Common use of Upon termination of Executive Clause in Contracts

Upon termination of Executive. s Employment as a result of death or Disability, or in the event the Company elects to waive the Event Criteria, the Vested Percentage shall be determined solely by reference to the Performance Criteria and on the Payment Date, the Company shall pay the Phantom Equity Payment first by the cancellation of indebtedness, if any, owing from Executive to the Company or any of its subsidiaries and the remainder, at the Company's option: (a) by the Company's delivery of a check or wire transfer of immediately a available funds for the remainder of the Phantom Equity Payment, if any; or (b) by the Company's delivery of a check or wire transfer of immediately available funds for an amount equal to one fifth of the remainder of the Phantom Equity Payment, if any, and by the Company's delivery of an unsecured subordinated promissory note (which shall be subordinated and subject in right of payment only to the prior payment of any funded indebtedness outstanding) of the Company (a "Payment Note") in a principal amount equal to the balance of the Phantom Equity Payment, payable in four equal annual installments commencing on the first anniversary of the issuance thereof and bearing interest payable annually at the publicly announced prime rate of Chase Manhattan Bank, N.A., on the date of issuance and each June 30 and December 31 thereafter

Upon termination of Executive. s Employment as a result of death or Disability, or in the event the Company elects to waive the Event Criteria, the Vested Percentage shall be determined solely by reference to the Performance Time Criteria and on the Payment Date, the Company shall pay the Phantom Equity Payment first by the cancellation of indebtedness, if any, owing from Executive to the Company or any of its subsidiaries and the remainder, at the Company's option: (a) by the Company's delivery of a check or wire transfer of immediately a available funds for the remainder of the Phantom Equity Payment, if any; or (b) by the Company's delivery of a check or wire transfer of immediately available funds for an amount equal to one fifth of the remainder of the Phantom Equity Payment, if any, and by the Company's delivery of an unsecured subordinated promissory note (which shall be subordinated and subject in right of payment only to the prior payment of any funded indebtedness outstanding) of the Company (a "Payment Note") in a principal amount equal to the balance of the Phantom Equity Payment, payable in four equal annual installments commencing on the first anniversary of the issuance thereof and bearing interest payable annually at the publicly announced prime rate of Chase Manhattan Bank, N.A., on the date of issuance and each June 30 and December 31 thereafter.