Common use of Normal Severance Benefits Clause in Contracts

Normal Severance Benefits. Except as provided in paragraph (c), the Company will provide severance benefits as follows: (i) The Company will pay to Executive within 30 days of the termination a lump-sum cash amount equal to one hundred percent (100%) of his annual Base Salary in effect at the time of his termination (or, if his Base Salary has been reduced within 60 days of the termination, his Base Salary in effect prior to the reduction). (ii) The Company will continue for a period of one year from the date of termination to provide Executive with the benefits set forth in Section 3.3 above. To the extent that the Company is unable to provide such benefits to Executive under its existing plans and arrangements, it will pay Executive cash amounts equal to the cost the Company would have incurred to provide these benefits. (iii) Notwithstanding any contrary provisions of the plans or arrangements under which they are granted, all options to purchase Company stock held by Executive will immediately become exercisable.