Common use of Compensation and Benefits Upon Termination of Executive Employment Clause in Contracts

Compensation and Benefits Upon Termination of Executive Employment. In the event of any termination of Executive's employment other than for Cause under Section 6(d), or any termination of Executive's employment pursuant to Section 6(f) or Section 6(g), on the effective date of any such termination, the Executive shall be entitled to receive the following: (1) All life, disability, health insurance and all other benefits pursuant to Section 5, to which he was entitled to continue to receive thirty (30) days prior to the Effective Date of such termination, for a period equal to the lesser of (A) the date of termination until a date one year after the end of the initial employment contract term, or (B) three (3) years from the date of termination, and which benefits shall be made for such period (as determined herein) following the effective date of such termination; provided that the Executive shall receive the cash equivalent of all or any part of such life, disability, health insurance and all other benefits from the Company (in lieu of receiving such benefits) in the event such benefits can not be provided to Executive in-kind; plus (2) An immediate payment equal to (3) times the Executive's annual Base Salary, based upon the greater of the Executive's Base Salary (i) immediately prior to the effective date of termination or (ii) as of ninety (90) days prior to the effective date of termination. The provisions of this Section 6.h notwithstanding, the Compensation and Benefits to be received by the Executive pursuant to this Section 6.h shall not exceed the amount set forth in Section 162(m) of the Internal Revenue Code, or its successor provision.

Compensation and Benefits Upon Termination of Executive Employment. In the event of any termination of Executive's employment other than for Cause under Section 6(d), or any termination of Executive's employment pursuant to Section 6(f) or Section 6(g), on the effective date of any such termination, the Executive shall be entitled to receive the following: (1) All life, disability, health insurance and all other benefits pursuant to Section 5, to which he was entitled to continue to receive thirty (30) days prior to the Effective Date of such termination, for a period equal to the lesser of (A) the date of termination until a date one year after the end of the initial employment contract term, or (B) three (3) years from the date of termination, and which benefits shall be made for such period (as determined herein) following the effective date of such termination; provided that the Executive shall receive the cash equivalent of all or any part of such life, disability, health insurance and all other benefits from the Company (in lieu of receiving such benefits) in the event such benefits can not be provided to Executive in-kind; plus (2) An immediate payment amount equal to (3) times the Executive's annual Base Salary, based upon the greater of the Executive's Base Salary (i) immediately prior to the effective date of termination or (ii) as of ninety (90) days prior to the effective date of termination; provided that all Base Compensation shall be payable to the Executive bi-weekly. The provisions of this Section 6.h notwithstanding, the Compensation and Benefits to be received by the Executive pursuant to this Section 6.h shall not exceed the amount set forth in Section 162(m) of the Internal Revenue Code, or its successor provision.