Common use of Severance Upon an Event of Termination Clause in Contracts

Severance Upon an Event of Termination. Upon the occurrence of an event of termination under Section 7(a), the Company shall, subject to the provisions of Section 9 below, monthly for the duration of the Severance Period (as defined below) pay Executive or, in the event of Executive's subsequent death, his beneficiary or beneficiaries or his estate, as the case may be, as severance pay and liquidated damages the monthly Base Salary paid to Executive at the time of termination of his employment (the "Severance Payments"). In addition, following an event of termination under Section 7(a), the Company shall continue to provide the health and welfare insurance benefits provided to Executive under Section 5 hereof as of immediately prior to his date of termination for a period of twelve (12) months following the date of termination (provided that Executive continues to make all required employee contributions) and shall compensate Executive for Executive's loss of pension benefits by providing Executive with a lump sum payment equal to the difference, computed on the basis of actuarial present values as of Executive's date of termination (using actuarial assumptions in effect for the Company's defined benefit plan as of the date of termination) between (1) the aggregate benefits Executive would have been entitled to receive under the Company's qualified and nonqualified defined benefit pension plans (the "Retirement Plans"), had Executive's employment continued under this Agreement for the Severance Period and (2) the aggregate benefit Executive is actually entitled to receive under the Retirement Plans as of the date of termination. For purposes of this Agreement, the "Severance Period" shall commence on the date of termination of Executive's employment with the Company and expire upon the earlier of (i) twenty-four (24) months from the date of termination and (ii) nine (9) months following the date on which the term of this Agreement (as in effect as of Executive's date of termination) would have otherwise expired; provided, that in no event shall the Severance Period be longer than eighteen (18) months in the event of a termination of employment pursuant to Section 7(a)(ii) E. hereof. The Severance Payments shall commence on the last day of the month in which the event of termination occurs; provided, that the first such payment shall be reduced by the amount of any Base Salary received by Executive for the portion of such month prior to the event of termination. Notwithstanding the foregoing, the Company's obligation to provide severance benefits hereunder shall be reduced by the value of any cash compensation paid to (or deferred by) Executive with respect to employment or consulting services performed by Executive during the Severance Period. In the event Executive receives twelve (12) months of continued welfare benefit insurance as described above, and the Company's level of self-insurance for medical benefits (with respect to individual claims in any given year) as of Executive's date of termination is not more than 10% greater than it is as of the Effective Date, Executive's coverage period for "COBRA" continuation health coverage (to the extent Executive is otherwise eligible for coverage) shall begin upon the expiration of such 12-month period.

Severance Upon an Event of Termination. Upon the occurrence of an event of termination under Section 7(a), the Company shall, subject to the provisions of Section 9 below, monthly for the duration of the Severance Period (as defined below) pay Executive or, in the event of Executive's subsequent death, his beneficiary or beneficiaries or his estate, as the case may be, as severance pay and liquidated damages the monthly Base Salary paid to Executive at the time of termination of his employment (the "Severance Payments"). In addition, following an event of termination under Section 7(a), the Company shall continue to provide the health and welfare insurance benefits provided to Executive under Section 5 hereof as of immediately prior to his date of termination for a period of twelve (12) months following the date of termination (provided that Executive continues to make all required employee contributions) ), and shall compensate Executive for Executive's loss of pension benefits by providing Executive with a lump sum payment equal to the difference, computed on the basis of actuarial present values as of Executive's date of termination (using actuarial assumptions in effect for the Company's defined benefit plan as of the date of termination) between (1) the aggregate benefits Executive would have been entitled to receive under the Company's qualified and nonqualified defined benefit pension plans (the "Retirement Plans"), had Executive's employment continued under this Agreement for the Severance Period and (2) the aggregate benefit Executive is actually entitled to receive under the Retirement Plans as of the date of termination. For purposes of this Agreement, the "Severance Period" shall commence on the date of termination of Executive's employment with the Company and expire upon the earlier of (i) twenty-four (24) months from the date of termination and (ii) nine (9) months following the date on which the term of this Agreement (as in effect as of Executive's date of termination) would have otherwise expired; provided, that in no event shall the Severance Period be longer than eighteen (18) months in the event of a termination of employment pursuant to Section 7(a)(ii) E. 7(a)(ii)E. hereof. The Severance Payments shall commence on the last day of the month in which the event of termination occurs; provided, that the first such payment shall be reduced by the amount of any Base Salary received by Executive for the portion of such month prior to the event of termination. Notwithstanding the foregoing, the Company's obligation to provide severance benefits hereunder shall be reduced by the present value of any cash compensation paid to (or deferred by) Executive with respect to employment or consulting services performed by Executive during the Severance Period. In the event Executive receives twelve (12) months of continued welfare benefit insurance as described above, and the Company's level of self-insurance for medical benefits (with respect to individual claims in any given year) as of Executive's date of termination is not more than 10% greater than it is as of the Effective Date, Executive's coverage period for "COBRA" continuation health coverage (to the extent Executive is otherwise eligible for coverage) shall begin upon the expiration of such 12-month period.

