Common use of Payment and Benefits Clause in Contracts

Payment and Benefits. (a) Commencing not later than thirty (30) days after the Triggering Event, and subject to Executive's compliance with Section 7 of this Agreement, the Company shall pay to Executive, in installments no less frequently than monthly, during the two year period following the Triggering Event (but not later than the last day of the Term of this Agreement), a monthly amount equal to one-twelfth (1/12) of Executive's total cash compensation received from the Company during the Company's fiscal year ended May 28, 2000 (including both base annual salary and bonus, if any). 2 The foregoing payments shall be reduced, to the extent necessary, so that the sum of payments made pursuant to this Section 4(a), when added to the total cash compensation to which the Executive is then entitled by virtue of other employment, will not excess, for any twelve (12) month period, the Executive's total cash compensation received from the Company during the Company's fiscal year ended May 28, 2000 (including both annual salary and bonus, if any). (b) During the period that payments are due to Executive pursuant to Section 4(a), and subject to Executive's compliance with Section 7 of this Agreement, Executive shall be entitled to the health, life and disability insurance benefits which are no less, in the aggregate, than the amount of the benefits to which the Executive is entitled on the date of this Agreement. Notwithstanding the foregoing, if the Executive obtains other full-time employment, which employment provided equivalent health, life and disability insurance benefits, the benefits described in this Section 4(b) shall cease. (c) The Company may withhold from any payments or benefits due under this Agreement all federal, state, city, or other taxes as shall be required pursuant to any law or governmental regulation or ruling. In no event shall the Company be obligated to make any payment or provide any benefits pursuant to Section 4(a) or 4(b) hereof after the last day of the Term of this Agreement.

Payment and Benefits. (a) Commencing not later than thirty (30) days after the Triggering Event, and subject to Executive's compliance with Section 7 of this Agreement, the Company shall pay to Executive, in installments no less frequently than monthly, during the two year period following the Triggering Event (but not later than the last day of the Term of this Agreement), a monthly amount equal to one-twelfth (1/12) of Executive's 2 total cash compensation received from the Company during the Company's fiscal year ended May 28, 2000 (including both base annual salary and bonus, if any). 2 The foregoing payments shall be reduced, to the extent necessary, so that the sum of payments made pursuant to this Section 4(a), when added to the total cash compensation to which the Executive is then entitled by virtue of other employment, will not excess, for any twelve (12) month period, the Executive's total cash compensation received from the Company during the Company's fiscal year ended May 28, 2000 (including both annual salary and bonus, if any). (b) During the period that payments are due to Executive pursuant to Section 4(a), and subject to Executive's compliance with Section 7 of this Agreement, Executive shall be entitled to the health, life and disability insurance benefits which are no less, in the aggregate, than the amount of the benefits to which the Executive is entitled on the date of this Agreement. Notwithstanding the foregoing, if the Executive obtains other full-time employment, which employment provided equivalent health, life and disability insurance benefits, the benefits described in this Section 4(b) shall cease. (c) The Company may withhold from any payments or benefits due under this Agreement all federal, state, city, or other taxes as shall be required pursuant to any law or governmental regulation or ruling. In no event shall the Company be obligated to make any payment or provide any benefits pursuant to Section 4(a) or 4(b) hereof after the last day of the Term of this Agreement.

Payment and Benefits. (a) Commencing not later than thirty (30) days after the Triggering Event, and 2 subject to Executive's compliance with Section 7 of this Agreement, the Company shall pay to Executive, in installments no less frequently than monthly, during the two year period following the Triggering Event (but not later than the last day of the Term of this Agreement), a monthly amount equal to one-twelfth (1/12) of Executive's total cash compensation received from the Company during the Company's fiscal year ended May 28, 2000 (including both base annual salary and bonus, if any). 2 The foregoing payments shall be reduced, to the extent necessary, so that the sum of payments made pursuant to this Section 4(a), when added to the total cash compensation to which the Executive is then entitled by virtue of other employment, will not excess, for any twelve (12) month period, the Executive's total cash compensation received from the Company during the Company's fiscal year ended May 28, 2000 (including both annual salary and bonus, if any). (b) During the period that payments are due to Executive pursuant to Section 4(a), and subject to Executive's compliance with Section 7 of this Agreement, Executive shall be entitled to the health, life and disability insurance benefits which are no less, in the aggregate, than the amount of the benefits to which the Executive is entitled on the date of this Agreement. Notwithstanding the foregoing, if the Executive obtains other full-time employment, which employment provided equivalent health, life and disability insurance benefits, the benefits described in this Section 4(b) shall cease. (c) The Company may withhold from any payments or benefits due under this Agreement all federal, state, city, or other taxes as shall be required pursuant to any law or governmental regulation or ruling. In no event shall the Company be obligated to make any payment or provide any benefits pursuant to Section 4(a) or 4(b) hereof after the last day of the Term of this Agreement. (d) In the event Executive become entitled to receive the payments or benefits specified in this Agreement, he will be deemed to have waived the right to receive any severance pay to which he might otherwise be entitled under the present or any future severance benefit policy of the Company or any affiliate.

Payment and Benefits. (a) Commencing not later than thirty (30) days after the Triggering Event, and subject to Executive's compliance with Section 7 of this Agreement, the Company shall pay to Executive, in installments no less frequently than monthly, during the two year period following the Triggering Event (but not later than the last day of the Term of this Agreement), a monthly amount equal to one-twelfth (1/12) of Executive's total cash compensation received from the Company during the Company's fiscal year ended May 28, 2000 (including both base annual salary and bonus, if any). 2 The foregoing payments shall be reduced, to the extent necessary, so that the sum of payments made pursuant to this Section 4(a), when added to the total cash compensation to which the Executive is then entitled by virtue of other employment, will not excess, for any twelve (12) month period, the Executive's total cash compensation received from the Company during the Company's fiscal year ended May 28, 2000 (including both annual salary and bonus, if any). (b) During the period that payments are due to Executive pursuant to Section 4(a), and subject to Executive's compliance with Section 7 of this Agreement, Executive shall be entitled to the health, life and disability insurance benefits which are no less, in the aggregate, than the amount of the benefits to which the Executive is entitled on the date of this Agreement. Notwithstanding the foregoing, if the Executive obtains other full-time employment, which employment provided equivalent health, life and disability insurance benefits, the benefits described in this Section 4(b) shall cease. (c) The Company may withhold from any payments or benefits due under this Agreement all federal, state, city, or other taxes as shall be required pursuant to any law or governmental regulation or ruling. In no event shall the Company be obligated to make any payment or provide any benefits pursuant to Section 4(a) or 4(b) hereof after the last day of the Term of this Agreement. (i) In the event Executive become entitled to receive the payments or benefits specified in this Agreement, he will be deemed to have waived the right to receive any severance pay to which he might otherwise be entitled under the present or any future severance benefit policy of the Company or any affiliate.