Common use of Severance Release Clause in Contracts

Severance Release. In the event of and upon the termination by the Corporation of the employment of the Executive under this Agreement without "cause" at any time after the expiration of 180 days from the commencement of employment of Executive with the Corporation, in addition to the Salary and other compensation (including cash bonuses, incentive and performance compensation) earned hereunder and unpaid or not delivered through the date of termination and any benefits referred to in Section 5(b) hereof in which the Executive has a vested right under the terms and conditions of the plan or program pursuant to which such benefits were granted (without regard to such termination), the Corporation shall pay the Executive a cash payment (the "Severance Payment") equal in the aggregate to the sum of twelve months' Salary and all bonuses earned by the Executive during the twelve (12) months preceding such termination. In the event of termination of this Agreement by the Corporation by reason of the death or disability of the Executive, the Corporation shall not be obligated to make the Severance Payment to the Executive. The Severance Payment shall be paid to the Executive in consecutive, equal monthly installments, on the fifteenth day of each calendar month commencing during the month next following the (1) the first to occur of the month in which the Executive is no longer employed by the Corporation and (2) the effective date of a general release from the Executive in customary form for such circumstances. The Severance Payment shall be in lieu of any other claim for compensation under this Agreement, any wage continuation law or at common law, or any claim to severance or similar payments or benefits which the Executive may otherwise have or make. Without limiting any other rights or remedies which the Corporation may have, it is understood that the Corporation shall be under no further obligation to make any such severance payments and shall be entitled to be reimbursed therefor by the Executive or his estate if the Executive violates any of the covenants set forth in the Conditions of Employment attached as Exhibit A hereto. In the event that the Severance Payment shall become payable to the Executive, the Executive shall not be required, either in mitigation of damages or by the terms of any provisions of this Agreement or otherwise, to seek or accept other employment, and if the Executive does accept other employment, any benefits or payments under this Agreement shall not be reduced by any compensation earned or other benefits received as a result of such employment.

Severance Release. In the event of and upon the termination by the Corporation of the employment of the Executive under this Agreement without "cause" at any time after the expiration of 180 days from the commencement of employment of Executive with the Corporation", in addition to the Salary and other compensation (including accrued vacation, cash bonuses, incentive and performance compensation) earned hereunder and unpaid or not delivered through the date of termination and any benefits referred to in Section 5(b) hereof in which the Executive has a vested right under the terms and conditions of the plan or program pursuant to which such benefits were granted (without regard to such termination), the Corporation shall pay the Executive a cash payment (the "Severance PaymentSEVERANCE PAYMENT") equal in the aggregate to the sum of twelve months' Salary and all bonuses earned by the Executive during the twelve (12) months preceding such termination. In the event of termination of this Agreement by the Corporation by reason of the death or disability of the Executive, the Corporation shall not be obligated to make the Severance Payment to the Executive. The Severance Payment shall be paid to the Executive in consecutive, equal monthly installments, on the fifteenth day of each calendar month commencing during the month next following the (1) the first to occur of the month in which the Executive is no longer employed by the Corporation and (2) the effective date of a general release from the Executive in customary form for such circumstances. The Severance Payment shall be in lieu of any other claim for compensation under this Agreement, any wage continuation law or at common law, or any claim to severance or similar payments or benefits which the Executive may otherwise have or make. Without limiting any other rights or remedies which the Corporation may have, it is understood that the Corporation shall be under no further obligation to make any such severance payments and shall be entitled to be reimbursed therefor by the Executive or his estate if the Executive violates any of the covenants set forth in this Agreement or in the Conditions of Employment attached as Exhibit A hereto. In the event that the Severance Payment shall become payable to the Executive, the Executive shall not be required, either in mitigation of damages or by the terms of any provisions of this Agreement or otherwise, to seek or accept other employment, and if the Executive does accept other employment, any benefits or payments under this Agreement shall not be reduced by any compensation earned or other benefits received as a result of such employment. Further, in the event that the Severance Payment shall become payable to the Executive, the Corporation shall continue to provide during such twelve-month period coverage to Executive under the Corporation's health, hospitalization and medical programs, to the same extent and at the same cost to the Executive as provided during the term of Executive's employment with the Corporation (the "Health Benefit").

