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.

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.