive shall be entitled to three (3) month severance package consisting of Executive's compensation and all benefits as provided for in Sections 54, 5 and 6 and 7 and all Executive's remaining unvested options shall vest immediately. Payments shall be made monthly or in a lump sum payment at the Board's sole discretion. In the event severance is paid in a lump sum, the cash amount excluding insurance benefits shall be paid at the present value for the time remaining in the 3-month severance agreement based on the current prime interest rate as charged by the Federal Reserve Bank in New York.

Severance Package. If Executive's employment with Company is terminated pursuant to Sections 9.03 or 9.04, Executive shall be entitled to a three (3) month severance package consisting of Executive's compensation and all benefits as provided for in Sections 5, 6 and 7 and all Executive's remaining unvested options shall vest immediately. Payments shall be made monthly or in a lump sum payment at the Board's sole discretion. In the event severance is paid in a lump sum, the cash amount excluding insurance benefits shall be paid at the present value for the time remaining in the 3-month severance agreement based on the current prime interest rate as charged by the Federal Reserve Bank in New York.

Severance Package. If Executive's employment with Company is terminated pursuant to Sections Section 9.03 or 9.04, Executive shall be entitled to three (3) month severance package consisting of Executive's compensation and all benefits as provided for in Sections 54, 5 and 6 and 7 and all Executive's remaining unvested options shall vest immediately. Payments shall be made monthly or in a lump sum payment at the Board's sole discretion. In the event severance is paid in a lump sum, the cash amount excluding insurance benefits shall be paid at the present value for the time remaining in the 3-month severance agreement based on the current prime interest rate as charged by the Federal Reserve Bank in New York.