Common use of Occurrence of Triggering Event Clause in Contracts

Occurrence of Triggering Event. Upon the occurrence of a Triggering Event, Employee shall receive from Employer (i) a lump sum payment equal to one times his then annual Base Salary multiplied by the number of years or fractions thereof Employee has been employed by Employer not to exceed three (which for purposes hereof commenced on December 20, 1996), and (ii) an amount equal to one times his then Base Salary in lieu of any Bonuses, whether or not earned or to be earned at the time of a Triggering Event, (iii) all stock options granted to Employee, which shall automatically be vested at an exercise price equal to the lowest exercise or purchase price of any then outstanding stock options or warrants to purchase Common Stock issued by Employer, (iv) an amount equal to three times the dollar value of all Benefits to be received by Employee on annual basis, and (v) any other sums due him. Upon the occurrence of a change of Control, Employer shall provide Employee with continued access to his offices and reasonable use of the office and items specified in Exhibit A for a 30 day period.

Occurrence of Triggering Event. Upon the occurrence of a Triggering Event, Employee shall receive from Employer (i) a lump sum payment equal to one times his then annual Base Salary multiplied by the number of years or fractions thereof Employee has been employed by Employer not to exceed three two (which for purposes hereof commenced on December 20April 15, 19961998), and (ii) an amount equal to one times 75% of his then Base Salary in lieu of any Bonuses, Bonuses whether or not earned or to be earned at the time of a Triggering Event, (iii) all stock options granted to Employee, which shall automatically be vested at an exercise price equal to the lowest exercise or purchase price of any then outstanding stock options or warrants to purchase Common Stock issued by Employer, (iv) an amount equal to three times the dollar value of all Benefits to be received by Employee on annual basis, and (v) any other sums due him. Upon the occurrence of a change of Control, Employer shall provide Employee with continued access to his offices and reasonable use of the office and items specified in Exhibit A for a 30 day period.