Common use of Executive Severance Benefits Clause in Contracts

Executive Severance Benefits. Subject to Sections 3(C), 3(D), 3(E) and 4(D)(ii) hereof, in the event of Executive's Involuntary Termination or Good Reason Termination, Company shall pay for outplacement services for Executive of the type customarily provided by Company to senior execuitves at the time of Executive's Involuntary Termination or Good Reason Termination and shall pay Executive an amount equal to the greater of: (i) two (2) times Executive's Annual Compensation; or (ii) an amount equal to: (a) three (3) times Executive's Base Pay plus, (b) for a period of twelve (12) months starting on the Date of Termination, an amount equal to the portion of the premiums (to the extent such premiums are due) for Executive's health, dental, vision and life insurance that is equivalent to the portion of the premiums for such coverages that the Company pays on behalf of similarly situated executives employed by Company during such twelve (12) month period. Such Executive Severance Benefits will commence as soon as practicable following the Date of Termination, and will be paid in twenty-four (24) substantially equal monthly installments, in the case of Executive Severance Benefits under Section 3(B)(i) above, or in thirty-six (36) monthly installments, in the case of Executive Severance Benefits under Section 3(B)(ii) above, with the first 12 such installments equaling 1/36th of the amount determined under Section 3(B)(ii)(a) plus 1/12th of the amount determined under Section 3(B)(ii)(b) above and the remaining such installments equaling 1/36th of the amount determined under Section 3(B)(ii)(a). Company's obligation to pay the amounts specified in Section 3(B)(ii)(b) above shall be reduced by any and all amounts Company pays toward Executive's health, dental, vision and life insurance with respect to periods after the Date of Termination.

Executive Severance Benefits. Subject to Sections 3(C), 3(D), 3(E) and 4(D)(ii) hereof, in the event of Executive's Involuntary Termination or Good Reason Termination, Company shall pay for outplacement services for Executive of the type customarily provided by Company to senior execuitves at the time of Executive's Involuntary Termination or Good Reason Termination and shall pay Executive an amount equal to the greater of: (i) two (2) times Executive's Annual Compensation; or (ii) an amount equal to: (a) three (3) times Executive's Base Pay plus, , (b) for a period of twelve (12) months starting on the Date of Termination, an amount equal to the portion of the premiums (to the extent such premiums are due) for Executive's health, dental, vision and life insurance that is equivalent to the portion of the premiums for such coverages that the Company pays on behalf of similarly situated executives employed by Company during such twelve (12) month period. Such Executive Severance Benefits will commence as soon as practicable following the Date of Termination, and will be paid in twenty-four (24) substantially equal monthly installments, in the case of Executive Severance Benefits under Section 3(B)(i) above, or in thirty-six (36) monthly installments, in the case of Executive Severance Benefits under Section 3(B)(ii) above, with the first 12 such installments equaling 1/36th of the amount determined under Section 3(B)(ii)(a) plus 1/12th of the amount determined under Section 3(B)(ii)(b) above and the remaining such installments equaling 1/36th of the amount determined under Section 3(B)(ii)(a). Company's obligation to pay the amounts specified in Section 3(B)(ii)(b) above shall be reduced by any and all amounts Company pays toward Executive's health, dental, vision and life insurance with respect to periods after the Date of Termination.

Executive Severance Benefits. Subject to Sections 3(C), 3(D), 3(E) and ---------------------------- 4(D)(ii) hereof, in the event of Executive's Involuntary Termination or Good Reason Termination, Company shall pay for outplacement services for Executive of the type customarily provided by Company to senior execuitves executives at the time of Executive's Involuntary Termination or Good Reason Termination and shall pay Executive an amount equal to the greater of: (i) two (2) times Executive's Annual Compensation; or (ii) an amount equal to: (a) three (3) times Executive's Base Pay plus, , (b) for a period of twelve (12) months starting on the Date of Termination, an amount equal to the portion of the premiums (to the extent such premiums are due) for Executive's health, dental, vision and life insurance that is equivalent to the portion of the premiums for such coverages that the Company pays on behalf of similarly situated executives employed by Company during such twelve (12) month period. Such Executive Severance Benefits will commence as soon as practicable following the Date of Termination, and will be paid in twenty-four (24) substantially equal monthly installments, in the case of Executive Severance Benefits under Section 3(B)(i) above, or in thirty-six (36) monthly installments, in the case of Executive Severance Benefits under Section 3(B)(ii) above, with the first 12 such installments equaling 1/36th of the amount determined under Section 3(B)(ii)(a) plus 1/12th of the amount determined under Section 3(B)(ii)(b) above and the remaining such installments equaling 1/36th of the amount determined under Section 3(B)(ii)(a). Company's obligation to pay the amounts specified in Section 3(B)(ii)(b) above shall be reduced by any and all amounts Company pays toward Executive's health, dental, vision and life insurance with respect to periods after the Date of Termination.

Executive Severance Benefits. Subject to Sections 3(C), 3(D), 3(E) and 4(D)(ii) hereof, in the event of Executive's Involuntary Termination or Good Reason Termination, Company shall (a) pay for outplacement services for Executive of the type customarily provided by Company to senior execuitves executives at the time of Executive's Involuntary Termination or Good Reason Termination Termination; (b) during the thirty (30) months starting on Date of Termination, continue to provide executive life insurance that is equivalent to the coverage that Company provides on behalf of similarly situated executives employed by Company; and (c) shall pay Executive executive an amount equal to the greater of: (i) two (2) times Executive's Annual Compensation; or (ii) an amount equal to: (a) three (3) times Executive's Base Pay plusor Revised March, (b) for a period of twelve (12) months starting on the Date of Termination, an amount equal to the portion of the premiums (to the extent such premiums are due) for Executive's health, dental, vision and life insurance that is equivalent to the portion of the premiums for such coverages that the Company pays on behalf of similarly situated executives employed by Company during such twelve (12) month period. 2001 Such Executive Severance Benefits will commence as soon as practicable following the Date of Termination, and (1) in the case of Executive Severance Benefits under Section 3(B)(c)(i) above, will be paid in twenty-four (24) substantially equal monthly installments, or (ii) in the case of Executive Severance Benefits under Section 3(B)(i3(B)(c)(ii)(x) above, or in thirty-six (36) substantially equal monthly installmentsinstallments and, in the case of Executive Severance Benefits under Section 3(B)(ii3(B)(c)(ii)(y) above, with the first 12 such installments equaling 1/36th of the amount determined under Section 3(B)(ii)(ain thirty (30) plus 1/12th of the amount determined under Section 3(B)(ii)(b) above and the remaining such installments equaling 1/36th of the amount determined under Section 3(B)(ii)(a)substantially equal monthly installments. Company's obligation to pay the amounts specified in Section 3(B)(ii)(b3(B)(c)(ii)(y) above shall be reduced by any and all amounts Company pays toward Executive's health, dental, dental and vision and life insurance with respect to periods after the Date of Termination.