Severance Release. In the event of and upon the termination by the Corporation of the employment of the Executive under this Agreement without "cause" at any time after the expiration of 180 days from the commencement of employment of Executive with the Corporation, in addition to the Salary and other compensation (including cash bonuses, incentive and performance compensation) earned hereunder and unpaid or not delivered through the date of termination and any benefits referred to in Section 5(b) hereof in which the Executive has a vested right under the terms and conditions of the plan or program pursuant to which such benefits were granted (without regard to such termination), the Corporation shall pay the Executive a cash payment (the "Severance Payment") equal in the aggregate to the sum of twelve months' Salary and all bonuses earned by the Executive during the twelve (12) months preceding such termination. In the event of termination of this Agreement by the Corporation by reason of the death or disability of the Executive, the Corporation shall not be obligated to make the Severance Payment to the Executive. The Severance Payment shall be paid to the Executive in consecutive, equal monthly installments, on the fifteenth day of each calendar month commencing during the month next following the (1) the first to occur of the month in which the Executive is no longer employed by the Corporation and (2) the effective date of a general release from the Executive in customary form for such circumstances. The Severance Payment shall be in lieu of any other claim for compensation under this Agreement, any wage continuation law or at common law, or any claim to severance or similar payments or benefits which the Executive may otherwise have or make. Without limiting any other rights or remedies which the Corporation may have, it is understood that the Corporation shall be under no further obligation to make any such severance payments and shall be entitled to be reimbursed therefor by the Executive or his her estate if the Executive violates any of the covenants set forth in the Conditions of Employment attached as Exhibit A hereto. In the event that the Severance Payment shall become payable to the Executive, the Executive shall not be required, either in mitigation of damages or by the terms of any provisions of this Agreement or otherwise, to seek or accept other employment, and if the Executive does accept other employment, any benefits or payments under this Agreement shall not be reduced by any compensation earned or other benefits received as a result of such employment.

Severance Release. In the event of and upon the termination by the Corporation of the employment of the Executive under this Agreement without "cause" at any time after the expiration of 180 days from the commencement of employment of Executive with the Corporation", in addition to the Salary and other compensation (including accrued vacation, cash bonuses, incentive and performance compensation) earned hereunder and unpaid or not delivered through the date of termination and any benefits referred to in Section 5(b) hereof in which the Executive has a vested right under the terms and conditions of the plan or program pursuant to which such benefits were granted (without regard to such termination), the Corporation shall pay the Executive a cash payment (the "Severance PaymentSEVERANCE PAYMENT") equal in the aggregate to the sum of twelve months' Salary and all bonuses earned by the Executive during the twelve (12) months preceding such termination. In the event of termination of this Agreement by the Corporation by reason of the death or disability of the Executive, the Corporation shall not be obligated to make the Severance Payment to the Executive. The Severance Payment shall be paid to the Executive in consecutive, equal monthly installments, on the fifteenth day of each calendar month commencing during the month next following the (1) the first to occur of the month in which the Executive is no longer employed by the Corporation and (2) the effective date of a general release from the Executive in customary form for such circumstances. The Severance Payment shall be in lieu of any other claim for compensation under this Agreement, any wage continuation law or at common law, or any claim to severance or similar payments or benefits which the Executive may otherwise have or make. Without limiting any other rights or remedies which the Corporation may have, it is understood that the Corporation shall be under no further obligation to make any such severance payments and shall be entitled to be reimbursed therefor by the Executive or his estate if the Executive violates any of the covenants set forth in this Agreement or in the Conditions of Employment attached as Exhibit A hereto. In the event that the Severance Payment shall become payable to the Executive, the Executive shall not be required, either in mitigation of damages or by the terms of any provisions of this Agreement or otherwise, to seek or accept other employment, and if the Executive does accept other employment, any benefits or payments under this Agreement shall not be reduced by any compensation earned or other benefits received as a result of such employment. Further, in the event that the Severance Payment shall become payable to the Executive, the Corporation shall continue to provide during such twelve-month period coverage to Executive under the Corporation's health, hospitalization and medical programs, to the same extent and at the same cost to the Executive as provided during the term of Executive's employment with the Corporation (the "Health Benefit").

