Common use of Termination; Payment of Accrued Salary Clause in Contracts

Termination; Payment of Accrued Salary. The Company may terminate the Executive’s employment at any time for without Cause or on account of disability by providing written notice to the Executive. The Executive may terminate his employment with Good Reason (as defined below) pursuant to the procedures set forth in Section 6.4(e). In the event the Company terminates Executive’s employment without Cause or on account of disability or if Executive leaves with Good Reason (each a “Termination Event”), then unless such Termination Event is in connection with Section 6.5 below, the Company shall pay the Executive as follows: (i) In the event such Termination Event is on or before the first anniversary of Executive’s employment with the Company, severance subject to Section 6.4(b), a minimum amount equal to nine (9) months of salary the Termination Date calculated at his then Base Salary, less standard withholdings for tax and social security purposes, payable in equal monthly payments commencing as of the Termination Date until the entire amount calculated above has been paid (such monthly continued payments of Base Salary, the “Salary Continuation Benefit”); provided, however, that (y) in the event such Termination occurs after the first anniversary but on or before the second anniversary, then the severance amount above would be six (6) months of salary; and (z) in the event such Termination occurs after the secondary anniversary, then the severance amount above would be three (3) months of salary; and (ii) The Company will pay the premiums for continued coverage in the Company’s health and welfare plans under the continuation coverage provisions of COBRA for period during which the Salary Continuation Benefit is paid (or the cash equivalent of such amount).