Common use of Professional Membership Fees Clause in Contracts

Professional Membership Fees. To the extent not already paid to the Executive under Section 5.0(k), the Corporation shall pay the Executive, in cash, in a lump sum, no later than the Payment Date, an after-tax amount equal to the present value of the cost of membership fees for membership in professional organizations related to his position and duties with the Corporation that he would have incurred throughout the Severance Period that would have been payable or reimbursable by the Corporation under the terms of its policy in effect as of the Change in Control had he continued to be employed during the Severance Period, assuming that the annual cost of such fees was equal to the amount reimbursed or paid by the Corporation for the year preceding the year in which a Notice of Termination is delivered.

Professional Membership Fees. To the extent not already paid to the Executive under Section 5.0(k), the Corporation shall pay the Executive, in cash, in a lump sum, no later than the Payment Date, an after-tax amount equal to the present value of the cost of membership fees for membership in professional organizations related to his her position and duties with the Corporation that he she would have incurred throughout the Severance Period that would have been payable or reimbursable by the Corporation under the terms of its policy in effect as of the Change in Control had he she continued to be employed during the Severance Period, assuming that the annual cost of such fees was equal to the amount reimbursed or paid by the Corporation for the year preceding the year in which a Notice of Termination is delivered.