Common use of Severance and Other Payments Clause in Contracts

Severance and Other Payments. (a) In the event that the Executive's employment is terminated at any time pursuant to Section 5(d) of this Agreement, which termination shall include the giving of notice not to extend the Term pursuant to Section 1(b), the Company agrees to pay the Executive a lump-sum cash payment equal to twice his then current annual base salary (the two year period following the end of the Term, the "Severance Period"), and the Company shall have no further obligations to the Executive. Prior to and as a precondition to the payment of such amount, the Executive shall deliver to the Company a general release of the Company, its subsidiaries and affiliates, and each of their officers, directors, employees, agents, successors and assigns, in the form attached hereto as Exhibit A, and provide the Director Resignation (as defined below). Payment shall be made on the date ten (10) business days following the delivery by Executive of the general release described in the previous sentence and the Director Resignation, and if the general release and the Director Resignation is not so delivered within sixty (60) days of termination of the Executive's employment, no payment shall be due. In all other instances, including termination of the Executive's employment for Cause, termination pursuant to Sections 5(b) or 5(c), or if the Executive voluntarily leaves the employment of the Company (other than as provided in Section 6), the Executive shall not be eligible or entitled to, and the Company shall not be obligated to make, any payment following the Executive's termination, except as otherwise provided in Section 7(b), and the Company shall have no further obligations to the Executive. Executive agrees that upon the termination of his employment with the Company he shall immediately resign his positions, if any, as a director of the Company and each of its subsidiaries (the "Director Resignation").

Severance and Other Payments. (a) In the event that the Executive's employment is terminated at any time pursuant to Section 5(d) of this Agreement, which termination shall include the giving of notice not to extend the Term pursuant to Section 1(b), the Company agrees to pay the Executive a lump-sum cash payment (the "Severance Payment") equal to twice his then current annual base salary for two years (the two year period following the end of the Termsuch period, the "Severance Period"), and the Company shall have no further obligations to the Executive. Prior to and as a precondition to the payment of such amount, the Executive shall deliver to the Company a general release of the Company, its subsidiaries and affiliates, and each of their officers, directors, employees, agents, successors and assigns, in the form attached hereto as Exhibit A, A and provide the Director Resignation (as defined below), if applicable. Payment shall be made on the date ten (10) business days following the delivery by Executive of the general release described in the previous sentence and the Director Resignation, and if the general release and the Director Resignation is not so delivered within sixty (60) days of termination of the Executive's employment, no payment shall be due. In all other instances, including termination of the Executive's employment for Cause, termination pursuant to Sections 5(b) or 5(c), or if the Executive voluntarily leaves the employment of the Company (other than as provided in Section 6)Company, the Executive shall not be eligible or entitled to, and the Company shall not be obligated to make, any payment following the Executive's termination, except as otherwise provided in Section 7(b), and the Company shall have no further obligations to the Executive. Executive agrees that upon the termination of his employment with the Company he shall immediately resign his positions, if any, as a director of the Company and each of its subsidiaries (the "Director Resignation").

Severance and Other Payments. (a) In the event that the Executive's ’s employment is terminated at any time pursuant to Section 5(d) of this Agreement, by the Company Without Cause (which termination shall include the giving of notice not to extend the Term pursuant to Section 1(b1), the Company agrees to pay the Executive Executive: (i) a lump-sum cash payment equal to twice twelve months of his then current annual monthly base salary (the two year period following the end of the Term, the "“Severance Period"), Payment”) and the Company shall have no further obligations (ii) any bonus payment that Executive may be entitled to the Executivepursuant to any bonus plans as are then-in-effect and due. Prior to to, and as a precondition to the payment of such amountany of the foregoing, the Executive shall deliver to the Company a general release of the Company, its subsidiaries and affiliatesCompany Group, and each of their officers, directors, employees, agents, successors and assignsassigns (but excluding a release of the Company’s continuing obligations under this Agreement and/or pursuant to its continuing indemnification obligations to Executive under its charters, bylaws, resolutions of the Board and under applicable insurance policies), in a form acceptable to the form attached hereto as Exhibit A, Company and provide the Director Resignation (as defined comply with Section 5.4 below). The Severance Payment and bonus payment shall be made on the date no later than ten (10) business days following the delivery by the Executive of the general release described in the previous sentence referred to above and the Director Resignation, and if the general resignation required by Section 5.4. If said release and the Director Resignation is resignation are not so delivered within sixty (60) days of the termination of the Executive's ’s employment, no payment then the Executive shall not be dueentitled to receive any of the payments/benefits described herein. In all other instances, including termination of the Executive's ’s employment for Cause, termination pursuant to Sections 5(b) Death of the Executive, or 5(c)Disability of the Executive, or if the Executive voluntarily leaves the employment of the Company (other than as provided in Section 6)Company, the Executive shall not be eligible or entitled to, and the Company shall not be obligated to make, any payment following the Executive's ’s termination, including the Severance Payment or the bonus payment, except as otherwise provided in Section 7(b)this Agreement, and the Company shall have no further obligations to the Executive. Executive agrees that upon the termination of his employment with the Company he shall immediately resign his positions, if any, as a director of the Company and each of its subsidiaries (the "Director Resignation").