Common use of Payment Upon Termination Without Cause Clause in Contracts

Payment Upon Termination Without Cause. In the event of termination without cause, other than by reason of Employee's death or Disability, Employee shall not be required, in mitigation of damages or otherwise, to seek or accept other employment, and Employee shall be entitled to (i) payment of his Base Salary on the date of termination through the end of the Term or applicable extension period payable in accordance with the Company's customary payroll practices, plus (ii) a pro rata portion of any bonus compensation which would have been paid to Employee under any bonus plan which is adopted by the Company's Compensation Committee or Board of Directors in the year of termination if the Company had met the targeted goals to the date of termination, plus (iii) the continuation of all benefit plans (including, without limitation, all insurance plans) through the end of the Term or the applicable extension period, plus (iv) any remaining unvested options shall vest. If the Company defaults in the payment of any amounts owed hereunder to Employee following written notice by Employee and fails to cure such default within ten days from the date of such notice, Employee shall be entitled to accelerate the entire amount due hereunder. The Company shall have the opportunity to cure a monetary default one time after which time, if another default occurs, Employee shall be entitled to accelerate the entire amount due hereunder upon written notice by Employee without affording the Company an opportunity to cure.

Payment Upon Termination Without Cause. In the event of termination without cause, other than by reason of Employee's death or Disability, Employee shall not be required, in mitigation of damages (or otherwise, to seek or accept other employment, and Employee his estate) shall be entitled to severance pay of (i) payment of his an amount equal to Employee's Base Salary on the date of termination through for 9 months commencing on the end date of the Term or applicable extension period termination payable in accordance with the Company's customary payroll practices, plus (ii) a pro rata portion of any bonus compensation which would have been paid to Employee under any bonus plan which is adopted by the Company's Compensation Committee or Board of Directors in the such year of termination if the Company had met the targeted goals to the date of termination, plus (iii) the continuation of all benefit plans (including, without limitation, all insurance plans) through the end of the Term or the applicable extension periodfor 9 months after termination, plus (iv) any remaining unvested options shall vest. If the Company defaults in the payment of any amounts owed hereunder to Employee following written notice by Employee and fails to cure such default within ten days from the date of such notice, Employee shall be entitled to accelerate the entire amount due hereunder. The Company shall have the opportunity to cure a monetary default one time after which time, if another default occurs, Employee shall be entitled to accelerate the entire amount due hereunder upon written notice by Employee without affording the Company an opportunity to cure.