Common use of Termination On or Following a Change of Control Clause in Contracts

Termination On or Following a Change of Control. Employee will be entitled to receive compensation and severance benefits through the remainder of the Employment period or for twelve (12) months, whichever is greater, if employment is terminated within one (1) year following the Change of Control (as defined below). This qualifying termination is if the Company terminates the employee without cause or at-will by the employee for Good Reason (as defined below). The Employee will continue to have health care, dental, disability or life insurance benefits for three years following the Change of Control. Further, subject to any overriding laws, the Company shall not be required to provide health care, dental, disability or life insurance benefits otherwise receivable by Employee if Employee is actually covered or becomes covered by an equivalent benefit (at the same or lesser cost to Employee, if any) from another source. Any such benefit made available to Employee shall be reported to the Company. Stock options will remain exercisable for a period of one (1) year following termination (unless such options have terminated or been cashed out in connection with the Change of Control), and any outstanding equity awards shall vest immediately upon the Change of Control.