Common use of Involuntary Termination During Change in Control Period Clause in Contracts

Involuntary Termination During Change in Control Period. If Executive's employment with the Company terminates as a result of a Change in Control Period Involuntary Termination, then, in addition to any other benefits described in this Agreement, Executive shall receive the following: i. all compensation and benefits earned under Section 3 through the date of Executive's employment agreement; ii. a lump sum payment equivalent to the remaining Base Salary (as it was in the employment agreement prior to the Change in Control) due Executive from the date of Involuntary Termination to the end of the term of this Agreement ; and iii. reimbursement for the cost of medical, life, disability insurance coverage at a level equivalent to that provided by the Company (if provided) for a period expiring upon the earlier of: (a) one year; or (b) the time Executive begins alternative employment wherein said insurance coverage is available and offered to Executive. It shall be the obligation of Executive to inform the Company that new employment has been obtained. Unless otherwise agreed to by Executive at the time of Involuntary Termination, the amount payable to Executive under subsections (i) through (iii), above, shall be paid to Executive in a lump sum within ninety (90) days following Executive's termination of employment. The amounts payable under subsection (iv) shall be paid monthly during the reimbursement period.