Common use of Cessation of Compensation Clause in Contracts

Cessation of Compensation. In lieu of any severance under any severance plan that LORECOM may then have in effect, and subject to any amounts owed by the Executive to LORECOM under any contract or agreement entered into after the date hereof, LORECOM shall pay to the Executive, and the Executive shall be entitled to receive, the following amounts within thirty (30) days of the date of a termination of his employment: 1. Upon the termination of the Executive's employment under the provisions of Sections II.B.4, II.B.5 and II.B.6, the Executive shall be entitled to receive his base salary for the remaining term of this Agreement under Section II.A or two (2) years, whichever period shall be greater (the "Continued Compensation Period") plus, for each year in the Continued Compensation Period, a bonus equal to the highest annual bonus paid to the Executive for any preceding calendar year, prorated for any partial years, plus prorated vacation pay for the Continued Compensation Period and expense reimbursement through the Termination Date. In addition, if permitted under LORECOM's group health, life and disability insurance coverage, Executive shall be entitled to continuation of Executive's coverage thereunder (subject to such changes in coverage as shall apply to LORECOM's employees generally) for the one (1) year period after the Termination Date at the cost of LORECOM or if not so permitted, payment by LORECOM of the premiums for group health insurance coverage otherwise payable by Executive under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"). It shall be a condition to Executive's right to receive the payments described above that Executive shall be in compliance with all of Executive's obligations which survive termination hereof, including without limitation those arising under Article IV hereof, and Executive is not otherwise receiving health insurance from another employer. In addition, upon the Executive's termination, LORECOM shall assign to the Executive the life insurance policy described in Section III.F, except that, in the event that the life insurance policy is part of a group-term life insurance plan, LORECOM shall convert the Executive's coverage thereunder into an individual life insurance policy. The Executive agrees that following the assignment of a life insurance policy under this Section, the premiums under any such insurance policy shall be paid by the Executive. Thereafter, LORECOM and its Affiliates shall have no further obligations to Executive, except as expressly provided otherwise pursuant to the terms of any pension and welfare benefit plans Executive is a participant in. 2. If Executive's employment is terminated during the Employment Term by reason of death, LORECOM shall pay to Executive's estate Executive's base salary for the Continued Compensation Period, and any bonus for the bonus period in which the Termination Date occurs allocable to the period prior to the Termination Date. Thereafter, LORECOM and its Affiliates shall have no further obligations to Executive, except as expressly provided otherwise pursuant to the terms of any pension and welfare benefit plans Executive is a participant in. 3. If Executive's employment is terminated by LORECOM for Cause or as a result of a Voluntary Termination, LORECOM shall pay Executive his base salary for a period of one year after the Termination Date in the Notice of Termination. In addition, if permitted under LORECOM's group health, life and disability insurance coverage, Executive shall be entitled to continuation of Executive's coverage thereunder (subject to such changes in coverage as shall apply to LORECOM's employees generally) for the one (1) year period after the Termination Date at the cost of LORECOM or if not so permitted, payment by LORECOM of the premiums for group health insurance coverage otherwise payable by Executive under COBRA. Thereafter, LORECOM and its Affiliates shall have no further obligations to pay compensation under this Agreement.

Cessation of Compensation. In lieu of any severance under any severance plan that LORECOM the Company may then have in effect, and with respect to any payments to be made under Section 2.4(c), subject to the Executive’s execution of an agreement reasonably acceptable to the Company that (1) waives any amounts owed by rights the Executive may otherwise have against the Company and (2) releases the Company from actions, suits, claims, proceedings and demands related to LORECOM under any contract or the period of employment and/or the termination of employment (the agreement entered into after being provided to the date hereofExecutive for his review within seven (7) business days of such termination), LORECOM the Company shall pay to the Executive, and the Executive shall be entitled to receive, the following amounts within thirty amounts: (30a) days Upon (i) Executive voluntarily terminating his employment as provided in Section 2.2(e), (ii) the expiration of the date of Employment Term because the Executive elects to not extend the Employment Term, or (iii) a termination of his employment: 1. Upon the termination of Employment Term for Cause by the Executive's employment under the provisions of Sections II.B.4, II.B.5 and II.B.6Company as provided in Section 2.2(a), the Executive shall be entitled to receive his base salary for (which shall include any of his earned but unused vacation pay through the remaining term date of this Agreement under Section II.A such termination) and expense reimbursements solely through the date of termination. (b) Upon the termination of the Employment Term by reason of the Death or two Total Disability of the Executive, the Executive (2or, in the case of Death, his estate) years, whichever period shall be greater entitled to receive his base salary (which shall include any of his earned but unused vacation pay through the "Continued Compensation Period"date of such termination) plusand expense reimbursements solely through the date of termination. (c) Upon the termination or non-renewal of the Employment Term by the Company for any reason (other than Cause, for each year in the Continued Compensation PeriodDeath or Total Disability), a bonus equal to the highest annual bonus paid to or upon the Executive terminating his employment for any preceding calendar yearGood Reason, prorated for any partial years, plus prorated vacation pay for the Continued Compensation Period and expense reimbursement through the Termination Date. In addition, if permitted under LORECOM's group health, life and disability insurance coverage, Executive shall be entitled to continuation termination pay equal to six months of Executive's coverage thereunder base salary, payable in a single sum on the eighth (subject to such changes in coverage as shall apply to LORECOM's employees generally8th) for calendar day following the one (1) year period after execution by the Termination Date at the cost of LORECOM or if not so permitted, payment by LORECOM Executive of the premiums for group health insurance coverage otherwise payable by Executive agreement mandated under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA")this Section 2.4. It shall be a condition to Executive's ’s right to receive the payments described above that Executive shall be in compliance with all of Executive's his obligations which survive termination hereof, including without limitation those arising under Article Articles IV and V hereof, and Executive is not otherwise receiving health insurance from another employer. In addition, upon the Executive's termination, LORECOM shall assign to the Executive the life insurance policy described in Section III.F, except that, in the event that the life insurance policy is part of a group-term life insurance plan, LORECOM shall convert the Executive's coverage thereunder into an individual life insurance policy. The payments described above are intended to be in lieu of all other payments to which Executive agrees that following the assignment of a life insurance policy under this Section, the premiums under any such insurance policy shall be paid by the Executive. Thereafter, LORECOM and its Affiliates shall have no further obligations to Executive, except as expressly provided might otherwise pursuant to the terms of any pension and welfare benefit plans Executive is a participant in. 2. If Executive's employment is terminated during the Employment Term by reason of death, LORECOM shall pay to Executive's estate Executive's base salary for the Continued Compensation Period, and any bonus for the bonus period in which the Termination Date occurs allocable to the period prior to the Termination Date. Thereafter, LORECOM and its Affiliates shall have no further obligations to Executive, except as expressly provided otherwise pursuant to the terms of any pension and welfare benefit plans Executive is a participant in. 3. If Executive's employment is terminated by LORECOM for Cause or as a result of a Voluntary Termination, LORECOM shall pay Executive his base salary for a period of one year after the Termination Date in the Notice of Termination. In addition, if permitted under LORECOM's group health, life and disability insurance coverage, Executive shall be entitled to continuation in respect of termination of Executive's coverage thereunder (subject to such changes in coverage as shall apply to LORECOM's employees generally) ’s employment without Cause, or for Good Reason, unless otherwise required by law or under other agreements between the one (1) year period after the Termination Date at the cost of LORECOM or if not so permitted, payment by LORECOM of the premiums for group health insurance coverage otherwise payable by Executive under COBRA. Thereafter, LORECOM and its Affiliates shall have no further obligations to pay compensation under this Agreementparties.