Common use of Payment of Severance Payments and Benefits Clause in Contracts

Payment of Severance Payments and Benefits. 3.1 In the event Executive shall obtain Alternative Employment during any period in which Executive is entitled to Severance Payments and Benefits pursuant to Section 2.2 or 2.3 above (other than the initial six (6) month period described in Section 2.2 or 2.), Executive shall promptly give notice to the Company of such Alternative Employment, which notice shall describe the following with respect to such Alternative Employment: (i) the salary, commission, bonus and other monetary compensation payable to Executive; (ii) the medical, health and other insurance benefits to be provided to Executive and (iii) any other consideration payable to or otherwise be provided to Executive. The Company shall be credited for any compensation payable or benefits provided with respect to Alternative Employment against the Company's obligation to pay and or provide Severance Payments and Benefits for any period (other than the initial six (6) month period described in Section 2.2 or 2.3) pursuant to Section 2 hereof so that: (A) the monetary portion of the Severance Payments and Benefits shall be reduced for any cash compensation payable to Executive for such period with respect to such Alternative Employment; (B) the Company shall cease to obligated to provide any medical, health or other insurance benefit to the extent an equivalent benefit is provided to Executive in connection with such Alternative Employment. Following a Protected Termination of Executive's employment with the Company, Executive shall use reasonable efforts to obtain Alternative employment, provided, that nothing contained herein shall be deemed to obligate Executive to accept Alternative Employment that: (1) involves duties, responsibility, authority and status that are less in any material respect that applied to Executive's position with the Company as of the Closing Date; (2) involves a reduction in Executive's annual base salary that Executive was receiving as of the Closing Date; or (iii) requires Executive to work more than 100 miles from the location at which Executive was working on the Closing Date.

Payment of Severance Payments and Benefits. 3.1 In the event Executive shall obtain Alternative Employment during any period in which Executive is entitled to Severance Payments and Benefits pursuant to Section 2.2 or 2.3 above (other than the initial six (6) month period described in Section 2.2 or 2.2.3), Executive shall promptly give notice to the Company of such Alternative Employment, which notice shall describe the following with respect to such Alternative Employment: (i) the salary, commission, bonus and other monetary compensation payable to Executive; (ii) the medical, health and other insurance benefits to be provided to Executive and (iii) any other consideration payable to or otherwise be provided to Executive. The Company shall be credited for any compensation payable or benefits provided with respect to such Alternative Employment against the Company's obligation to pay and or provide Severance Payments and Benefits for any period (other than the initial Initial six (6) month period described in Section 2.2 or 2.3) pursuant to Section 2 hereof so that: (A) the monetary portion of the Severance Payments and Benefits shall be reduced for any cash compensation payable to Executive for such period with respect to such Alternative Employment; and (B) the Company shall cease to be obligated to provide any medical, health or other insurance benefit to the extent an equivalent benefit is provided to Executive in connection with such Alternative Employment. Following a Protected Termination of Executive's employment with the Company, Executive shall use reasonable efforts to obtain Alternative employmentEmployment, provided, that nothing contained herein shall be deemed to obligate Executive to accept Alternative Employment that: (1) involves duties, responsibility, authority and status that are less in any material respect that applied to Executive's position with the Company as of the Closing Date; (2) involves a reduction in Executive's annual base salary that Executive was receiving as of the Closing Date; or (iii) requires Executive to work more than 100 miles from the location at which Executive was working on the Closing Date.

Payment of Severance Payments and Benefits. 3.1 In the event Executive shall obtain Alternative Employment during any period in which Executive is entitled to Severance Payments and Benefits pursuant to Section 2.2 or 2.3 above (other than the initial six (6) month period described in Section 2.2 or 2.2.3), Executive shall promptly give notice to the Company of such Alternative Employment, which notice shall describe the following with respect to such Alternative Employment: (i) the salary, commission, bonus and other monetary compensation payable to Executive; (ii) the medical, health and other insurance benefits to be provided to Executive and (iii) any other consideration payable to or otherwise be provided to Executive. The Company shall be credited for any compensation payable or benefits provided with respect to such Alternative Employment against the Company's obligation to pay and or provide Severance Payments and Benefits for any period (other than the initial six (6) month period described provided in Section 2.2 or 2.3) pursuant to Section 2 hereof so that: (A) the monetary portion of the Severance Payments and Benefits shall be reduced for any cash compensation payable to Executive for such period with respect to such Alternative Employment; and (B) the Company shall cease to be obligated to provide any medical, health or other insurance benefit to the extent an equivalent benefit is provided to Executive in connection with such Alternative Employment. Following a Protected Termination of Executive's employment with the Company, Executive shall use reasonable efforts to obtain Alternative employment, provided, Employment provided that nothing contained herein shall be deemed to obligate Executive to accept Alternative Employment that: (1) involves duties, responsibility, authority and status that are less in any material respect that applied to Executive's position with the Company as of the Closing Date; (2) involves a reduction in Executive's annual base salary that Executive was receiving as of the Closing Date; or (iii) requires Executive to work more than 100 miles from the location at which Executive was working on the Closing Date.