Common use of Cash Severance Payment Clause in Contracts

Cash Severance Payment. The Executive shall be entitled to receive cash severance payments in an aggregate amount (the “Severance Amount”) equal to the product of: (i) the Executive’s Annual Compensation; and (ii) the Executive’s Severance Multiple. The Severance Amount shall be paid in substantially equal installments during the period (the “Severance Period”) (measured in the number of years and/or fractions thereof equal to the Executive’s Severance Multiple) immediately following such Qualifying Termination); provided, however, that if the Executive subsequently becomes employed by another employer prior to the expiration of the Severance Period, the Executive shall receive, in lieu of continued payment of the remaining unpaid installments of such cash severance payments, a lump sum cash payment in an amount equal to 50% of the aggregate amount of the remaining unpaid installments of such cash severance payments. The Severance Amount shall not be taken into account for purposes of determining benefits under any other qualified or non-qualified plans of the Company.