Severance Upon an Event of Termination. Upon the occurrence of an event of termination under Section 7(a), the Company shall, subject to the provisions of Section 9 below, monthly for the duration of the Severance Period (as defined below) pay Executive or, in the event of Executive's subsequent death, his her beneficiary or beneficiaries or his her estate, as the case may be, as severance pay and liquidated damages the monthly Base Salary paid to Executive at the time of termination of his her employment (the "Severance Payments"). In addition, following an event of termination under Section 7(a), the Company shall continue to provide the health and welfare insurance benefits provided to Executive under Section 5 hereof as of immediately prior to his her date of termination for a period of twelve (12) months following the date of termination (provided that Executive continues to make all required employee contributions) and shall compensate Executive for Executive's loss of pension benefits by providing Executive with a lump sum payment equal to the difference, computed on the basis of actuarial present values as of Executive's date of termination (using actuarial assumptions in effect for the Company's defined benefit plan as of the date of termination) between (1) the aggregate benefits Executive would have been entitled to receive under the Company's qualified and nonqualified defined benefit pension plans (the "Retirement Plans"), had Executive's employment continued under this Agreement for the Severance Period and (2) the aggregate benefit Executive is actually entitled to receive under the Retirement Plans as of the date of termination. For purposes of this Agreement, the "Severance Period" shall commence on the date of termination of Executive's employment with the Company and expire upon the earlier of (i) twenty-four eighteen (2418) months from the date of termination and (ii) nine six (96) months following the date on which the term of this Agreement (as in effect as of Executive's date of termination) would have otherwise expired; provided, that in no event shall the Severance Period be longer than eighteen twelve (1812) months in the event of a termination of employment pursuant to Section 7(a)(ii) E. 7(a)(ii)E. hereof. The Severance Payments shall commence on the last day of the month in which the event of termination occurs; provided, that the first such payment shall be reduced by the amount of any Base Salary received by Executive for the portion of such month prior to the event of termination. Notwithstanding the foregoing, the Company's obligation to provide severance benefits hereunder shall be reduced by the value of any cash compensation paid to (or deferred by) Executive with respect to employment or consulting services performed by Executive during the Severance Period. In the event Executive receives twelve (12) months of continued welfare benefit insurance as described above, and the Company's level of self-insurance for medical benefits (with respect to individual claims in any given year) as of Executive's date of termination is not more than 10% greater than it is as of the Effective Date, Executive's coverage period for "COBRA" continuation health coverage (to the extent Executive is otherwise eligible for coverage) shall begin upon the expiration of such 12-month period.

Severance Upon an Event of Termination. Upon the occurrence of an event of termination under Section 7(a), the Company shall, subject to the provisions of Section 9 below, monthly for the duration of the Severance Period (as defined below) pay Executive or, in the event of Executive's subsequent death, his beneficiary or beneficiaries or his estate, as the case may be, as severance pay and liquidated damages the monthly Base Salary paid to Executive at the time of termination of his employment (the "Severance Payments"). In addition, following an event of termination under Section 7(a), the Company shall continue to provide the health and welfare insurance benefits provided to Executive under Section 5 hereof as of immediately prior to his date of termination for a period of twelve (12) months following the date of termination (provided that Executive continues to make all required employee contributions) and shall compensate Executive for Executive's loss of pension benefits by providing Executive with a lump sum payment equal to the difference, computed on the basis of actuarial present values as of Executive's date of termination (using actuarial assumptions in effect for the Company's defined benefit plan as of the date of termination) between (1) the aggregate benefits Executive would have been entitled to receive under the Company's qualified and nonqualified defined benefit pension plans (the "Retirement Plans"), had Executive's employment continued under this Agreement for the Severance Period and (2) the aggregate benefit Executive is actually entitled to receive under the Retirement Plans as of the date of termination. For purposes of this Agreement, the "Severance Period" shall commence on the date of termination of Executive's employment with the Company and expire upon the earlier of (i) twenty-four eighteen (2418) months from the date of termination and (ii) nine six (96) months following the date on which the term of this Agreement (as in effect as of Executive's date of termination) would have otherwise expired; provided, that in no event shall the Severance Period be longer than eighteen twelve (1812) months in the event of a termination of employment pursuant to Section 7(a)(ii) E. 7(a)(ii)E. hereof. The Severance Payments shall commence on the last day of the month in which the event of termination occurs; provided, that the first such payment shall be reduced by the amount of any Base Salary received by Executive for the portion of such month prior to the event of termination. Notwithstanding the foregoing, the Company's obligation to provide severance benefits hereunder shall be reduced by the present value of any cash compensation paid to (or deferred by) Executive with respect to employment or consulting services performed by Executive during the Severance Period. In the event Executive receives twelve (12) months of continued welfare benefit insurance as described above, and the Company's level of self-insurance for medical benefits (with respect to individual claims in any given year) as of Executive's date of termination is not more than 10% greater than it is as of the Effective Date, Executive's coverage period for "COBRA" continuation health coverage (to the extent Executive is otherwise eligible for coverage) shall begin upon the expiration of such 12-month period.