Termination Without Cause Upon a Change of Control. Notwithstanding the provisions of Section 4(a) above, if the Grantee’s employment or service is terminated by the Company on account of a “termination without cause” during the one year period following a Change of Control, the Option shall become one hundred percent vested and fully exercisable for the two year period after the date on which the Grantee’s employment or service is terminated by the Company, but in no event later than the date of expiration of the Option term. As used herein, a “Change of Control” shall be deemed to have occurred if:
Termination Without Cause Upon a Change of Control. InforMax shall pay Employee a sum equal to his annual base salary plus earned commissions and bonuses for the previous twelve (12) months at the time of a "Change in Control" upon termination by InforMax or its successor or assignee of Employee's employment without Cause within 365 days of a "Change in Control". For the purposes of this Section a "Change of Control" of the Company shall be deemed to have occurred if (i) any person or entity other than a person currently a beneficial owner of the Company's securities becomes, after the date hereof, the beneficial owner of securities of the Company representing 50% or more of the combined voting power of the Company's then outstanding securities, or (ii) the Company sells all or substantially all or substantially all of the assets of the Company.
Termination Without Cause Upon a Change of Control. In the event that your employment with Timberline Resources Corporation (the “Company”) is terminated by the Company without Cause (as defined below) upon a Change of Control or within twelve (12) months thereafter, the Employee shall be entitled to the following: (i) an amount equal to twelve (12) months of the Employee’s base salary at a rate as in effect on the Change of Control, paid in a lump sum within sixty (60) days following the date of such termination; (ii) within sixty (60) days following the date of such termination (or a such earlier date as may be required by applicable law), the following “Accrued Benefits”: (A) any unpaid base salary through the date of termination, (B) reimbursement for any unreimbursed business expenses incurred through the date of termination, (C) any accrued but unused vacation time in accordance with Company policy, (D) all other payments, benefits or fringe benefits to which the Employee shall be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant; and (iii) full vesting of any stock options granted by the Company outstanding as of immediately prior to the Change of Control.
Termination Without Cause Upon a Change of Control. In the event that your employment with Timberline Resources Corporation (the “Company”) is terminated by the Company without Cause (as defined below) upon a Change of Control or within twelve (12) months thereafter, the Employee shall be entitled to the following: (i) an amount equal to twelve (12) months of the Employee’s base salary at a rate as in effect on the Change of Control, paid in a lump sum within sixty (60) days following the date of such termination; (ii) within sixty (60) days following the date of such termination (or a such earlier date as may be required by applicable law), the following “Accrued Benefits”: (A) any unpaid base salary through the date of termination, (B) reimbursement for any unreimbursed business expenses incurred through the date of termination, (C) any accrued but unused vacation time in accordance with Company policy, (D) all other payments, benefits or fringe benefits to which the Employee shall be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant; (iii) full vesting of any stock options granted by the Company outstanding as of immediately prior to the Change of Control; and (iv) subject to (A) the Employee’s timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), and (B) the Employee’s continued copayment of premiums at the same level and cost to the Employee as if the Employee were an employee of the Company (excluding, for purposes of calculating cost, an employee’s ability to pay premiums with pre-tax dollars), continued participation in the Company’s group health plan (to the extent permitted under applicable law and the terms of such plan) which covers the Employee (and the Employee’s eligible dependents) for a period of three (3) months following termination of employment at the Company’s expense, provided that the Employee is eligible and remains eligible for COBRA coverage through the duration of such period; provided, further, that the Company may modify the continuation coverage contemplated herein to the extent reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and/or the Health Care and Education Reconciliation Act of 2010, as amended (to the extent applicable).
Termination Without Cause Upon a Change of Control. InforMax shall pay Employee a sum equal to his annual base salary at the time of a "Change in Control" upon termination by InforMax of Employee's employment without Cause within 180 days of a "Change in Control". For the purposes of this Section a "Change of Control" of the Company shall be deemed to have occurred if (i) any persons or entities other than a person currently a beneficial owner of the Company's securities becomes, after the date hereof, the beneficial owner of securities of the Company representing 50% of more of the combined voting power of the Company's then outstanding securities, or (ii) the Company sells all or substantially all or substantially all of its assets.
