Common use of Payments Following Termination Clause in Contracts

Payments Following Termination. Upon any termination of this Agreement, the Company shall pay to Executive that portion of the Base Salary which he earned for services performed up to the effective date of termination for which he has not previously been compensated. In addition, upon any termination pursuant to Section 8(d), the Company also shall pay to Executive an amount (the "Severance Amount") equal to fifty percent (50%) of Base Salary. The Severance Amount shall be paid to Executive in twelve (12) equal monthly installments, beginning on the first day of the month following the effective date of Executive's termination.

Payments Following Termination. Upon any termination of this Employment Agreement, the Company shall pay to Executive that portion of the Base Salary which he earned for services performed up to the effective date of termination for which he has not previously been compensated. In addition, upon any termination pursuant to Section 8(d)) or 12, the Company also shall pay to Executive an amount (the "“Severance Amount"”) equal to fifty percent (50%) of the current Base Salary. The Severance Amount shall be paid to Executive in twelve over twenty-four (1224) equal monthly installments, beginning on the first day of the month following the effective date of Executive's ’s termination. Additionally, all Stock Options will immediately vest upon termination.