Common use of Change of Control Severance Package Clause in Contracts

Change of Control Severance Package. The Change of Control Severance Package will consist of the following: (i) Severance Payment. Executive will receive a Severance Payment equivalent to 18 months of Executive's Base Salary then in effect on the date of termination, less required deductions for state and federal withholding tax, social security and all other employment taxes and payroll deductions, payable in a lump sum payment on the effective date of the general release described in subsection (b) below.

Change of Control Severance Package. The Change of Control Severance Package will consist of the following: (i) Severance Payment. Executive will receive a Severance Payment equivalent to 18 24 months of Executive's Base Salary then in effect on the date of termination, less required deductions for state and federal withholding tax, social security and all other employment taxes and payroll deductions, payable in a lump sum payment on the effective date of the general release described in subsection (b) below.