Common use of Payments Due Upon Termination of Employment Clause in Contracts

Payments Due Upon Termination of Employment. In the event that the Executive’s employment is terminated by the Company without Cause or by the Executive for Good Reason, in exchange for a complete release of claims against the Company, the Company shall: (a) pay to the Executive an amount equal to the aggregate amount of Base Compensation payable to the Executive for the period of the three (3) months preceding the Termination Date, payable over the next three (3) months in equal parts over the standard payroll pay periods, (b) provide all of the Executive’s accrued benefits up to the Termination Date and (c) continue to provide health plan benefits, for the Severance Period (as hereinafter defined). The term “Severance Period” shall mean the period commencing on the Termination Date and ending on the 90th day following the Termination Date. If the Executive’s employment is terminated by the Company for Cause, or by the Executive other than for Good Reason, then, in any of such events, the Company shall have no obligation to make any payments to the Executive for any period subsequent to such termination, except as provided otherwise by the law. None of the provisions of this Agreement shall be construed to affect the Executive’s rights to a continuation of group health plan benefits.