Common use of Payments Following Termination Clause in Contracts

Payments Following Termination. (a) In the event this Agreement is terminated by the Company for “just cause” as so defined, then (A) Executive shall be entitled to receive his Base Salary as provided in Section 5(a) accrued but unpaid as of the date of termination, plus a pro-rated bonus calculated as a fraction, the numerator of which is the preceding year’s Bonus multiplied by the number of months in the current calendar year (and fractions thereof) preceding the date of termination, and the denominator of which is twelve (12); (B) no restrictions that remain as to any shares of restricted stock shall lapse alter the date of termination and Executive shall forfeit any still-restricted shares to the Company; and (C) no option previously awarded but not yet vested shall vest after the date of termination, and all previously awarded, vested options shall terminate unless exercised within ninety (90) days of the date of termination.

Payments Following Termination. (a) In the event this Agreement is terminated by the Company for “just cause” as so defined, then (A) Executive shall be entitled to receive his her Base Salary as provided in Section 5(a) accrued but unpaid as of the date of termination, plus a pro-rated bonus calculated as a fraction, the numerator of which is the preceding year’s Bonus multiplied by the number of months in the current calendar year (and fractions thereof) preceding the date of termination, and the denominator of which is twelve (12); (B) no restrictions that remain as to any shares of restricted stock shall lapse alter the date of termination and Executive shall forfeit any still-restricted shares to the Company; and (C) no option previously awarded but not yet vested shall vest after the date of termination, and all previously awarded, vested options shall terminate unless exercised within ninety (90) days of the date of termination.