Common use of Payment of Severance Clause in Contracts

Payment of Severance. Except when Section 5(c) applies, in addition to the amounts and benefits to be paid or provided under Section 5(a), if the Employee’s employment is terminated without Cause pursuant to Section 4(a)(iii), then the Employer will continue to make salary payments to the Employee at his then-current base salary level for 24 months following the date of termination (the “Severance Period”). Subject to Section 5(g), payments under this Section 5(b) will be made pursuant to the Employer’s normal payroll schedule with the first payment to be made on the first, regular payroll date on or after the 60th day following the date of termination, provided that the Employee has executed and submitted a release of claims and the statutory period during which the Employee is entitled to revoke such release has expired on or before that 60th day.

Payment of Severance. Except when Section 5(c) applies, in addition to the amounts and benefits to be paid or provided under Section 5(a), if the Employee’s employment is terminated without Cause pursuant to Section 4(a)(iii), then the Employer will continue to make salary payments to the Employee at his then-current base salary level for 24 months following the date of termination (the “Severance Period”). Subject to Section 5(g), payments under this Section 5(b) will be made pursuant to the Employer’s normal payroll schedule with the first payment to be made on the first, regular payroll date on or after the 60th day following the date of termination, provided that the Employee has executed and submitted a release of claims and the statutory period during which the Employee is entitled to revoke such release has expired on or before that 60th day.

Payment of Severance. Except when Section 5(c) applies, in addition to the amounts and benefits to be paid or provided under Section 5(a), if the Employee’s employment is terminated without Cause pursuant to Section 4(a)(iii), then the Employer will continue to make salary payments to the Employee at his her then-current base salary level for 24 months following the date of termination (the “Severance Period”). Subject to Section 5(g), payments under this Section 5(b) will be made pursuant to the Employer’s normal payroll schedule with the first payment to be made on the first, regular payroll date on or after the 60th day following the date of termination, provided that the Employee has executed and submitted a release of claims and the statutory period during which the Employee is entitled to revoke such release has expired on or before that 60th day.