Common use of Severance Payment Upon Involuntary Termination Clause in Contracts

Severance Payment Upon Involuntary Termination. If the Employee's employment with the Company terminates as a result of an Involuntary Termination at any time within twelve (12) months after a Change of Control, then the Employee shall be entitled to receive a severance payment in an amount equal to 18 months of the Employee's base salary as in effect immediately prior to the Involuntary Termination. Such severance payment shall be in lieu of any other severance payment to which the Employee shall be entitled pursuant to any employment agreement, offer letter or the Company's then existing severance plans and policies. Such severance payment shall be payable over a period of 18 months commencing on the date of the Involuntary Termination in accordance with the Company's normal payment practices. In addition, during the Compensation Continuation Period, the Company shall continue to make available to the Employee and Employee's spouse and dependents covered under any group health plans or life insurance plans of the Company on the date of such termination of employment, all group health, life and other similar insurance plans in which Employee or such covered dependents participate on the date of the Employee's termination; provided, however, that (i) the Employee constitutes a qualified beneficiary, as defined in Section 4980B(g)(1) of the Internal Revenue Code of 1986, as amended; and (ii) the Employee elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), within the time period prescribed pursuant to COBRA.

Severance Payment Upon Involuntary Termination. If the Employee's employment with the Company terminates as a result of an Involuntary Termination at any time within twelve (12) months after a Change of Control, then the Employee shall be entitled to receive a severance payment in an amount equal to 18 24 months of the Employee's base salary as in effect immediately prior to the Involuntary Termination. Such severance payment shall be in lieu of any other severance payment to which the Employee shall be entitled pursuant to any employment agreement, offer other letter or the Company's then existing severance plans and policies. Such severance payment shall be payable over a period of 18 24 months commencing on the date of the Involuntary Termination in accordance with the Company's normal payment practices. In addition, during the Compensation Continuation Period, the Company shall continue to make available to the Employee and Employee's spouse and dependents covered under any group health plans or life insurance plans of the Company on the date of such termination of employment, all group health, life and other similar insurance plans in which Employee or such covered dependents participate on the date of the Employee's termination; provided, however, that (i) the Employee constitutes a qualified beneficiary, as defined in Section 4980B(g)(1) of the Internal Revenue Code of 1986, as amended; and (ii) the Employee elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), within the time period prescribed pursuant to COBRA.