Common use of Severance Benefit Payment Clause in Contracts

Severance Benefit Payment. The Company shall provide Employee with a severance benefit payment in an amount equal to three (3) times the Employee's then existing annual base pay (the "Severance Benefit Payment") upon a Change in Control during the Employment Period followed by (i) the occurrence of any one of the events specified in subparagraphs (a) through (f) below and (ii) Employee's resignation from employment: (a) Without the express written consent of Employee, the assignment of Employee to any duties inconsistent with his position, duties, responsibilities or status with the Company as such existed immediately prior to the Change in Control or a reduction of his duties or responsibilities, in each case as determined by Employee; (b) A reduction by the Company in the Employee's salary immediately prior to the Change in Control, or any failure to maintain or provide benefit plans covering the Employee providing benefits at least equal to the level of benefits paid to the Employee under the Company's benefit plans as such existed immediately prior to the Change in Control; (c) Without the express written consent of the Employee, the Company's requiring the Employee to be based anywhere other than the Company offices at which he was based immediately prior to the Change in Control except for required travel on the Company's business in accordance with the Company's past management practices; (d) Any failure of the Company to obtain the assumption of the obligation to perform this Agreement by any successor as contemplated in Paragraph 13 hereof; (e) Any failure by the Company or its stockholders, as the case may be, to re-elect the Employee to the corporate office held by him immediately prior to the Change in Control or his removal from any such office, including any seat held at such time on the Company's Board of Directors; or (f) Any breach by the Company (or any successor) of any of the provisions of this Agreement or any failure by the Company to carry out any of it's obligations hereunder. The Severance Benefit Payment shall be paid to Employee in total and in cash in equal payments (without interest over a period not to exceed twelve (12) months) upon the occurrence of any of the foregoing events.

Severance Benefit Payment. The Upon the occurrence of a Severance Event (as defined below) and Employee's resignation from or termination of employment as a result thereof, the Company shall shall, in lieu of any other payment obligation under this Agreement, provide Employee with a severance benefit payment in an amount equal to three (3) times the Employee's then existing annual base pay plus an amount equal to an average of Employee's three previous annual cash bonuses (collectively, the "Severance Benefit Payment") upon plus continuation of medical and dental plan coverage (subject to the terms of such plans and to Employee's making any required contributions thereto) for a Change in Control during the Employment Period followed by (i) the occurrence period of one year from such resignation or termination. For purposes of this Agreement, a "Severance Event" is any one of the events specified in subparagraphs subsections (a) through (fd) below and (ii) Employee's resignation from employment: below: (a) Without the express written consent of Employee, the assignment of Employee to any duties inconsistent with his position, duties, responsibilities or status with the Company as such existed immediately prior to exist as of the Change in Control date hereof or a reduction of his duties or responsibilities, in each case as determined by Employee; responsibilities for reasons other than cause; (b) A reduction by the Company in the Employee's salary immediately prior to the Change in Control, or any failure to maintain or provide benefit plans covering the Employee providing benefits at least equal to the level of benefits paid to the Employee under the Company's benefit plans as such existed immediately prior to the Change in Control; (c) Without the express written consent of the Employee, the Company's requiring the Employee to be based anywhere other than the Company offices at which he was based immediately prior to the Change in Control except for required travel on the Company's business in accordance with the Company's past management practices; (d) Any failure of the Company to obtain the assumption of the obligation to perform this Agreement by any successor as contemplated in Paragraph Section 13 hereof; ; (ec) Any failure by the Company or its stockholders, as the case may be, to re-elect the Employee to the corporate office held by him immediately prior to offices of Chairman of the Change in Control Board, Chief Executive Officer and President, or upon his removal from any such office, including any seat held at such time on the Company's Board of Directorsoffice for reasons other than cause; or or (fd) Any breach by the Company (or any successor) of any of the provisions of this Agreement or any failure by the Company to carry out any of it's its obligations hereunderhereunder for reasons other than cause. The Severance Benefit Payment shall be paid to Employee in total semi-monthly installments in the same amounts and in cash in equal payments (without interest over a period not to exceed twelve (12) months) upon at the occurrence of any same times as Employee's base pay was being paid at the time of the foregoing eventsSeverance Event, until the full amount of the Severance Benefit Payment has been paid.

