CONFIDENTIAL
(b) Paid Time Off. Executive shall be entitled to paid vacation each year in accordance with the Company’s then-current vacation policy for other similarly situated senior executive employees. The rules relating to other absences from regular duties for holidays, sick or disability leave, leave of absence without pay, or for other reasons, shall be the same as those provided to the Company’s other similarly situated senior executive employees.
(c) Expense Reimbursement. Executive shall be entitled to receive prompt reimbursement for all travel and business expenses reasonably incurred and accounted for by Executive (in accordance with the policies and procedures established from time to time by the Company for Executive or as otherwise provided for in the Company’s approved travel budget) in performing services hereunder. Any reimbursement that Executive is entitled to receive shall (i) be paid as soon as practicable and in any event no later than the last day of Executive’s tax year following the tax year in which the expense was incurred, (ii) not be affected by any other expenses that are eligible for reimbursement in any tax year and (ii) not be subject to liquidation or exchange for another benefit.
6. Termination Benefits. Except as expressly provided in this Section 6, upon the termination of Executive’s employment, Executive shall only be entitled to the Accrued Obligations.
(a) Termination without Cause; Voluntary Resignation for Good Reason. If the Company (or any parent, subsidiary or successor of the Company, to the extent Executive is an employee thereof) terminates Executive’s employment for a reason other than (x) Cause, (y) Executive becoming disabled or (z) Executive’s death at any time, or Executive resigns for Good Reason at any time, then, subject to Section 7, the Company will pay Executive the following benefits: (i) all Accrued Obligations, (ii) a lump sum cash amount equal to 12 months of Executive’s base salary as then in effect, payable on the 61st day following the date of termination, (iii) a lump sum cash amount equal to Executive’s Target Bonus Amount as then in effect, payable on the 61st day following the date of termination, (iv) if Executive timely elect to receive continued healthcare coverage pursuant to the provisions of COBRA, the Company will directly pay the premiums required to continue his current Company provided health coverage for, or reimburse, him and his covered dependents through the earlier of (A) the first anniversary of the date of termination; and (B) the date Executive and his covered dependents, if any, become eligible for healthcare under another employer’s plans; (v) 100% of any then outstanding equity awards shall become 100% vested, and (vi) the Retention Equity Award, to the extent then unvested, shall accelerate and become vested.
(b) Termination Due to Death, Disability, Voluntary Resignation without Good Reason, or Cause. If Executive’s employment with the Company is terminated due to (i) Executive becoming Disabled or Executive’s death, (ii) Executive’s voluntary resignation without Good Reason, or (iii) the Company’s termination of Executive’s employment with the Company for Cause, then Executive or Executive’s estate (as the case may be) will receive the Accrued Obligations, but will not be entitled to any other compensation or benefits from the Company except to the extent required by law. All Accrued Obligations shall in all cases be paid within thirty (30) days of Executive’s termination of employment (or such earlier date as required by applicable law).
(c) Timing of Payments. Subject to any specific timing provisions in this Section 6, or the provisions of Section 7, payment of the severance and benefits hereunder shall be made or commence to be made as soon as practicable following Executive’s termination of employment.
(d) Exclusive Remedy. In the event of a termination of Executive’s employment with the Company (or any parent, subsidiary or successor of the Company), the provisions of this Section 6 are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive may otherwise be entitled, whether at law, tort or contract, in equity, or under this Agreement (other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable expenses). Executive will be entitled to no other severance, benefits, compensation or other payments or rights upon a termination of employment other than those benefits expressly set forth in this Section 6 or pursuant to written equity award agreements with the Company.
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