Common use of Termination For Cause or by Executive Without Good Reason Clause in Contracts

Termination For Cause or by Executive Without Good Reason. If Executive’s employment terminates by the Company’s termination for Cause or by Executive’s resignation without Good Reason, Executive shall receive the Accrued Obligations, and the following shall occur: (i) Executive’s unvested equity awards shall be immediately forfeited. (ii) Executive’s vested but unexercised options will remain exercisable until the earlier of (A) 90 days following Executive’s termination date; or (B) the expiration date of the option except in the case of a termination for Cause (in which case all such options shall be immediately forfeited). The Release of Claims shall be effective only if the Company counter-signs such Release of Claims, and delivers such counter-signed Release of Claims to Executive, not later than five (5) business days after Executive delivers the Release of Claims to the Company. In the event the Company fails to timely execute and deliver such counter-signed Release of Claims to Executive, the Release of Claims shall be null and void but Executive shall nevertheless be entitled to, and the Company shall pay or provide (as the case may be), the foregoing severance benefits.