Common use of SEVERANCE COMPENSATION IN THE EVENT Clause in Contracts

SEVERANCE COMPENSATION IN THE EVENT. of a Termination Upon a Change in Control. In the event Employee's employment is terminated in a Termination Upon a Change in Control, Employee shall be paid as severance compensation his Base Salary (at the rate payable at the time of such termination), for a period of one (1) year, however, if Employee is employed by a new employer during such period, the severance compensation payable to Employee during such period will be reduced by the amount of compensation that Employee actually receives from the new employer. However, Employee is under no obligation to mitigate the amount owed Employee pursuant to this Section by seeking other employment or otherwise. Employee shall also be entitled to an accelerated vesting of any awards granted to Employee under the Corporation's Stock Option Plan to the extent provided in the stock option agreement entered into at the time of grant. Employee shall continue to accrue retirement benefits and shall continue to enjoy any benefits under any plans of the Corporation in which Employee is a participant to the full extent of Employee's rights under such plans, including any perquisites provided under this Agreement, for the same period, and in direct proportion to the Severance received hereunder; provided, however, that the benefits under any such plans of the Corporation in which Employee is a participant, including any such perquisites, shall cease upon re-employment by a new employer.

SEVERANCE COMPENSATION IN THE EVENT. of a Termination Upon a Change in Control. In the event Employee's employment is terminated in a Termination Upon a Change in Control, Employee shall be paid as severance compensation his her Base Salary (at the rate payable at the time of such termination), for a period of one (1) year, however, if Employee is employed by a new employer during such period, the severance compensation payable to Employee during such period will be reduced by the amount of compensation that Employee actually receives from the new employer. However, Employee is under no obligation to mitigate the amount owed Employee pursuant to this Section by seeking other employment or otherwise. Employee shall also be entitled to an accelerated vesting of any awards granted to Employee under the Corporation's Stock Option Plan to the extent provided in the stock option agreement entered into at the time of grant. Employee shall continue to accrue retirement benefits and shall continue to enjoy any benefits under any plans of the Corporation in which Employee is a participant to the full extent of Employee's rights under such plans, including any perquisites provided under this Agreement, for the same periodperiod of time, and in direct proportion to the Severance amount of severance received hereunderunder the terms of this Section; provided, however, that the benefits under any such plans of the Corporation in which Employee is a participant, including any such perquisites, shall cease upon re-re- employment by a new employer.

SEVERANCE COMPENSATION IN THE EVENT. of a Termination Upon a Change in Control. In the event Employee's employment is terminated in a Termination Upon a Change in Control, Employee shall be paid as severance compensation his her Base Salary (at the rate payable at the time of such termination), for a period of one (1) year, however, if Employee is employed by a new employer during such period, the severance compensation payable to Employee during such period will be reduced by the amount of compensation that Employee actually receives from the new employer. However, Employee is under no obligation to mitigate the amount owed Employee pursuant to this Section by seeking other employment or otherwise. Employee shall also be entitled to an accelerated vesting of any awards granted to Employee under the Corporation's Stock Option Plan to the extent provided in the stock option agreement entered into at the time of grant. Employee shall continue to accrue retirement benefits and shall continue to enjoy any benefits under any plans of the Corporation in which Employee is a participant to the full extent of Employee's rights under such plans, including any perquisites provided under this Agreement, for the same periodperiod of time, and in direct proportion to the Severance amount of severance received hereunderunder the terms of this Section; provided, however, that the benefits under any such plans of the Corporation in which Employee is a participant, including any such perquisites, shall cease upon re-employment by a new employer.