Severance Release. In the event of and upon the termination by the Corporation of the employment of the Executive Employee under this Agreement without "cause" at any time after the expiration of 180 days from the commencement of employment of Executive with the Corporation", in addition to the Salary and other compensation (including accrued vacation, cash bonuses, incentive and performance compensation) earned hereunder and unpaid or not delivered through the date of termination and any benefits referred to in Section 5(b) hereof in which the Executive Employee has a vested right under the terms and conditions of the plan or program pursuant to which such benefits were granted (without regard to such termination), the Corporation shall pay the Executive Employee a cash payment (the "Severance Payment") equal in the aggregate to the sum of twelve months' Salary months salary and all bonuses earned by bonus (which shall be determined based on the Executive during the previous twelve (12months or portion thereof) months preceding such termination. In the event of termination of this Agreement by the Corporation by reason of the death or disability of the ExecutiveEmployee or for "cause", or in the event of voluntary termination of this Agreement by Employee, the Corporation shall not be obligated to make the Severance Payment to the ExecutiveEmployee. The Severance Payment shall be paid to the Executive Employee in consecutive, equal monthly installments, on the fifteenth day of each calendar month commencing during the month next following the (1) the first to occur of (1) the month in which the Executive Employee is no longer employed by the Corporation and (2) the effective date of a general release from the Executive Employee in customary form for such circumstances. The Severance Payment shall be in lieu of any other claim for compensation under this Agreement, any wage continuation law or at common law, or any claim to severance or similar payments or benefits which the Executive Employee may otherwise have or make. Without limiting any other rights or remedies which the Corporation may have, it is understood that the Corporation shall be under no further obligation to make any such severance payments and shall be entitled to be reimbursed therefor by the Executive Employee or his estate if the Executive Employee violates any of the covenants set forth in the Conditions of Employment attached as Exhibit A heretothis Agreement. In the event that the Severance Payment shall become payable to the ExecutiveEmployee, the Executive Employee shall not be required, either in mitigation of damages or by the terms of any provisions of this Agreement or otherwise, to seek or accept other employment, and if the Executive Employee does accept other employment, any benefits or payments under this Agreement shall not be reduced by any compensation earned or other benefits received as a result of such employment. Further, in the event that the Severance Payment shall become payable to the Employee, the Corporation shall continue to provide during such period coverage to Employee under the Corporation's health, hospitalization and medical programs, to the same extent and at the same cost to the Employee as provided during the term of Employee's employment with the Corporation so long as its programs permit such coverage and, in addition, shall use its best efforts to maximize the length of time that COBRA benefits otherwise available to Employee shall remain available to the maximum extent permitted under applicable laws.

