Common use of Certain Severance Payments Clause in Contracts

Certain Severance Payments. If during the Term this Employment Agreement is terminated pursuant to Sections 4(d) (but only for termination of Executive by Company) or 4(e) hereof, all compensation payable to the Executive under Section 3 hereof shall cease as of the date of termination specified in the Company’s notice (the “Termination Date”), and the Company shall pay to the Executive, subject to Section 6 hereof, and in addition to any amounts owed to the Executive pursuant to this Agreement for services rendered by the Executive to the Company prior to such Termination Date, the following sums: (i) the Base Salary on the Termination Date for six (6) months (the applicable period being referred to as the “Severance Period”), payable in monthly installments over such time period; (ii) benefits under group health and life insurance plans in which the Executive participated prior to termination through the Severance Period; (iii) all previously earned, accrued, and unpaid benefits from the Company and its employee benefit plans, including any such benefits under the Company’s pension, disability, and life insurance plans, policies, and programs; and (iv) so long as the Company has achieved its budgeted EBITDA level for the period commencing with the end of the Company’s immediately previous fiscal year through the Termination Date, an amount equal to the product of the bonus paid to the Executive in respect of the immediately preceding fiscal year pursuant to Section 3(b), times the quotient obtained by dividing (x) the number of full calendar months occurring since the end of the immediately previous fiscal year through the Termination Date, by (y) 12. If, prior to the date on which the Company’s obligations under clause (i) of this Section 5(a) cease, the Executive violates Section 6 hereof, then the Company shall have no obligation to make any of the payments that remain payable by the Company under clauses (i) and (ii) of this Section 5(a) on or after the date of such violation. The payment of severance as required by this Section 5(a) may be conditioned by the Company on the delivery by the Executive of a release of any and all claims that the Executive may have against the Company which release shall be in form and substance satisfactory to the Company.

Certain Severance Payments. If during the Term this Employment Agreement is terminated pursuant to Sections 4(d) (but only for termination of Executive by Company) or 4(e) hereof, all compensation payable to the Executive under Section 3 hereof shall cease as of the date of termination specified in the Company’s notice (the “Termination Date”), and the Company shall pay to the Executive, subject to Section 6 hereof, and in addition to any amounts owed to the Executive pursuant to this Agreement for services rendered by the Executive to the Company prior to such Termination Date, the following sums: (i) the Base Salary on the Termination Date for the greater of remainder of the Term or six (6) months (the applicable period being referred to as the “Severance Period”), payable in monthly installments over such time period; (ii) benefits under group health and life insurance plans in which the Executive participated prior to termination through the Severance Period; (iii) all previously earned, accrued, and unpaid benefits from the Company and its employee benefit plans, including any such benefits under the Company’s pension, disability, and life insurance plans, policies, and programs; and (iv) so long as the Company has achieved its budgeted EBITDA level for the period commencing with the end of the Company’s immediately previous fiscal year through the Termination Date, an amount equal to the product of the bonus paid to the Executive in respect of the immediately preceding fiscal year pursuant to Section 3(b), times the quotient obtained by dividing (x) the number of full calendar months occurring since the end of the immediately previous fiscal year through the Termination Date, by (y) 12. If, prior to the date on which the Company’s obligations under clause (i) of this Section 5(a) cease, the Executive violates Section 6 hereof, then the Company shall have no obligation to make any of the payments that remain payable by the Company under clauses (i) and (ii) of this Section 5(a) on or after the date of such violation. The payment of severance as required by this Section 5(a) may be conditioned by the Company on the delivery by the Executive of a release of any and all claims that the Executive may have against the Company which release shall be in form and substance satisfactory to the Company.

