Common use of Certain Termination Payments Clause in Contracts

Certain Termination Payments. In the event of termination of Executive’s employment hereunder by Employer without Cause or by Executive with Good Reason, Executive shall be entitled to the following: (i) During the Term, Employer shall continue to pay Executive for a one-year period immediately following the date of termination, salary at the rate in effect on the date of termination. Payment of such salary shall be made on the same periodic date as salary payments would have been made to Executive had he not been terminated. Other than such salary, no other benefits will accrue or be paid during this period except that Employer shall also pay the premiums for medical insurance to Executive for this one-year period on the same basis as if Executive were still employed, except that Employer’s obligation to pay the premiums for such medical insurance shall cease if Executive becomes eligible for such coverage by virtue of his employment with another company or entity. (ii) In the event that Executive becomes employed in any capacity during the one-year period immediately following the date of termination, Employer’s obligation to pay Executive’s salary pursuant to Section 6(e)(i) herein shall be reduced by the amount of Executive’s compensation at his new employer.

Certain Termination Payments. In the event of termination of Executive’s employment hereunder by Employer without Cause or by Executive with Good Reason, Executive shall be entitled to the following: (i) During For and during the Term, Employer shall continue to pay Executive for a one-year period immediately following the date of termination, Employer shall continue to pay Executive a salary at the rate in effect on the date of termination. Payment of such salary shall be made on the same periodic date as salary payments would have been made to Executive had he not been terminated. Other than such salary, no other benefits will accrue or be paid during this period except that Employer employer shall also pay the premiums for medical insurance to Executive for this one-one year period on the same basis as if Executive were still employed, except that Employer’s obligation to pay the premiums for such medical insurance shall cease if Executive becomes eligible for such coverage by virtue of his employment with another company or entity. (ii) In the event that Executive becomes employed in any capacity during the one-year period immediately following the date of termination, Employer’s obligation to pay Executive’s salary pursuant to Section 6(e)(i) herein shall be reduced by the amount of Executive’s compensation at his new employer.