Common use of Severance for Qualifying Termination Clause in Contracts

Severance for Qualifying Termination. If (i) your employment is terminated by the Company without Cause, other than due to your death or disability, and (ii) you satisfy the Release Requirement (as defined below), then you will receive the following Severance Payments as your sole severance benefits, and you will not be eligible for severance benefits under any other policy, plan or agreement. Specifically, you will receive severance pay in the form of continuation of your final monthly base salary for three (3) months if your termination occurs prior to the Series A Financing and for six (6) months if your termination occurs subsequent to the Series A Financing, less standard payroll deductions and tax withholdings (the “Severance Payments”). Subject to Section 8(e), the Severance Payments will be paid in equal installments on the Company’s regular payroll schedule in effect following your termination date, with such payments to begin on the first regular payroll date following the Release Effective Date (as defined below). If the Severance Payments do not commence with the first regular payroll date following your termination date because the Release Effective Date is later than such first payroll date, the first installment of the Severance Payments you receive will be a “catch up” payment in the total amount of the Severance Payments you would have received through such payroll date if such payments had begun with the first payroll date after your termination date.

Severance for Qualifying Termination. If (i) your employment is terminated by the Company without Cause, other than due to your death or disability, and (ii) you satisfy the Release Requirement (as defined below), then you will receive the following Severance Payments (defined below) as your sole severance benefits, and you will not be eligible for severance benefits under any other policy, plan or agreement. Specifically, you will receive severance pay in the form of continuation of your final monthly base salary for three (3) months if your termination occurs prior to the Series A Financing and for six (6) months if your termination occurs subsequent to the Series A Financing, less standard payroll deductions and tax withholdings (the “Severance Payments”). Subject to Section 8(e), the Severance Payments will be paid in equal installments on the Company’s regular payroll schedule in effect following your termination date, with such payments to begin on the first regular payroll date following the Release Effective Date (as defined below). If the Severance Payments do not commence with the first regular payroll date following your termination date because the Release Effective Date is later than such first payroll date, the first installment of the Severance Payments you receive will be a “catch up” payment in the total amount of the Severance Payments you would have received through such payroll date if such payments had begun with the first payroll date after your termination date.