Common use of Severance Obligations Clause in Contracts

Severance Obligations. If on or after the date of a "Change in Control" (as defined below), the Company, for any reason, terminates Employee's employment or Employee resigns "for good reason" (as defined below), then the Company shall pay to Employee within five days following the date of termination or date of resignation: (i) Employee's salary and benefits through the termination date or resignation date, both as in effect on the date prior to the date of the Change in Control; and (ii) the amount of any bonus payable to Employee for the year in which the Change in Control occurred, pro rated to take into account the number of days that have elapsed in such year prior to the termination date or the resignation date. In addition, during the period equal to the remaining term of this Agreement as in effect on the day prior to the termination or resignation date, the Company shall continue to pay to Employee his annual salary, as in effect on the day prior to the date of the Change in Control, on the dates when such salary would have been payable had Employee remained employed by the Company and shall continue to provide to Employee during such period, at no cost to Employee, the benefits Employee was receiving on the day prior to the date of the Change in Control or benefits substantially similar thereto.

Severance Obligations. If on or after the date of a "Change in Control" (as defined below), the CompanySEEC, for any reason, terminates Employee's EMPLOYEE'S employment or Employee EMPLOYEE resigns "for good reason" (as defined below), then the Company SEEC shall pay to Employee EMPLOYEE within five days following the date of termination or date of resignation: (i) Employee's EMPLOYEE'S salary and benefits through the termination date or resignation date, both as in effect on the date prior to the date of the Change in Control; and (ii) the amount of any bonus payable to Employee EMPLOYEE for the year in which the Change in Control occurred, pro rated to take into account the number of days that have elapsed in such year prior to the termination date or the resignation date. In addition, during the nine-month period equal to the remaining term of this Agreement as in effect on the day prior to following the termination or resignation date, the Company SEEC shall continue to pay to Employee EMPLOYEE his annual salary, as in effect on the day prior to the date of the Change in Control, Control on the dates when such salary would have been payable payable, had Employee EMPLOYEE remained employed by the Company SEEC and shall continue to provide to Employee EMPLOYEE during such nine-month period, at no cost to EmployeeEMPLOYEE, the benefits Employee EMPLOYEE was receiving on the day prior to the date of the Change in Control or benefits EMPLOYEE was receiving on the day prior to the date of the Change in Control or benefits substantially similar thereto.

Severance Obligations. If on or after the date of a "Change in Control" (as defined below), the CompanySEEC, for any reason, terminates Employee's EMPLOYEE'S employment or Employee EMPLOYEE resigns "for good reason" (as defined below), then the Company SEEC shall pay to Employee EMPLOYEE within five days following the date of termination or date of resignation: (i) Employee's EMPLOYEE'S salary and benefits through the termination date or resignation date, both as in effect on the date prior to the date of the Change in Control; and (ii) the amount of any bonus payable to Employee EMPLOYEE for the year in which the Change in Control occurred, pro rated to take into account the number of days that have elapsed in such year prior to the termination date or the resignation date. In addition, during the twelve-month period equal to the remaining term of this Agreement as in effect on the day prior to following the termination or resignation date, the Company SEEC shall continue to pay to Employee EMPLOYEE his annual salary, as in effect on the day prior to the date of the Change in Control, Control on the dates when such salary would have been payable payable, had Employee EMPLOYEE remained employed by the Company SEEC and shall continue to provide to Employee EMPLOYEE during such twelve-month period, at no cost to EmployeeEMPLOYEE, the benefits Employee EMPLOYEE was receiving on the day prior to the date of the Change in Control or benefits EMPLOYEE was receiving on the day prior to the date of the Change in Control or benefits substantially similar thereto.