Common use of Termination Giving Rise to a Termination Payment Clause in Contracts

Termination Giving Rise to a Termination Payment. If there is a Covered Termination (i) by the Executive for Good Reason, (ii) by the Employer other than by reason of (A) death, (B) disability pursuant to Section 12, or (C) Cause (any such terminations to be subject to the procedures set forth in Section 13) or (iii) pursuant to Section 7(b), then, to the extent the Employer is not then prohibited by applicable regulations from providing such amounts, the Executive shall be entitled to receive, and the Employer shall promptly pay, Accrued Benefits and, in lieu of further base salary for periods following the Termination Date, as liquidated damages and additional severance pay and in consideration of the covenant of the Executive set forth in Section 14(a), the Termination Payment pursuant to Section 9(a).