Common use of Amount of Severance Pay Clause in Contracts

Amount of Severance Pay. a. The amount of severance pay to which the Executive is entitled pursuant to Section 2.1 shall be equal to the Severance Compensation. Payment shall be conditioned upon delivery by the Executive to the Company of a written release in the form attached hereto as Exhibit A (subject to such changes as may be necessary to reflect changes in applicable law). Payment shall be made in the form of a lump sum cash payment within ten (10) days following the effectiveness of such release. Such Severance Compensation shall be in lieu of any other payments or benefits in the nature of severance pay or benefits which the Executive has received or will receive from the Company or any of its affiliates (including without limitation, payments under the Hughes Employment Transition Assistance Plan or otxxx xxverance pay plan, or any severance agreements between the Company and the Executive, but excluding any benefits arising out of options granted under the Company's Retention Option Programs or any other Company plan or program designated as a "retention plan" or "retention program"). Any other arrangement providing severance benefits shall be deemed to be amended to eliminate any obligation for benefits to be provided thereunder. If the Executive is entitled to any notice or payment in lieu of any notice of termination of employment required by Federal, state or local law, including but not limited to the Worker Adjustment and Retraining Notification Act, the Severance Compensation to which the Executive would otherwise be entitled under this Agreement shall be reduced by the amount of any such payment, in lieu of notice. b. There shall be no duplication of severance benefits in any manner. In this regard, the Executive shall not be entitled to Severance Compensation hereunder for more than one position with the Company and its affiliates. Options and other stock based awards granted under the Company's stock award plans, including without limitation the Company's Retention Option Programs, shall not be considered severance benefits for purposes of this Section b. c. The Executive's Severance Compensation under this Agreement shall not be reduced by the amount of any regular salary paid or payable by any employer of the Executive. The Executive shall not be obligated to secure new employment (except to the extent that he/she is offered a Comparable Position), but shall be obligated to report promptly to the Company any actual employment obtained during the period for which employee benefits continue pursuant to Section 2.4.

Amount of Severance Pay. a. The amount of severance pay to which the Executive is entitled pursuant to Section 2.1 shall be equal to the Severance Compensation. Payment shall be conditioned upon delivery by the Executive to the Company of a written release in the form attached hereto as Exhibit A (subject to such changes as may be necessary to reflect changes in applicable law). Payment shall be made in the form of a lump sum cash payment within ten (10) days following the effectiveness of such release. Such Severance Compensation shall be in lieu of any other payments or benefits in the nature of severance pay or benefits which the Executive has received or will receive from the Company or any of its affiliates (including without limitation, payments under the Hughes Hxxxxx Employment Transition Assistance Plan or otxxx xxverance other severance pay plan, or any severance agreements between the Company and the Executive, but excluding any benefits arising out of options granted under the Company's ’s Retention Option Programs or any other Company plan or program designated as a "“retention plan" ” or "“retention program"”). Any other arrangement providing severance benefits shall be deemed to be amended to eliminate any obligation for benefits to be provided thereunder. If the Executive is entitled to any notice or payment in lieu of any notice of termination of employment required by Federal, state or local law, including but not limited to the Worker Adjustment and Retraining Notification Act, the Severance Compensation to which the Executive would otherwise be entitled under this Agreement shall be reduced by the amount of any such payment, in lieu of notice. b. There shall be no duplication of severance benefits in any manner. In this regard, the Executive shall not be entitled to Severance Compensation hereunder for more than one position with the Company and its affiliates. Options and other stock based awards granted under the Company's ’s stock award plans, including without limitation the Company's ’s Retention Option Programs, shall not be considered severance benefits for purposes of this Section b. c. The Executive's ’s Severance Compensation under this Agreement shall not be reduced by the amount of any regular salary paid or payable by any employer of the Executive. The Executive shall not be obligated to secure new employment (except to the extent that he/she is offered a Comparable Position), but shall be obligated to report promptly to the Company any actual employment obtained during the period for which employee benefits continue pursuant to Section 2.4.