Severance Release. Notwithstanding anything to the contrary contained ------------------ herein, the Company shall have the right, at any time after December 31, 2000, to terminate the employment of the Employee under this Agreement "without cause". In the event of and upon the termination by the Corporation of the employment of the Executive under this Agreement without "cause" at any time after the expiration of 180 days from the commencement of employment of Executive with the Corporationsuch a termination, in addition to the Salary and other compensation (including accrued vacation and cash bonuses, incentive and performance compensation) earned hereunder and unpaid or not delivered through the date of termination and any benefits referred to in Section Sections 4(b), 4(c), 4(d) and 5(b) hereof in which the Executive Employee has a vested right under the terms and conditions of the plan or program pursuant to which such benefits were granted (without regard to such termination), the Corporation Company shall pay the Executive a cash payment Employee the following (the "Severance Payment") ): a cash payment equal in to the aggregate amount of Salary that the Employee would have been entitled to under this Agreement, from the date of such termination to the sum of twelve months' Salary and all bonuses earned by the Executive during the twelve (12) months preceding such termination. In the event of termination of this Agreement by the Corporation by reason end of the death or disability of the Executivescheduled Term, the Corporation shall not be obligated to make the Severance Payment to the Executive. The Severance Payment which shall be paid to the Executive payable in consecutive, equal monthly installments, on the fifteenth day of each calendar month commencing during the month next following the (1) the first to occur of the month in which the Executive Employee is no longer employed by the Corporation and Company; if such termination occurs during the first two years of the Term, the amount of any non-accountable expense allowance otherwise payable under Section 4(c) that would have accrued after such termination in accordance with such Section, which shall be paid in full on or before the second anniversary of the date of this Agreement in accordance with the Company's standard non-accountable expense policies; commencing seven months after such termination, a monthly amount equal to the quotient of (A) the sum of (1) the aggregate bonus that was payable to the Employee under Section 4(b) for the six months immediately preceding such termination, plus (2) the effective date Bonus Percentage multiplied by the aggregate amount of Service Agreement Severance Amounts (as defined in the Service Agreement) payable to the Company (without regard to when actually received by the Company) for the six months immediately succeeding such termination divided by (B) 12, which amount shall be paid to Employee on the fifteenth day of each calendar month commencing during the seventh month next following the month in which the Employee is no longer employed by the Company and continuing through the end of the scheduled Term; and an amount equal to the Bonus Percentage of all Service Agreement Severance Amounts (as defined in the Service Agreement) received by the Company, which shall be paid to the Employee as and when received by the Company under the Service Agreement. Notwithstanding anything to the contrary contained above, payments under this Section 6(d) shall not be due unless the Company shall have received a general release from the Executive Employee in customary form for such circumstancescircumstances (which shall not release the Company from its obligation to make the Severance Payment to the Employee). In the event of termination of this Agreement by the Company by reason of the death or disability of the Employee, the Company shall not be obligated to make the Severance Payment to the Employee. The Severance Payment shall be in lieu of any other claim for compensation under this Agreement, any wage continuation law or at common law, or any claim to severance or similar payments or benefits which the Executive Employee may otherwise have or make. Without limiting any other rights or remedies which the Corporation Company may have, it is understood that the Corporation Company shall be under no further obligation to make any such severance payments and shall be entitled to be reimbursed therefor by the Executive Employee or his estate if the Executive Employee violates any of the covenants set forth in the Conditions of Employment attached as Exhibit A heretothis Agreement. In the event that the Severance Payment shall become payable to the ExecutiveEmployee, the Executive Employee shall not be required, either in mitigation of damages or by the terms of any provisions of this Agreement or otherwise, to seek or accept other employment, and if the Executive Employee does accept other employment, any benefits or payments under this Agreement shall not be reduced by any compensation earned or other benefits received as a result of such employment. Further, in the event that the Severance Payment shall become payable to the Employee, the Company shall continue to provide during such period coverage to Employee under the Company's health, hospitalization and medical programs, to the same extent and at the same cost to the Employee as provided during the term of Employee's employment with the Company (the "Health Benefit").