Certain Severance Payments. If during the Term this Employment Agreement is -------------------------- terminated pursuant to Sections 4(dSection 4(c) (but only for termination of Executive by Companyi) or 4(e(ii) hereof, all compensation payable to the Executive under Section 3 hereof shall cease as of the date of termination specified in the Company’s notice 's or Executive's notice, as the case may be (the “"Termination Date”"), and the Company shall pay to the Executive, subject to Section ---------------- 6 hereof, and in addition to any amounts owed to the Executive pursuant to this Agreement for services rendered by the Executive to the Company prior to such Termination Date, the following sumssums and benefits: (i) the Base Salary on the Termination Date for six (6) months one year (the applicable period being referred to as the “"Severance Period”"), payable ratably over the ---------------- Severance Period in monthly installments over such time periodaccordance with the Company's standard payroll policy; (ii) any unpaid bonus earned under Section 3(e) with respect to all prior years in one lump sum; (iii) the unpaid bonus under Section 3(e) for that portion of the year in which termination occurs, which bonus calculated under this clause (iii) shall be no less than the prorata portion (based upon the portion of the year during which employment continued as compared to the entire year) of the greater of the bonus earned by Executive in the immediately prior year or the target bonus payable under Section 3(e) for such year calculated on the basis that Executive had achieved the mutually agreed upon objectives for such year, payable in one lump sum; (iv) benefits under group health and life insurance plans in which the Executive participated prior to termination through the Severance Period; (iiiv) all previously earned, accrued, and unpaid benefits from the Company and its employee benefit plans, including including, without limitation, any such benefits under the Company’s 's pension, disability, and life insurance plans, policies, and programs; (vi) expenses reimbursable under Section 3(c); (vii) all previously earned, accrued, and unpaid compensation and benefits, if any, under Section 3(i); and (ivviii) so long as the Company has achieved its budgeted EBITDA level for the period commencing with the end if Executive is residing in a rental residence pursuant to Section 3(h), a continuation of the Company’s immediately previous fiscal year through the Termination Date, an amount equal to the product of the bonus paid to the Executive in respect of the immediately preceding fiscal year 's payment responsibilities thereto pursuant to Section 3(b), times the quotient obtained by dividing (x3(h) the number of full calendar months occurring since the end of the immediately previous fiscal year through the Termination Date, by (y) 12for a period no less than 3 months. If, prior to the date on which end of the Company’s obligations under clause (i) of this Section 5(a) ceaseSeverance Period, the Executive violates Section 6 hereof, then the Company shall have no obligation to make any of the payments that remain payable by the Company under clauses (i) and (iiiii) of this Section 5(a) on or after the date of such violation. The payment of severance as required by Amounts payable under this Section 5(a) may be conditioned by the Company on the delivery by the Executive of a release of any and all claims that the Executive may have against the Company which release shall be in form and substance satisfactory to payable within 10 days of the CompanyTermination Date, with the exception of the amounts payable ratably under Section 5(a)(i).

Certain Severance Payments. If during the Term this Employment Agreement is terminated the Company terminates the Term pursuant to Sections Section 4(d) (but only for termination of hereof or the Executive by Company) or terminates the Term pursuant to Section 4(e) hereof, all compensation payable to the Executive under Section 3 hereof shall cease as of the date of termination of the Tern specified in the Company’s notice or Executive’s notice, as the case may be (the “Termination Date”), and and, subject to the final sentence of this Section 5(a), the Company shall pay to the Executive, subject to Section Sections 5(c), 6 and 7(e) hereof, and in addition to any amounts owed to the Executive pursuant to this Agreement for services rendered by the Executive to the Company prior to such Termination Date, the following sums: (i) an amount equal to the sum of (a) the Base Salary Salary, as in effect on the Termination Date, payable over the twelve (12) month period following the Termination Date for six (6) months (the applicable period being referred to as the “Severance Period”)) and (b) an amount equal to the Target Bonus, payable in monthly installments over such time perioda lump-sum within five (5) Business Days following the Termination Date; (ii) benefits under group health and life insurance plans in which the Executive participated prior to termination through the earlier of (x) the end of the Severance PeriodPeriod and (y) the date upon which the Executive commences employment with any other Person; (iii) all accrued and unpaid Base Salary through the Termination Date; (iv) any accrued but unpaid Bonus in respect of any fiscal year ending prior to the fiscal year in which the Termination Date falls (which shall be paid notwithstanding any requirement that the Executive otherwise be employed by the Company on the date of the payment of such Bonus); (v) any unpaid or unreimbursed expenses incurred by the Executive through the Termination Date in accordance with Section 3(d) hereof; and (vi) to the extent permitted under the applicable plans, programs or policies, if any, all previously earned, accrued, and unpaid benefits from the Company and its employee benefit plans, including any such benefits which have become vested prior to the Termination Date under the Company’s pensionretirement plans, and any other such benefits under disability, and life insurance plans, policies, and programs; and (iv) so long as programs applicable to the Company has achieved its budgeted EBITDA level for the period commencing with the end of the Company’s immediately previous fiscal year through the Termination Datewhich benefits, an amount equal to the product of the bonus paid to the Executive in respect of the immediately preceding fiscal year pursuant to Section 3(b)if any, times the quotient obtained by dividing (x) the number of full calendar months occurring since the end of the immediately previous fiscal year through the Termination Date, by (y) 12shall be payable as provided therein. If, prior to the date on which end of the Company’s obligations under clause (i) of this Section 5(a) ceaseSeverance Period, the Executive violates Section 6 hereof, then the Company shall have no obligation to make any of the payments that remain payable by the Company under clauses (i) and (ii) of this Section 5(a) on or after the date of such violation. The payment of severance as required by this Section 5(a) may be conditioned by the Company on the delivery by the Executive of a release of any and all claims that the Executive may have against the Company which release shall be in form and substance satisfactory to the Company.