Common use of With A Terminating Event Clause in Contracts

With A Terminating Event. If the Company terminates this Agreement as a result of a Terminating Event, then commencing on the date of such termination and for a period equal to the greater of the remainder of the initial Employment Period (or any then existing renewal period thereof) or three (3) years after the date of termination, the Company shall provide Executive with a severance package which shall consist of the following: (i) payment on the first business day of each month an amount equal to one-twelfth of Executive's then current annual base salary under Section 3(a) hereof; (ii) payment on the first business day of each month of an amount equal to one-twelfth of Executive's annual target bonus amount; and (iii) continuation of all benefits under Section 4(a). In addition, if the Company terminates this Agreement as a result of a Terminating Event, then the Company shall cause the immediate vesting of all options and other rights granted to Executive under the Company's stock plans.