Common use of Termination Upon Certain Changes in Control Clause in Contracts

Termination Upon Certain Changes in Control. If a Change in Control Event (as defined below in Section 7 (e) (iv)) shall occur and (A) Executive voluntarily terminates his employment within 60 days of the Change of Control Event, or (B) if within the twelve month period immediately following the Change in Control Event, (1) the Company or its successor terminates Executive's employment without Cause, or (2) Executive terminates his employment on account of a Material Change (as defined below in Section 7 (e) (iii)), Executive shall receive a lump sum severance payment equal to two times the sum of (a) the amount otherwise payable under section 7 (b) and (b) the average annual Cash Bonus paid to the Executive for the preceding three fiscal years (or since the Executive's date of hire if less than three years). Executive shall be entitled to the accelerated vesting of all options and restricted stock awards issued to Executive and all options held by Executive on the termination date shall be exercisable for the remainder of their original term. The lump sum payment shall be made within 30 days following Executive's termination of employment, subject to the provisions of Section 7(j).

Termination Upon Certain Changes in Control. If a Change in Control Event (as defined below in Section 7 6 (e) (iv)) shall occur and (A) Executive voluntarily terminates his employment within 60 days of the Change of Control Event, or (B) if within the twelve month period immediately following the Change in Control Event, (1) the Company or its successor terminates Executive's employment without Cause, or (2) Executive terminates his employment on account of a Material Change (as defined below in Section 7 6 (e) (iii)), Executive shall receive a lump sum severance payment equal to two times the sum of (a) the amount otherwise payable under section 7 6 (b) and (b) the average annual Cash Bonus paid to the Executive for the preceding three fiscal years (or since the Executive's date of hire if less than three years). Executive shall be entitled to the accelerated vesting of all options and restricted stock awards issued to Executive and all options held by Executive on the termination date shall be exercisable for the remainder of their original term. The lump sum payment shall be made within 30 days following Executive's termination of employment, subject to the provisions of Section 7(j6(j).