Common use of Severance in the Event of Termination Without Cause Clause in Contracts

Severance in the Event of Termination Without Cause. Subject to the terms and conditions of Section 4(d), in the event that Executive’s employment hereunder is terminated by Company without Cause then, in addition to the Accrued Obligations, Company shall pay Executive: (i) an amount equal to continuation of Executive’s monthly Base Salary for a twelve (12) months period, with such payments to be made in accordance with Company’s normal payroll practices and schedules; and (ii) upon Executive’s timely election to continue existing health benefits under COBRA, and consistent with the terms of COBRA and Company’s health insurance plan, Company will continue to pay Company’s then-current dollar level of contribution towards the premiums of the Executive’s medical and dental coverage as in effect on the date of such termination (including coverage for Executive’s eligible dependents, if applicable) (“COBRA Premium”) through the period starting on the date of such termination and ending on the earliest to occur of (1) twelve (12) months after such termination; (2) the date Executive becomes eligible for group health insurance coverage through a new employer; and (3) the date Executive ceases to be eligible for COBRA continuation coverage for any reason, including plan termination (such period from such termination through the earliest of (1) through (3), the “COBRA Premium Period”) ((i) and (ii), collectively, the “Severance Benefits”). Executive will be responsible for timely paying any remaining portion of the COBRA Premiums in order to maintain COBRA coverage during the COBRA Premium Period. In the event Executive becomes covered under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the COBRA Premium Period, Executive must immediately notify Company of such event. The Severance Benefits are expressly subject to the conditions described above and in Section 4(d) below.