Common use of Employment and Severance Clause in Contracts

Employment and Severance. (a) Subject to Section 3(c) below, if the Employee is terminated by the Company for reasons other than "for Cause" or due to the Employee's "Disability" (as those terms, respectively, are defined in Sections 3(d)(ii) and (i) hereof), such Employee shall receive a continuation of his Base Salary (as defined in Section 3(d)(iii) hereof) and certain other benefits as hereinafter provided ("Other Benefits", and collectively with such Base Salary, "Severance Benefits") for a period of twelve (12) months from and after the Date of Termination (as defined in Section 3(d)(iv)) ("Extension Period"); provided, however, that from and after the Date of Termination the Employee shall not receive or be entitled to any continuation of any bonus, incentive or profit sharing participation or eligibility for any part or all of the Company's fiscal year in which the Date of Termination occurs or for any part of the Extension Period. Except as provided below, such Base Salary during the Extension Period shall be paid in accordance with the Company's normal payroll schedule. If, however, during the Extension Period the Employee commences regular full-time employment elsewhere, the ongoing Severance Benefits shall cease as of the date of commencement of such employment; provided, however, that as of such date a calculation shall be made to determine the aggregate amount of Base Salary (excluding Other Benefits) that remains unpaid and which the Employee would have otherwise been entitled to receive during the remaining portion of the Extension Period, and the Company shall promptly pay the Employee a lump sum (minus withholdings and other required deductions) of an amount equal to one-half (1/2) of such unpaid amount.

Employment and Severance. (a) Subject to Section 3(c) below, if the Employee is terminated by the Company for reasons other than "for Cause" or due to the Employee's "Disability" (as those terms, respectively, are defined in Sections 3(d)(ii) and (i) hereof), such Employee shall receive a continuation of his her Base Salary (as defined in Section 3(d)(iii) hereof) and certain other benefits as hereinafter provided ("Other Benefits", and collectively with such Base Salary, "Severance Benefits") for a period of twelve nine (129) months from and after the Date of Termination (as defined in Section 3(d)(iv)) ("Extension Period"); provided, however, that from and after the Date of Termination the Employee shall not receive or be entitled to any continuation of any bonus, incentive or profit sharing participation or eligibility for any part or all of the Company's fiscal year in which the Date of Termination occurs or for any part of the Extension Period. Except as provided below, such Base Salary during the Extension Period shall be paid in accordance with the Company's normal payroll schedule. If, however, during the Extension Period the Employee commences regular full-time employment elsewhere, the ongoing Severance Benefits shall cease as of the date of commencement of such employment; provided, however, that as of such date a calculation shall be made to determine the aggregate amount of Base Salary (excluding Other Benefits) that remains unpaid and which the Employee would have otherwise been entitled to receive during the remaining portion of the Extension Period, and the Company shall promptly pay the Employee a lump sum (minus withholdings and other required deductions) of an amount equal to one-half (1/2) of such unpaid amount.