Common use of Severance Payment Schedule Clause in Contracts

Severance Payment Schedule. Subject to Section 4.5 hereof, Severance Benefits (other than COBRA) due to the Executive or, if applicable, the Executive’s estate, shall be paid in four equal installments as follows: (a) an amount equal to six months of annual salary set forth in Article 3.1(a)(i) and twenty five percent (25%) of the total bonus amount set forth in Article 3.1(a)(ii) (the “Severance Installment Payment”), and the amounts set forth in Article 3.1(a)(iii) and (iv), upon the effectiveness of the General Release, provided, however that if the sixty (60) day period set forth in Article 3.2 commences in one calendar year and ends in the following calendar year, the Severance Installment Payment shall commence in the second year (the “First Installment”); (b) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the First Installment (the “Second Installment”); (c) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the Second Installment (the “Third Installment); and (d) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the Third Installment (the “The Final Installment”). The Company’s obligation to pay Severance Benefits due to the Executive pursuant to this Article 3, to the extent not already paid, shall cease immediately and such payments will be forfeited if the Executive violates any condition described in Article 4.

Severance Payment Schedule. Subject to Section 4.5 hereof, Severance Benefits (other than COBRA) due to the Executive or, if applicable, the Executive’s estate, shall be paid in four equal installments as follows: (a) an amount equal to six months of annual salary set forth in Article 3.1(a)(i) and twenty five percent (25%) of the total bonus amount set forth in Article 3.1(a)(ii) (the “Severance Installment Payment”), and the amounts set forth in Article 3.1(a)(iii) and (iv), upon the effectiveness of the General Release, provided, however that if the sixty (60) day period set forth in Article 3.2 commences in one calendar year and ends in the following calendar year, the Severance Installment Payment shall commence in the second year (the “First Installment”); (b) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the First Installment (the “Second Installment”); (c) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the Second Installment (the “Third Installment); and (d) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the Third Installment (the “The Final Installment”). The Company’s obligation to pay Severance Benefits due to the Executive pursuant to this Article 3, to the extent not already paid, shall cease immediately and such payments will be forfeited if the Executive violates any condition described in Article 4.