Common use of Payments and Benefits Following Termination of Employment Clause in Contracts

Payments and Benefits Following Termination of Employment. (a) Termination by the Company Without Cause or by the Executive due to an Involuntary Termination: Severance Payment. This Agreement may be terminated at any time by the Company Without Cause or by the Executive due to an Involuntary Termination by written notice of termination to the other party setting forth the effective termination date and a reasonably detailed explanation of the basis of such termination. If the Company elects to terminate Executive’s employment Without Cause, or if Executive resigns due to an Involuntary Termination, Executive shall receive all Accrued Obligations (as defined below). In addition, and subject to Section 4(d) of this Agreement, if the Company terminates Executive’s employment Without Cause, or Executive resigns due to an Involuntary Termination, then Executive shall be eligible for a lump sum payment equal to six (6) months of Base Salary as in effect at the time of termination, plus an additional one month of Base Salary for each full year of employment with the Company up to a maximum of 12 months, in the aggregate, of Base Salary less applicable withholding taxes (the “Severance Payment”). The Severance Payment shall be subject to applicable withholdings and other deductions as may be required by law from time to time or otherwise authorized by the Executive.