Common use of Enhanced Severance Benefit Clause in Contracts

Enhanced Severance Benefit. A. If Executive's employment hereafter is terminated by the Company without cause, and if Executive is not otherwise entitled to payment under the change of control agreement, the Company will pay to Executive, in addition to accrued salary and benefits, a lump sum severance payment equal to two times Executive's annual base salary in effect on the date of termination. B. During the 5 year restricted period identified in paragraph 1.A hereof, any termination by Executive as a result of a reduction of base salary or the required relocation of the Executive's principal employment location to a location more than thirty-five (35) miles from the Executive's principal employment location on the effective date of this Agreement shall be considered a termination of employment by the Company without cause for purposes of this Agreement. C. In the event the Company determines, in good faith, (1) that any payment or benefit under this Section 3 is subject to Section 409A(a)(2)(B)(i) of the Internal Revenue Code, and (2) that Executive is a "specified employee" (as defined in Section 409A of the Internal Revenue Code, with an identification date of December 31), any such payment or benefit shall be paid no earlier than six months after Executive's separation from service with the Company.

Enhanced Severance Benefit. A. If Executive's employment hereafter is terminated by the Company without cause, and if Executive is not otherwise entitled to payment under the change of control agreement, the Company will pay to Executive, in addition to accrued salary and benefits, a lump sum severance payment equal to two times Executive's annual base salary in effect on the date of termination. B. During the 5 year restricted period identified in paragraph 1.A hereof, any termination by Executive as a result of a reduction of base salary or the required relocation of the Executive's principal employment location to a location more than thirty-five (35) miles from the Executive's principal employment location on the effective date of this Agreement shall be considered a termination of employment by the Company without cause for purposes of this Agreement. C. In the event the Company determines, in good faith, (1) that any payment or benefit under this Section 3 is subject to Section 409A(a)(2)(B)(i) of the Internal Revenue Code, and (2) that Executive is a "specified employee" (as defined in Section 409A of the Internal Revenue Code, with an identification date of December 31), any such payment or benefit shall be paid no earlier than six months after Executive's separation from service with the Company.