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 (as such term is defined herein), he shall receive, as severance pay, one (1) year's current salary paid in regular bi-weekly payments (the "Salary Continuation") plus a lump sum payment equal to one (1) years current salary (the "Lump Sum Payment"). The Lump Sum Payment shall be paid to Executive within five (5) business days of Executives termination for any reason other than for cause. Executive and his family shall continue to be covered by Company's health and dental plan for the period of time Executive shall receive Salary Continuation pursuant to the preceding sentence upon the same terms and conditions under which Executive and his family were covered at the time of his termination. Further, if Executive shall be terminated without Cause, receipt of Salary Continuation and the Lump Sum Payment described above is conditioned upon execution by Executive and the Company of that mutual Waiver and Release attached hereto as Exhibit A. Further, Executive shall receive Salary Continuation and the Lump Sum Payment 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. If Executive shall become entitled to receive Salary Continuation pursuant to this Section 3.1; (a) all stock options of SIG and Goran (including any subsidiary of either SIG or Goran) existing as of the date hereof previously granted Executive shall vest in full and become exercisable as of the date of Executive's Termination; and (b) Executive shall have 180 days from the date of Termination of his employment with Company in which to exercise any unexercised stock options previously granted to Executive.

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 (as such term is defined herein)cause or poor performance, he shall receive, as severance paypay salary continuation, one (1) year's current at the salary paid rate in regular bi-weekly payments (the "Salary Continuation") plus a lump sum payment equal to one (1) years current salary (the "Lump Sum Payment"). The Lump Sum Payment shall be paid to Executive within five (5) business days of Executives termination for any reason other than for cause. Executive and his family shall continue to be covered by Company's health and dental plan for the period of time Executive shall receive Salary Continuation pursuant to the preceding sentence upon the same terms and conditions under which Executive and his family were covered effect at the time of his termination, until the end of the Term, (the "Severance Payments"). Further, if Executive shall be terminated without Causecause, receipt of Salary Continuation and severance payments described in the Lump Sum Payment described above is preceding sentence are conditioned upon execution by Executive and the Company of that mutual Waiver and Release attached hereto as Exhibit A. Further, Executive shall receive Salary Continuation and the Lump Sum Payment severance pay in accordance with this Section 3.1 3.2 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. If Should Executive fail to adequately perform his duties as Executive Vice President of Superior, Executive shall become entitled receive written notification of such performance issues and shall have ninety (90) days to receive Salary Continuation pursuant to rectify such problem. Notwithstanding any other provision of this Section 3.1; Agreement, if Executive (a) all stock options of SIG and Goran shall be terminated for poor performance (including any subsidiary of either SIG or Goran) existing as which shall be determined by the Chief Executive Officer of the date hereof previously granted Company and concurred in by a majority of the Board of Directors of Superior); or (b) provided a Notice of Non-Renewal, then Executive shall vest in full and become exercisable receive, as of severance pay, salary continuation until the earlier to occur of: (a) one (1) year from the date of Executive's Termination; and termination, or (b) Executive shall have 180 days from the date of Termination of his commence employment with a firm or entity other than the Company or its Affiliates such that his base salary is at or greater than the existing base salary pursuant to this Agreement. It is expressly understood and agreed that the amount of any payment to Executive required pursuant to this Section 3.2 shall be reduced (but not below zero) by any compensation received by Executive during the period called for in which to exercise any unexercised stock options previously granted to Executivethis Section 3.2.