Common use of TERMINATION OF EMPLOYMENT AND SEVERANCE PAY Clause in Contracts

TERMINATION OF EMPLOYMENT AND SEVERANCE PAY. Executive's employment under this Agreement may be terminated by either party at any time for any reason; PROVIDED, HOWEVER, that if Executive's employment is terminated by the Company for any reason other than for cause, he shall receive, as severance pay, up to six (6) month's then current salary paid in regular bi-weekly payments (the "Salary Continuation"), subject to reduction as provided in Section 3.1.2. Further, if Executive shall be terminated without cause, receipt of severance payments described in the preceding sentence is conditioned upon execution by Executive and the Company of that mutual Waiver and Release attached hereto as Exhibit A. Further, Executive shall receive severance pay in accordance with this Section 3.1 if Executive shall terminate this Agreement due to a breach thereof by the Company or if Executive is directed by the Company (including, if applicable, any successor) to engage in any act or action constituting fraud or any unlawful conduct relating to the Company or its business as may be determined by application of applicable law. For purposes of this Section 3.1, termination of employment shall include a change of employment such that Executive shall no longer be employed by the Company as a Vice President or as its senior executive responsible for the accounting and finance function of the Company or at a salary less than Executive's current salary.

TERMINATION OF EMPLOYMENT AND SEVERANCE PAY. Executive's employment under this Agreement may be terminated by either party at any time for any reason; PROVIDEDprovided, HOWEVERhowever, that if Executive's employment is terminated by the Company for any reason other than for cause, he shall receive, as severance pay, up to six (6) month's then current salary paid in regular bi-weekly payments (the "Salary Continuation"), subject to reduction as provided in Section 3.1.2. Further, if Executive shall be terminated without cause, receipt of severance payments described in the preceding sentence is conditioned upon execution by Executive and the Company of that mutual Waiver and Release attached hereto as Exhibit A. Further, Executive shall receive severance pay in accordance with this Section 3.1 if Executive shall terminate this Agreement due to a breach thereof by the Company or if Executive is directed by the Company (including, if applicable, any successor) to engage in any act or action constituting fraud or any unlawful conduct relating to the Company or its business as may be determined by application of applicable law. For purposes of this Section 3.1, termination of employment shall include a change of employment such that Executive shall no longer be employed by the Company as a Vice President or as its senior executive responsible for the accounting and finance function of the Company or at a salary less than Executive's current salary.

TERMINATION OF EMPLOYMENT AND SEVERANCE PAY. Executive's employment under this Agreement may be terminated by either party at any time for any reason; PROVIDED, HOWEVER, that if Executive's employment is terminated by the Company SIG for any reason other than for cause, he shall receiveSIG and Goran, as jointly and severally, agree to pay severance pay, to Executive of up to six (6) month's then current salary paid in regular bi-weekly payments (the "Salary Continuation"), subject to reduction as provided in Section 3.1.2. Further, if Executive shall be terminated without cause, receipt of severance payments described in the preceding sentence is are conditioned upon execution by Executive and SIG of a waiver and release agreement substantially in the Company form of that mutual Waiver and Release Exhibit A attached hereto as Exhibit A. hereto. Further, Executive shall receive severance pay in accordance with this Section 3.1 if Executive shall terminate this Agreement due to a breach thereof by the Company SIG or if Executive is directed by the Company (including, if applicable, any successor) SIG to engage in any act or action constituting fraud or any unlawful conduct relating to the Company SIG or its business as may be determined by application of applicable law. For purposes of this Section 3.1, termination of employment shall include a change of employment such that Executive shall no longer be employed by the Company SIG as a Vice President or as its senior executive responsible for the accounting and finance actuarial function of the Company SIG or at a salary less than Executive's current salary.