Common use of PAYMENT CONTINUATION Clause in Contracts

PAYMENT CONTINUATION. If the Employee's engagement by the Company is terminated by the Company pursuant to clause (iii) of Section 8(a) or by Employee for Good Reason pursuant to clause (v) of Section 8(a), the Company shall continue to pay to the Employee Employee's base payment (less any payments received by the Employee from any disability income insurance policy provided to Employee by the Company) and shall continue to provide health insurance benefits for the Employee through the earlier of (a) the date that the Employee has obtained other equivalent full-time engagement, or (b) the expiration of this agreement. Future option grants under this agreement will cease and the all options granted to date will immediately vest. If this Agreement is terminated pursuant to clauses (i), (ii) or (iv) of Section 8(a), the Employee's right to base payment and benefits shall immediately terminate, except as may otherwise be required by applicable law and all unvested options shall be cancelled.

PAYMENT CONTINUATION. If the Employee's engagement by the Company is terminated by the Company pursuant to clause (iii) of Section 8(a) or by the Employee for Good Reason pursuant to clause (v) of Section 8(a), the Company shall continue to pay to the Employee the Employee's base payment Annual Salary payments (less any payments received by the Employee from any disability income insurance policy provided to The Employee by the The Company) and shall continue to provide health insurance benefits for the Employee through the earlier of (a) the date that the Employee has obtained other equivalent full-time engagement, or (b) the expiration of this agreement. Future option grants under this agreement will cease and the all options granted to date will immediately vest. If this Agreement is terminated pursuant to clauses (i), (ii) or (iv) of Section 8(a), the Employee's right to base payment and benefits shall immediately terminate, except as may otherwise be required by applicable law and all unvested options shall be cancelled.