Common use of Severance Payments and Other Matters Related to Termination Clause in Contracts

Severance Payments and Other Matters Related to Termination. (a) In the event of termination of the Executive’s employment by the Company other than for Cause or the Executive’s termination of employment for Good Reason, (i) the Executive shall be entitled to receive a lump sum cash severance amount equal to fifty (50%) percent of Executive’s then current annual salary (the “Severance Payments”), (ii) any earned but unpaid bonus payment, (iii) reimbursement of the health and dental care continuation premiums for Executive and Executive’s dependents incurred by Executive to effect continuation of health and dental insurance coverage for Executive and Executive’s dependents on the same basis as active employees, for a period of twelve (12) months from the date of such termination, to the extent that Executive is eligible for and elects continuation coverage under COBRA; and (iv) any accrued and unused vacation pay payable within twenty one (21) calendar days of the termination date (subject to required withholding). Any obligation of the Company to provide the Executive severance payments under this Section 5(a) is conditioned, however, upon the Executive signing a release of claims in the form provided by the Company and reasonably acceptable to Executive within twenty-one (21) days of the date on which the Executive gives or receives, as applicable, notice of termination of employment and upon the Executive’s not revoking the Employee Release thereafter. The Employee Release will also include a mutual release by the Company of any claims against the Executive.

Severance Payments and Other Matters Related to Termination. (a) In the event of termination of the Executive’s employment by the Company other than for Cause or the Executive’s termination of employment for Good Reason, (i) the Executive shall be entitled to receive a lump sum cash severance amount equal to fifty (50%) percent of Executive’s then current annual salary (the “Severance Payments”), (ii) any earned but unpaid bonus payment, (iii) reimbursement of the health and dental care continuation premiums for Executive and Executive’s his dependents incurred by Executive to effect continuation of health and dental insurance coverage for Executive and Executive’s his dependents on the same basis as active employees, for a period of twelve (12) months from the date of such termination, to the extent that Executive is eligible for and elects continuation coverage under COBRA; and (iv) any accrued and unused vacation pay payable within twenty one (21) calendar days of the termination date (subject to required withholding). Any obligation of the Company to provide the Executive severance payments under this Section 5(a) is conditioned, however, upon the Executive signing a release of claims in the form provided by the Company and reasonably acceptable to Executive within twenty-one (21) days of the date on which the Executive gives or receives, as applicable, notice of termination of employment and upon the Executive’s not revoking the Employee Release thereafter. The Employee Release will also include a mutual release by the Company of any claims against the Executive.

Severance Payments and Other Matters Related to Termination. (a) In the event of termination of the Executive’s employment by the Company other than for Cause or the Executive’s termination of employment for Good Reason, (i) the Executive shall be entitled to receive a lump sum cash severance amount equal to fifty (50%) percent of Executive’s then current annual salary (the “Severance Payments”), (ii) any earned but unpaid bonus payment, (iii) reimbursement of the health and dental care continuation premiums for Executive and Executive’s his dependents incurred by Executive to effect continuation of health and dental insurance coverage for Executive and Executive’s his dependents on the same basis as active employees, for a period of twelve (12) months from the date of such termination, to the extent that Executive is eligible for and elects continuation coverage under COBRA; and (iv) any accrued and unused vacation pay payable within twenty one (21) calendar days of the termination date (subject to required withholding), (v) executive will have 12 months from termination date to exercise any unvested options. Any obligation of the Company to provide the Executive severance payments under this Section 5(a) is conditioned, however, upon the Executive signing a release of claims in the form provided by the Company and reasonably acceptable to Executive within twenty-one (21) days of the date on which the Executive gives or receives, as applicable, notice of termination of employment and upon the Executive’s not revoking the Employee Release thereafter. The Employee Release will also include a mutual release by the Company of any claims against the Executive.

Severance Payments and Other Matters Related to Termination. (a) In the event of termination of the Executive’s employment by the Company other than for Cause or the Executive’s termination of employment for Good Reason, (i) the Executive shall be entitled to receive a lump sum cash severance amount equal to fifty (50%) percent of Executive’s then current annual salary (the “Severance PaymentsPayment”), (ii) any earned but unpaid bonus payment, (iii) reimbursement of the health and dental care continuation premiums for Executive and Executive’s his dependents incurred by Executive to effect continuation of health and dental insurance coverage for Executive and Executive’s his dependents on the same basis as active employees, for a period of twelve (12) months from the date of such termination, to the extent that Executive is eligible for and elects continuation coverage under COBRA; and (iv) any accrued and unused vacation pay payable payable. within twenty one (21) calendar days of the termination date (subject to required withholding). Any obligation of the Company to provide the Executive severance payments under this Section 5(a) is conditioned, however, upon the Executive signing a release of claims in the form provided by the Company and reasonably acceptable to Executive within twenty-one (21) days of the date on which the Executive gives or receives, as applicable, notice of termination of employment and upon the Executive’s not revoking the Employee Release thereafter. The Employee Release will also include a mutual release by the Company of any claims against the Executive.