Common use of Termination and Severance Provisions Clause in Contracts

Termination and Severance Provisions. If, during the Term, either Employer or Executive terminates Executive's employment with Employer for any reason, and provided that such termination does not otherwise entitle Executive to receive a Severance Payment (as defined below) under Section 10 of this Agreement, Executive will be entitled to receive a termination payment equal to two (2) times Executive's annual base salary the ("Termination Payment"). The Termination Payment shall be paid in one lump sum payment, payable upon the date that Executive's employment is terminated. Notwithstanding the preceding, in the event that a definitive agreement providing for a Change in Control (each as defined below) is entered into within twelve (12) months after Executive's involuntary termination other than for Cause, Disability, Retirement or death, Executive shall be entitled to receive the difference between the Severance Payment and the Termination Payment upon the effective date of the Change in Control.