Common use of Severance and Welfare Benefits Payment Clause in Contracts

Severance and Welfare Benefits Payment. In the event that Employee is eligible to receive the Severance Payment pursuant to Section 3.5.3 above, Employee shall be entitled to the following: (a) a payment in amount equal to the Base Salary (as in effect immediately before such termination, without taking into account any diminution in Base Salary constituting Good Reason for his resignation hereunder) (the “Severance Payment”) and (b) a lump sum cash payment, payable sixty (60) days following the Employee’s termination of employment, equal to the present value of the cost to the Company for providing life and disability insurance benefits to Employee, based upon the cost immediately preceding such termination, for a period of twelve (12) months (the “Welfare Benefits Payment”). The Severance Payment shall be divided into substantially equal monthly cash payments, which shall be payable in monthly installments and in accordance with the Company’s standard payroll practices, subject to Section 3.6 and subject to Employee’s execution of the release as provided in Section 3.5.3 for the duration of the twelve (12) month severance period. The Company will pay all applicable payroll taxes related to such payments and shall withhold the Employee’s payroll taxes.

Severance and Welfare Benefits Payment. In the event that Employee is eligible to receive the Severance Payment pursuant to Section 3.5.3 above, Employee shall be entitled to the following: (a) a payment in amount equal to the product of the Base Salary (as in effect immediately before such termination, without taking into account any diminution in Base Salary constituting Good Reason for his resignation hereunder) multiplied by 1.5 (the “Severance Payment”) and (b) a lump sum cash payment, payable sixty (60) days following the Employee’s termination of employment, equal to the present value of the cost to the Company for providing life and disability insurance benefits to Employee, based upon the cost immediately preceding such termination, for a period of twelve eighteen (1218) months (the “Welfare Benefits Payment”). The Severance Payment shall be divided into substantially equal monthly cash payments, which shall be payable in monthly installments and in accordance with the Company’s standard payroll practices, subject to Section 3.6 and subject to Employee’s execution of the release as provided in Section 3.5.3 for the duration of the twelve eighteen (1218) month severance period. The Company will pay all applicable payroll taxes related to such payments and shall withhold the Employee’s payroll taxes.

Severance and Welfare Benefits Payment. In the event that Employee is eligible to receive the Severance Payment pursuant to Section 3.5.3 above, Employee shall be entitled to the following: (a) a payment in amount equal to the Base Salary (as in effect immediately before such termination, without taking into account any diminution in Base Salary constituting Good Reason for his her resignation hereunder) (the “Severance Payment”) and (b) a lump sum cash payment, payable sixty (60) days following the Employee’s termination of employment, equal to the present value of the cost to the Company for providing life and disability insurance benefits to Employee, based upon the cost immediately preceding such termination, for a period of twelve (12) months (the “Welfare Benefits Payment”). The Severance Payment shall be divided into substantially equal monthly cash payments, which shall be payable in monthly installments and in accordance with the Company’s standard payroll practices, subject to Section 3.6 and subject to Employee’s execution of the release as provided in Section 3.5.3 for the duration of the twelve (12) month severance period. The Company will pay all applicable payroll taxes related to such payments and shall withhold the Employee’s payroll taxes.