Severance Release. In the event of and upon the termination by the Corporation of the employment of the Executive under this Agreement without "cause" at any time after the expiration of 180 days from the commencement of employment of Executive with the Corporation, in addition to the Salary and other compensation (including cash bonuses, incentive and performance compensation) earned hereunder and unpaid or not delivered through the date of termination and any benefits referred to in Section 5(b) hereof in which the Executive has a vested right under the terms and conditions of the plan or program pursuant to which such benefits were granted (without regard to such termination), the Corporation shall pay the Executive a cash payment (the "Severance Payment") equal in the aggregate to the sum of twelve six months' Salary and all bonuses earned by the Executive during the twelve six (126) months preceding such termination. In the event of termination of this Agreement by the Corporation by reason of the death or disability of the Executive, the Corporation shall not be obligated to make the Severance Payment to the Executive. The Severance Payment shall be paid to the Executive in consecutive, equal monthly installments, on the fifteenth day of each calendar month commencing during the month next following the (1) the first to occur of the month in which the Executive is no longer employed by the Corporation and (2) the effective date of a general release from the Executive in customary form for such circumstances. The Severance Payment shall be in lieu of any other claim for compensation under this Agreement, any wage continuation law or at common law, or any claim to severance or similar payments or benefits which the Executive may otherwise have or make. Without limiting any other rights or remedies which the Corporation may have, it is understood that the Corporation shall be under no further obligation to make any such severance payments and shall be entitled to be reimbursed therefor by the Executive or his estate if the Executive violates any of the covenants set forth in the Conditions of Employment attached as Exhibit A hereto. In the event that the Severance Payment shall become payable to the Executive, the Executive shall not be required, either in mitigation of damages or by the terms of any provisions of this Agreement or otherwise, to seek or accept other employment, and if the Executive does accept other employment, any benefits or payments under this Agreement shall not be reduced by any compensation earned or other benefits received as a result of such employment.

Severance Release. In the event of and upon the termination by the Corporation of the employment of the Executive Employee under this Agreement without "cause" at any time after the expiration of 180 days from the commencement of employment of Executive with the Corporation", in addition to the Salary and other compensation (including accrued vacation, cash bonuses, incentive and performance compensation) earned hereunder and unpaid or not delivered through the date of termination and any benefits referred to in Section 5(b) hereof in which the Executive Employee has a vested right under the terms and conditions of the plan or program pursuant to which such benefits were granted (without regard to such termination), the Corporation shall pay the Executive Employee a cash payment (the "Severance Payment") equal in the aggregate to the sum of twelve months' Salary and all bonuses earned by the Executive during the twelve six (126) months preceding such terminationweeks salary. In the event of termination of this Agreement by the Corporation by reason of the death or disability of the ExecutiveEmployee or for "cause", or in the event of the voluntary termination of this Agreement by Employee, the Corporation shall not be obligated to make the Severance Payment to the ExecutiveEmployee. The Severance Payment shall be paid to the Executive Employee in consecutive, equal monthly installments, on the fifteenth day of each calendar month commencing during the month next following the (1) the first to occur of (1) the month in which the Executive Employee is no longer employed by the Corporation and (2) the effective date of a general release from the Executive Employee in customary form for such circumstances. The Severance Payment shall be in lieu of any other claim for compensation under this Agreement, any wage continuation law or at common law, or any claim to severance or similar payments or benefits which the Executive Employee may otherwise have or make. Without limiting any other rights or remedies which the Corporation may have, it is understood that the Corporation shall be under no further obligation to make any such severance payments and shall be entitled to be reimbursed therefor by the Executive Employee or his her estate if the Executive Employee violates any of the covenants set forth in the Conditions of Employment attached as Exhibit A heretothis Agreement. In the event that the Severance Payment shall become payable to the ExecutiveEmployee, the Executive Employee shall not be required, either in mitigation of damages or by the terms of any provisions of this Agreement or otherwise, to seek or accept other employment, and if the Executive Employee does accept other employment, any benefits or payments under this Agreement shall not be reduced by any compensation earned or other benefits received as a result of such employment. Further, in the event that the Severance Payment shall become payable to the Employee, the Corporation shall continue to provide during such period coverage to Employee under the Corporation's health, hospitalization and medical programs, to the same extent and at the same cost to the Employee as provided during the term of Employee's employment with the Corporation, so long as its programs permit such coverage.