Payment Upon Termination by Company Without Cause Sample Clauses
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Payment Upon Termination by Company Without Cause. If this Agreement is terminated by the Company without cause pursuant to Subsection 9(d), the Executive shall be entitled to the greater of (i) his base salary as provided for in this Agreement for the remaining Contract Term or (ii) a termination payment equal to 3 times the sum of (A) the Executive's annual base salary in effect on the Termination Date plus (B) 50% of the cash bonus paid or due to the Executive under the Company's bonus plan applicable to the Executive for the last fiscal year ending prior to the Termination Date. This termination payment shall be paid to the Executive in cash no later than 10 business days after the termination. The Executive shall not be required to mitigate the amount of the termination payment by securing other employment or otherwise, nor will this termination payment be reduced by reason of the Executive securing other employment or for any other reason. Notwithstanding the foregoing, if the Executive is a "specified employee" within the meaning of Internal Revenue Code Section 409A, then such payments shall be delayed for six (6) months from the date of termination of this Agreement. In such event, all past due payments shall be paid in a lump sum (without interest thereon) as soon as practicable after the six (6)-month waiting period has expired.
Payment Upon Termination by Company Without Cause. Upon termination of this Agreement under Section 4.5, the Company, Consultant and ▇▇▇▇ shall be released from any further obligations hereunder except that the obligations of Consultant and ▇▇▇▇ shall continue as set forth in Section 5 and the Company shall pay to Consultant (i) the Base Consulting Fee due Consultant pursuant to Section 3.2 hereof through the end of the Post-Merger Term if termination occurs during the Post-Merger Term or through the end of an Extension Period if termination occurs during an Extension Period; (ii) any additional consulting fee which would have become payable under Section 3.3 through the end of the Post-Merger Term or applicable Extension Period, as the case may be; (iii) all earned and previously approved but unpaid additional consulting fees for any year prior to the year of termination and (iv) all valid expense reimbursements. In addition, the Option or Extension Option, as the case may be, that has been granted and would otherwise have vested shall immediately vest upon such termination.
Payment Upon Termination by Company Without Cause. In the event that Executive’s employment is terminated by Company without cause, the Company shall pay to Executive: (i) the Base Salary due Executive pursuant to Section 3.1 hereof through the date of termination; (ii) an amount equal to 2 months of Executive’s Base Salary; (iii) all valid expense reimbursements; (iv) any accrued but unpaid bonus payments; and (v) all accrued but unused vacation pay; provided however, that in the event Executive is terminated without cause within 3 months of the date of this Agreement, the Company shall pay to Executive only the amounts described in (i), (iii), (iv) and (v) of this Section 4.1.