Common use of Termination Package Clause in Contracts

Termination Package. In the event of a Change of Control (as defined below), the Employee, upon voluntarily executing a Release furnished by the Company, will receive two (2) years salary and bonus (calculated based on the average of the last two year's bonus award) if not offered an equivalent job (as defined below) with the purchaser or subsequent operator of Nuevo's assets. Vested stock options will be exercisable for up to 365 days from termination. In addition the company will pay COBRA insurance premiums for eighteen months on behalf of the employee's current plan election.