Common use of Termination of Employment for Any Reason Clause in Contracts

Termination of Employment for Any Reason. In the event of a termination of the Executive’s employment for any reason, whether or not such termination occurs during the Term of Employment, the Company shall pay to the Executive (a) within five (5) business days following the date of termination of the Executive’s employment, a lump sum equal to (i) Executive’s Base Salary earned on or prior to the date of such termination, (ii) any business expenses incurred by Executive and not yet reimbursed by the Company as of the date of such termination, (iii) any vacation time accrued but unused on or prior to the date of such termination and (iv) any Bonus earned but not yet paid for any calendar year prior to the date of such termination, and (b) any benefits accrued and vested under any of the Company’s employee benefit programs, plans and practices on or prior to the date of termination of Executive’s employment (the “Accrued Obligations”) in accordance with the terms of such programs, plans and practices.