Common use of Post-Termination Consulting Services Clause in Contracts

Post-Termination Consulting Services. In the event of any termination of Executive’s employment with the Company other than for death or Complete Disability, the Company shall have the right to retain Executive as a consultant for a period of up to one (1) year from the date of such termination (the “Consulting Period”). During the Consulting Period, the Company shall be entitled to require Executive to be available to render consulting services for up to twelve (12) days of consulting during such one (1) year period, it being understood that the scheduling of such consulting services shall not interfere with Executive’s work schedule for Executive’s principal employer. The Company shall schedule such consulting for days, or portions thereof, and places reasonably satisfactory to Executive, and unless Executive otherwise agrees, all consulting services shall be rendered in Carlsbad. In exchange for Executive’s availability during the Consulting Period (whether or not the Company actually schedules consulting activities), the Company shall pay Executive, in four (4) equal payments (the “Consulting Payments”), an aggregate amount equal to twenty-five percent (25%) of Executive’s annual base salary in effect as of the date of termination, with the first such payment to be made within five (5) business days following commencement of the Consulting Period and the next three (3) payments to be made on the first day of each successive calendar quarter following the date of termination. The Company shall also reimburse Executive for reasonable expenses incurred in carrying out Executive’s consulting duties hereunder.