Common use of Standard Severance Payment Clause in Contracts

Standard Severance Payment. One-half (1/2) of the Standard Severance Payment shall be paid to Executive in a lump sum on the sixtieth (60) day following the date of termination. One-half (1/2) of the Standard Severance Payment shall be paid to Executive in twelve (12) equal monthly installments, with the first such payment due on the last day of the first full calendar month following the date of termination.