Common use of CIC SEVERANCE PAYMENTS Clause in Contracts

CIC SEVERANCE PAYMENTS. You shall be entitled to CIC Severance Payments in ---------------------- an aggregate amount equal to three times your Total Compensation. The CIC Severance Payments shall be in lieu of all damages and other compensation to which you may be entitled, under any employment agreement or otherwise, by reason of termination of your employment and shall also be in lieu of further salary payments to you for periods subsequent to the termination of your employment. The CIC Severance Payments shall not be considered compensation for any benefit calculation or other purpose under any retirement plan or other benefit plan maintained by the Company. The CIC Severance Payments will be paid to you in a lump sum, net of all applicable withholding taxes, within 15 days after your date of termination, and, if not timely paid, will bear interest at the lower of ten percent per annum and the maximum rate permitted by California law. In the event your employment terminates by reason of your death or permanent and total disability as defined by the Company's long-term disability program before you become eligible for CIC Severance Payments, or your Termination for Cause or resignation other than Resignation for Good Reason, you shall not be entitled to receive any CIC Severance Payments or other benefits under this Agreement.

CIC SEVERANCE PAYMENTS. You shall be entitled to CIC Severance Payments in ---------------------- an aggregate amount equal to three one (1) times your Total Compensation. The CIC Severance Payments shall be in lieu of all damages and other compensation to which you may be entitled, under any employment agreement or otherwise, by reason of termination of your employment and shall also be in lieu of further salary payments to you for periods subsequent to the termination of your employment. The CIC Severance Payments shall not be considered compensation for any benefit calculation or other purpose under any retirement plan or other benefit plan maintained by the Company. The CIC Severance Payments will be paid to you in a lump sum, net of all applicable withholding taxes, within 15 days after your date of termination, and, if not timely paid, will bear interest at the lower of ten percent per annum and the maximum rate permitted by California law. In the event your employment terminates by reason of your death or permanent and total disability as defined by the Company's long-term disability program before you become eligible for CIC Severance Payments, or your Termination for Cause or resignation other than Resignation for Good Reason, you shall not be entitled to receive any CIC Severance Payments or other benefits under this Agreement.

CIC SEVERANCE PAYMENTS. You shall be entitled to CIC Severance Payments in ---------------------- an aggregate amount equal to three times your Total Compensation. The CIC Severance Payments shall be in lieu of all damages and other compensation to which you may be entitled, under any employment agreement or otherwise, by reason of termination of your employment and shall also be in lieu of further salary payments to you for periods subsequent to the termination of your employment. The CIC Severance Payments shall not be considered compensation for any benefit calculation or other purpose under any retirement plan or other benefit plan maintained by the Company. The CIC Severance Payments will be paid to you in a lump sum, net of all applicable withholding taxes, within 15 days after your date of termination, and, if not timely paid, will bear interest at the lower of ten percent per annum and the maximum rate permitted by California law. In the event your employment terminates by reason of your death or permanent and total disability as defined by the Company's long-term disability program before you become eligible for CIC Severance Payments, or your Termination for Cause or resignation other than Resignation for Good Reason, you shall not be entitled to receive any CIC Severance Payments or other benefits under this Agreement, except as provided in Paragraph 8 of this Part Two.