Common use of Not for Cause Separation Pay Clause in Contracts

Not for Cause Separation Pay. If after the Effective Date (a)(i) the Company terminates Executive’s employment other than for Cause or (ii) Executive terminates his or her employment for Good Reason (within six months after such Good Reason event occurs) and (b) a Change in Control has not occurred, the Company shall pay to the Executive a lump sum payment equal to the Executive’s annual base salary in effect immediately prior to the date of termination (the “Not for Cause Separation Payment”), contingent upon the Executive executing and returning to the Company (and not revoking) a general release of claims against the Company in a form reasonably acceptable to the parties hereto (a “Release”), which Release must be delivered to the Company and the period in which it may be revoked must have expired not later than thirty 30 days after the date of termination (the “Release Deadline”). Except as provided in Section 3.3, the Not for Cause Separation Payment shall be payable (if the conditions of this Section 3.1 are satisfied) in a lump sum on the fifth business day following the Release Deadline.