Amount of Severance Pay. a. The Severance Pay will be a gross amount of severance pay to which the Executive is entitled pursuant to Section 2.1 shall be equal to the Executive’s then current Base Salary plus the average of his Performance Bonus for the immediately preceding three years (or fraction thereof) less any Offsets. The Severance Compensation. Payment Pay shall be conditioned upon delivery by paid in twelve monthly installments, paid monthly for twelve (12) months (“Payment Period”), beginning on the Executive to first day of the Company of a written release in the form attached hereto as Exhibit A (subject to such changes as may be necessary to reflect changes in applicable law). Payment shall be made in the form of a lump sum cash payment within ten (10) days following the effectiveness of such release. Such Severance Compensation shall be in lieu of any other payments or benefits in the nature of severance pay or benefits which the Executive has received or will receive from the Company or any of its affiliates (including without limitation, payments under the Hughes Employment Transition Assistance Plan or otxxx xxverance pay plan, or any severance agreements between the Company and seventh month after the Executive, but excluding any benefits arising out of options granted under the Company's Retention Option Programs or any other Company plan or program designated as a "retention plan" or "retention program"). Any other arrangement providing severance benefits shall be deemed to be amended to eliminate any obligation for benefits to be provided thereunder. If the Executive is entitled to any notice or payment in lieu of any notice of ’s termination of employment required by Federalif the general release referred to below has been timely presented and, state or local lawif so, including but timely signed and not limited to the Worker Adjustment and Retraining Notification Act, the Severance Compensation to which the Executive would otherwise be entitled under this Agreement shall be reduced by the amount of any such payment, in lieu of notice. b. There shall be no duplication of severance benefits in any mannerrevoked. In this regardaddition to Severance Pay, the Executive shall receive all earned and unpaid Base Salary and vacation time as of the date of termination, to be paid within a reasonable time following the date of termination. In the event of a Change of Control Transaction (as such term is defined in the Stock Plan) the Executive’s stock options and other rights and obligations are subject to the terms of the Stock Plan. To receive Severance Pay the Executive must sign, not be entitled revoke, and comply with the terms of a Separation Agreement prepared by the Company and presented to Severance Compensation hereunder for more than the Executive within twenty-one position with (21) days of the date of termination that includes a general release of the Company and its affiliates. Options , and other stock based awards granted under the Company's stock award plansits and their respective successors and assigns, including without limitation the Company's Retention Option Programsofficers, shall not be considered severance benefits for purposes of this Section b. c. The Executive's Severance Compensation under this Agreement shall not be reduced by the amount of managers, employees, agents, attorneys and representatives, from any regular salary paid or payable by any employer of claims related to the Executive’s employment with the Company or the termination of his employment (the “Separation Agreement”). The Executive shall not be obligated required to secure new employment release any claims under the Merger Agreement or the other documents executed in connection therewith (except other than this Agreement) or any claims to vested benefits under any stock plan or benefit plan, and such release shall preserve the extent that he/she is offered a Comparable Position)indemnification provisions of Section 11.06. In the event the Executive breaches any material provisions of the Separation Agreement or any of the provisions of Articles VII or VIII of this Agreement, but shall be obligated in addition to report promptly any other remedies at law or in equity available to it, the Company may cease making any further payments and providing the Severance Pay, subject to the Company any actual employment obtained during making such payments, in a single lump sum with interest at the period for which employee benefits continue pursuant to Section 2.4maximum rate allowed by law, within thirty (30) days of the final, non-appealable adjudication that he has not so breached this Agreement.

Amount of Severance Pay. a. The amount of severance pay to which the Executive is entitled pursuant to Section 2.1 shall be equal to the Severance CompensationCompensation less any amounts paid or payable to the Executive under the Executive Retention Agreement, if any, between the Company and Executive. Payment shall be conditioned upon delivery by the Executive to the Company receipt of a written release by the Executive of any claims against the Company or its subsidiaries, except those arising under this Agreement or any other written plan or agreement, which shall be specifically noted in the form attached hereto as Exhibit A (subject to such changes as may be necessary to reflect changes in applicable law)release. Payment shall be made in the form of a lump sum cash payment within ten (10) days following the effectiveness receipt of an effective written release of any such releaseclaims. Such Severance Compensation shall be in lieu of any other payments or benefits in the nature of severance pay or benefits to which the Executive has received or will receive from the Company or any of its affiliates (including without limitation, payments under the Hughes Employment Xxxxxx Electronics Employee Transition Assistance Plan or otxxx xxverance other severance pay plan, or any severance agreements between the Company and the Executive, but excluding any benefits arising out of options granted under the Company's Retention Option Programs or any other Company plan or program designated as a "retention plan" or "retention program"). Any other arrangement providing severance benefits shall be deemed to be amended to eliminate any obligation for benefits to be provided thereunder. If the Executive is entitled to any notice or payment in lieu of any notice of termination of employment required by Federal, state or local law, including but not limited to the Worker Adjustment and Retraining Notification Act, the Severance Compensation to which the Executive would otherwise be entitled under this Agreement shall be reduced by the amount of any such payment, in lieu of notice. b. There shall be no duplication of severance benefits in any manner. In this regard, the Executive shall not be entitled to Severance Compensation hereunder for more than one position with the Company and its affiliates. Options and other stock based awards granted under the Company's stock award plans, including without limitation the Company's Retention Option Programs, shall not be considered severance benefits for purposes of this Section b.. c. The Executive's Severance Compensation under this Agreement shall not be reduced by the amount of any regular salary paid or payable by any employer of the Executive. The Executive shall not be obligated to secure new employment (except to the extent that he/she a Comparable Position is offered a Comparable Positionby General Motors Corporation or its affiliates), but shall be obligated to report promptly to the Company any actual employment obtained during the period for which employee benefits continue pursuant to Section 2.4.