Common use of Termination Related to a Change of Control Clause in Contracts

Termination Related to a Change of Control. As additional consideration for the covenants in Section 7 and Section 8, in the event of a Change of Control Termination, and provided that such termination constitutes a “separation from service” (within the meaning of Treasury Regulation Section 1.409A-1(h)), and further provided Employee signs and allows to become effective a Release within the time period provided therein (but not later than the 60th day following the Termination Date), Employee shall receive as severance one (1) year of his Salary, payable in accordance with Employer’s then current payroll schedule over the one (1) year period following the Termination Date, less deductions required by law. Notwithstanding the foregoing payment schedule, no severance will be paid prior to the effective date of the Release. On the first regular payroll pay day following the effective date of the Release, the Company will pay the Employee the severance that the Employee would otherwise have received on or prior to such date but for the delay in payment related to the effectiveness of the Release, with the balance of the severance being paid as originally scheduled.

Termination Related to a Change of Control. As additional consideration for the covenants in Section 7 and Section 87, in the event of a Change of Control Termination, and provided that such termination constitutes a “separation from service” (within the meaning of Treasury Regulation Section 1.409A-1(h)), and further provided Employee signs and allows to become effective a Release within the time period provided therein (but not later than the 60th day following the Termination Date), Employee shall receive as severance one (1) year of his Salary, payable in accordance with Employer’s then current payroll schedule over the one (1) year period following the Termination Date, less deductions required by law. Notwithstanding the foregoing payment schedule, no severance will be paid prior to the effective date of the Release. On the first regular payroll pay day following the effective date of the Release, the Company will pay the Employee the severance that the Employee would otherwise have received on or prior to such date but for the delay in payment related to the effectiveness of the Release, with the balance of the severance being paid as originally scheduled.