Common use of SEVERENCE PAY Clause in Contracts

SEVERENCE PAY. 4.4.1 In the event the Employment Period is terminated by the Company for any reason other than pursuant to Section 4.2.1 or Section 4.3.2 hereof or if the Employment Period is terminated because of a permanent disability of Employee pursuant to Section 4.1, upon the effectiveness of any such termination, the Company shall be obligated to pay to the employee (or his executors,administrators or assigns, as the case may be) all unpaid salary, benefits and bonuses (if any) accrued through the date of effectiveness of such termination and, in addition, a cash severance payment equal to eighteen (18) month's total base salary at the rates set forth herein, and such other benefits as may be required by law.

SEVERENCE PAY. 4.4.1 In the event the Employment Period is terminated by the Company for any reason other than pursuant to Section 4.2.1 or Section 4.3.2 hereof or if the Employment Period is terminated because of a permanent disability of Employee pursuant to Section 4.1, upon the effectiveness of any such termination, the Company shall be obligated to pay to the employee (or his executors,, administrators or assigns, as the case may be) all unpaid salary, benefits and bonuses (if any) accrued through the date of effectiveness of such termination and, in addition, a cash severance payment equal to eighteen (18) month's total base salary at the rates set forth herein, and such other benefits as may be required by law.