Common use of Executive’s Rights Upon Termination Clause in Contracts

Executive’s Rights Upon Termination. In the event that Executive's employment with Company is terminated for any reason other than (a) death, (b) Disability, (c) Cause, (d) voluntary resignation by Executive not constituting Constructive Termination or (e) Retirement, Company will pay to Executive Base Compensation for a period of two years. In addition, Company will fully and immediately vest all unvested stock options and restricted stock awards previously granted by Company to Executive and fully vest and immediately pay to Executive any accrued award earned by Executive under the 5-Year Plan applicable to his Group or corporate position, as the case may be, or any other Company-sponsored long-term cash incentive plan in which Executive is a participant. Base Compensation payments shall be made when payments would otherwise have been made to Executive if he were still employed by Company, except in such cases where a different payment schedule is provided for in other Company-sponsored plans or programs. In the event Executive's employment with Company is terminated for death, Disability, Cause, voluntary resignation not constituting Constructive Termination or Retirement, Executive shall not be entitled to any benefits under this Agreement. This statement, however, shall not preclude Executive from any payments or benefits available to Executive from participation in Company-sponsored plans or programs that are generally applicable to salaried personnel.