Common use of Termination in Connection with a Clause in Contracts

Termination in Connection with a. Change in Control". In the event Executive's employment with the Company or its successor is terminated, either actually or "Constructively", by the Company or its successor (exclusive of termination for "Justifiable Cause") as a result of, in connection with or within 12 months after a "Change in Control", the Company or its successor shall pay to Executive severance pay, as liquidated damages and not as penalty, (i) an amount in cash equal to 6 months base salary of Executive (excluding any bonus) at the greater of the rate payable at the date of the "Change in Control" or the rate payable at the date of said termination ("Date of Termination"), which amount shall be accelerated and immediately due upon any such termination; and (ii) any bonus awarded by the Board of Directors of the Company on or prior to the Date of Termination and not yet paid to Executive.