Common use of Enhanced Severance Benefits Clause in Contracts

Enhanced Severance Benefits. (a) You will be entitled to receive the enhanced severance benefits upon the satisfaction of certain conditions precedent as set forth in the Severance Attachment to this Agreement. In order for you to be eligible to receive these enhanced severance benefits, the following conditions must be satisfied: (i) the merger of Times Mirror into Tribune must be completed; and either (ii) your employment must be terminated by Times Mirror or Tribune prior to the end of the Severance Protection Period; or (iii) you terminate your employment after the Effective Date for the limited good reasons included within the terms of the provisions of the Severance Attachment. Upon the satisfaction of said conditions precedent, you will receive the enhanced severance benefits set forth in the Severance Attachment to this Agreement. However, (i) in the event that the merger of Times Mirror into Tribune is completed but your employment is not terminated in the manner set forth above within the Severance Protection Period as defined in the Severance Attachment, or (ii) your employment is terminated under the provisions of paragraph 1 (d), you will not receive the enhanced severance benefits. (b) Since the occurrence of the merger of Times Mirror into Tribune, and the resulting enhanced severance payments, were totally unexpected and therefore you had no opportunity at any earlier date to make any decision with respect to how such payments, in the event that the conditions precedent which apply to them are satisfied, may be made to you, the enhanced severance payments will be paid to you in cash or deferred under the terms of the Times Mirror Deferred Compensation Plan for Executives, or some combination thereof, in accordance with your deferral election, made and delivered in accordance with instructions sent to you.