SEVERANCE PAYMENT AND STOCK OPTION ACCELERATION Sample Clauses
SEVERANCE PAYMENT AND STOCK OPTION ACCELERATION. If your employment with the Company is terminated without “Cause” (as defined in Section 6) at any time within two years following a “Change of Control” (as defined in Section 4), you will receive the “Severance Payment” described below. You will also receive the Severance Payment if you terminate your employment for “Good Reason” (as defined in Section 5) at any time within two years following a Change of Control. The “Severance Payment” equals the sum of (i) the higher of (x) your annual base salary on the date of termination of your employment, or (y) your annual base salary on the date preceding the Change of Control, and (ii) the highest of the following (a) your average incentive compensation for the two years prior to termination of your employment, or (b) your incentive compensation for the year preceding the year in which the Change of Control occurred. In addition, you will not be required to repay any portion of the hiring bonus upon such termination of employment. The Severance Payment will be paid in one lump sum within 15 business days of your termination of employment. You are not entitled to receive the Severance Payment if your employment is terminated for Cause, if you terminate your employment without Good Reason, or if your employment is terminated by reason of your “Disability” (as defined in Section 8(d)) or your death. In addition, you are not entitled to receive the Severance Payment if your employment is terminated by you or the Company for any or no reason before a Change of Control occurs or more than two years after a Change of Control has occurred. In order to receive the Severance Payment, you must execute any release reasonably requested by the Company. The Severance Payment will be paid to you without regard to whether you look for or obtain alternative employment following your termination of employment with the Company. Notwithstanding anything in this Agreement or in any option agreement to the contrary, upon a Change of Control, any stock option granted to you shall accelerate and become vested without further action. You will have a period of one year from the date of termination to exercise such options.
SEVERANCE PAYMENT AND STOCK OPTION ACCELERATION. If your employment with the Company is terminated without “Cause” (as defined in Section 5) at any time within twelve (12) months following a “Change in Control” (as defined in Section 4), you will receive the “Severance Payment” described below. The Severance Payment shall be an amount equal to the greater of your annual base salary and annual bonus of the two years immediately prior to the Change in Control. Dec 13 , 2006 Page 2 The Severance Payment will be paid in one lump sum within five business days following your termination of employment.
SEVERANCE PAYMENT AND STOCK OPTION ACCELERATION. In the event that your employment is terminated during the Transition Period or Technical Advisor Period by the Company other than for Cause, as defined in subsection 1)c)iii)b), c), d) or e) or by you for any reason during the six months following the Effective Date then, contingent upon your signature of this Agreement and the General Release of Claims (the “General Release”) attached as Exhibit A hereto without revocation, you will be eligible for the following Severance Payment, healthcare premium reimbursement and stock option acceleration: