Common use of Right to Severance Benefit Clause in Contracts

Right to Severance Benefit. (a) The Employee shall be entitled to receive from the Company a Severance Benefit in the amount provided in Section 3.2 if (i) a Change in Control has occurred and (ii) within two (2) years thereafter, the Employee's employment with the Company terminates for any reason (for purposes hereof employment shall be considered terminated if employment continues only on a transitional basis) except that notwithstanding the provisions of this paragraph (a), no benefits under this Agreement will be payable should the Employee's termination of employment be (A) for Cause, (B) by reason of Permanent Disability, (C) voluntarily initiated by the Employee for other than Good Reason, or (D) by reason of the Employee's death. (b) Notwithstanding any other provision of the Agreement, the sale, divestiture or other disposition of an Operating Company (or part thereof), shall not be deemed to be a termination of employment of employees employed by such Operating Company, and such employees shall not be entitled to benefits from the Company under this Agreement as a result of such sale, divestiture, or other disposition, or as a result of any subsequent termination of employment, provided the provisions of Section 5.2 have been satisfied.

Right to Severance Benefit. (a) The Employee shall be entitled to receive from the Company a Severance Benefit in the amount provided in Section 3.2 if (i) a Change in Control has occurred and (ii) within two one (21) years year thereafter, the Employee's employment with the Company terminates for any reason (for purposes hereof employment shall be considered terminated if employment continues only on a transitional basis) except that notwithstanding the provisions of this paragraph (a), no benefits under this Agreement will be payable should the Employee's termination of employment be (A) for Cause, (B) by reason of Permanent Disability, (C) voluntarily initiated by the Employee for other than Good Reason, or (D) by reason of the Employee's death. (b) Notwithstanding any other provision of the Agreement, the sale, divestiture or other disposition of an Operating Company (or part thereof), shall not be deemed to be a termination of employment of employees employed by such Operating Company, and such employees shall not be entitled to benefits from the Company under this Agreement as a result of such sale, divestiture, or other disposition, or as a result of any subsequent termination of employment, provided the provisions of Section 5.2 have been satisfied.