Severance Benefit Payment. The Company shall provide Employee with a severance benefit payment in an amount equal to three (3) times the Employee's then existing annual base pay (the "Severance Benefit Payment") upon a Change in Control during the Employment Period followed by (i) the occurrence of any one of the events specified in subparagraphs (a) through (f) below and (ii) Employee's resignation from employment: : (a) Without the express written consent of Employee, the assignment of Employee to any duties inconsistent with his position, duties, responsibilities or status with the Company as such existed immediately prior to the Change in Control or a reduction of his duties or responsibilities, in each case as determined by Employee; ; (b) A reduction by the Company in the Employee's salary immediately prior to the Change in Control, or any failure to maintain or provide benefit plans covering the Employee providing benefits at least equal to the level of benefits paid to the Employee under the Company's benefit plans as such existed immediately prior to the Change in Control; ; (c) Without the express written consent of the Employee, the Company's requiring the Employee to be based anywhere other than the Company offices at which he was based immediately prior to the Change in Control except for required travel on the Company's business in accordance with the Company's past management practices; ; (d) Any failure of the Company to obtain the assumption of the obligation to perform this Agreement by any successor as contemplated in Paragraph 13 hereof; ; (e) Any failure by the Company or its stockholders, as the case may be, to re-elect the Employee to the corporate office held by him immediately prior to the Change in Control or his removal from any such office, including any seat held at such time on the Company's Board of Directors; or or (f) Any breach by the Company (or any successor) of any of the provisions of this Agreement or any failure by the Company to carry out any of it's obligations hereunder. The Severance Benefit Payment shall be paid to Employee in total and in cash in equal payments (without interest over a period not to exceed twelve (12) months) upon the occurrence of any of the foregoing events.

Severance Benefit Payment. The Company shall provide Employee with a severance benefit payment in an amount equal to three (3) times the Employee's then existing annual base pay (or an amount equal to the Employee's base pay for the balance of the term hereof if less than one year) (the "Severance Benefit Payment") upon a Change in Control during the Employment Period followed by (i) the occurrence of any one of the events specified in subparagraphs subsections (a) through (fd) below and (ii) Employee's subsequent resignation from employment: or termination of employment (each, a "Severance Event"): (a) Without the express written consent of Employee, the assignment of Employee to any duties inconsistent with his position, duties, responsibilities or status with the Company as such existed immediately prior to exist as of the Change in Control date hereof or a reduction of his duties or responsibilities, in each case as determined by Employee; responsibilities for reasons other than cause; (b) A reduction by the Company in the Employee's salary immediately prior to the Change in Control, or any failure to maintain or provide benefit plans covering the Employee providing benefits at least equal to the level of benefits paid to the Employee under the Company's benefit plans as such existed immediately prior to the Change in Control; (c) Without the express written consent of the Employee, the Company's requiring the Employee to be based anywhere other than the Company offices at which he was based immediately prior to the Change in Control except for required travel on the Company's business in accordance with the Company's past management practices; (d) Any failure of the Company to obtain the assumption of the obligation to perform this Agreement by any successor as contemplated in Paragraph Section 13 hereof; ; (ec) Any failure by the Company or its stockholders, as the case may be, to re-elect the Employee to the corporate office held by him immediately prior to the Change in Control of President, or upon his removal from any such office, including any seat held at such time on the Company's Board of Directorsoffice for reasons other than cause; or or (fd) Any breach by the Company (or any successor) of any of the provisions of this Agreement or any failure by the Company to carry out any of it's its obligations hereunderhereunder for reasons other than cause. The Severance Benefit Payment shall be paid to Employee in total semi-monthly installments in the same amounts and in cash in equal payments (without interest over a period not to exceed twelve (12) months) upon at the occurrence of any same times as Employee's base pay was being paid at the time of the foregoing eventsSeverance Event, until the full amount of the Severance Benefit Payment has been paid.