Common use of Termination Without CHANGE OF CONTROL Clause in Contracts

Termination Without CHANGE OF CONTROL. In the event that the Employer terminates the employment of the Employee for any reason other than Just Cause, and the termination is not in connection with a Change of Control pursuant to Section 4(a) of this Agreement, the Employer shall be obligated to continue to (i) pay on a monthly basis to the Employee, his designated beneficiaries or his estate, his annual salary provided pursuant to Section 3(a) of this Agreement as of the date of termination for a period of 12 months (provided, however, that the amount so payable shall not exceed the lesser of (a) two times the Employee’s annualized compensation or (b) two times the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Employee terminates); and (ii) provide to the Employee, his eligible dependents and beneficiaries, at the Employer’s expense, group health benefits, hospitalization and disability benefits substantially equal to those being provided to the Employee at the date of termination of his employment, to the extent permitted under the terms of such plans, until the earliest to occur of: (A) the first anniversary of the effective date of the Employee’s termination, or (B) the Employee is included in another employer’s plans providing comparable benefits and coverage.