Common use of Timing of Severance Benefits Clause in Contracts

Timing of Severance Benefits. A. If this agreement is executed by Employee and delivered to Mr. Roche by 12:00 Noon March 6, 2001, the Company will wire thxx xxx xx Security Title Agency, Inc., 3620 N. Third Avenue, 2nd Floor, Phoenix, AZ 85013, Attn: Barbara XxXxxxxx, (000) 000-0000, xx xxxxxx xxxxx, xxx sums due xxxxxxxx xx Xxxtioxx XXX.0 xxx XXI.4 above. The escrow agent shall disburse the funds as follows: (a) If Employee has revoked acceptance of this Agreement on or before the Effective Date, as noted in Section I.4 above, then all funds, less the reasonable and customary charges of the escrow agent, shall be returned to the Company. (b) If Employee has not revoked acceptance of this Agreement by the Effective Date, the escrow agent shall disburse the full amounts due Employee pursuant to Section III.1 within one business day following that date, in good funds. (c) Escrow agent shall disburse to Employee one twelfth of the funds due pursuant to Section III.4 each month during the twelve months following the Effective Date, on the first business day of the month. (d) The escrow agent shall hold the funds in an interest-bearing account. Interest on the account shall be first applied to the fees and expenses of the escrow agent. Any remaining funds in escrow after payment of such expenses and all amounts owed to Employee shall be paid to the Company. Employee will have no right to claim any interest accrued on the account. (e) If the Company advises the escrow agent that Employee has breached his duty to provide the consulting services as provided in Section III.4 above, escrow agent shall suspend payments to Employee under that section. The Company's notice shall set forth the reasons why it believes Employee has breached his obligations. Escrow agent shall notify Employee of that suspension within 5 days of receipt of that notice from the Company. Employee shall have 15 business days, after delivery of that notice to Employee's residence or to Employee in person, to set forth the reasons why Employee believes the suspension was not warranted. If no such objection is received by escrow agent within that period, the escrow agent will return to the Company all funds held on escrow pursuant to Section III.4, less the charges of the escrow agent, within 5 business days following the expiration of that period. If an objection is received, the escrow agent shall continue to hold those funds in escrow until otherwise advised by written agreement of the parties or order of an appropriate court or arbitrator. (f) Employee acknowledges that the funds to be deposited into the escrow account will be net of applicable withholding taxes as if such income were received in the year 2001 for amounts pursuant to Section III. 1. Consultant shall be responsible for payment of all taxes due on the compensation to be paid under Section III.4. (g) The Company shall bear all costs of the escrow agent except as otherwise agreed to by the parties or as ordered by a court or arbitrator. In the event of breach of this Agreement, the court or arbitrator shall award the expenses of this escrow arrangement to the prevailing party, in addition to any other damages to which that party shall be entitled. (h) The parties shall cooperate to negotiate in good faith and to execute appropriate escrow instructions to more fully govern those escrowed funds, consistent with the terms of this Agreement. B. If Employee does not execute this Agreement by the date and time noted above, then no escrow arrangements will be established, except as noted below, and payments shall be made directly by the Company at the times otherwise called for under this Agreement. Amounts due under Section III.1 will be paid on the Effective Date, and amounts due on under Section III.4 will be paid monthly as noted above, except to the extent any payments hereunder are required to be approved by a court in the proceedings noted in the recitals above, in which case the payments will be made to the extent approved following receipt of that approval. The Company will escrow the base salary amount that would be paid to Employee pursuant to the Executive Officer Group Salary Continuation Plan, to be paid as provided in Section II.5 above.

Timing of Severance Benefits. A. If this agreement is executed by Employee and delivered to Mr. Roche by 12:00 Noon March 6, 2001, the Company will wire thxx xxx xx Security Title Agency, Inc., 3620 N. Third Avenue, 2nd Floor, Phoenix, AZ 85013, Attn: Barbara XxXxxxxx, (000) -000-0000, xx xxxxxx xxxxx, xxx sums due xxxxxxxx xxxx xue pursuxxx xx Xxxtioxx XXX.0 Xxxxxxxx IIX.0 xxx XXI.4 XXX.4 above. The escrow agent shall disburse the funds as follows: (a) If Employee has revoked acceptance of this Agreement on or before the Effective Date, as noted in Section I.4 above, then all funds, less the reasonable and customary charges of the escrow agent, shall be returned to the Company. (b) If Employee has not revoked acceptance of this Agreement by the Effective Date, the escrow agent shall disburse the full amounts due Employee pursuant to Section III.1 within one business day following that date, in good funds. (c) Escrow agent shall disburse to Employee one twelfth of the funds due pursuant to Section III.4 each month during the twelve months following the Effective Date, on the first business day of the month. (d) The escrow agent shall hold the funds in an interest-bearing account. Interest on the account shall be first applied to the fees and expenses of the escrow agent. Any remaining funds in escrow after payment of such expenses and all amounts owed to Employee shall be paid to the Company. Employee will have no right to claim any interest accrued on the account. (e) If the Company advises the escrow agent that Employee has breached his duty to provide the consulting services as provided in Section III.4 above, escrow agent shall suspend payments to Employee under that section. The Company's notice shall set forth the reasons why it believes Employee has breached his obligations. Escrow agent shall notify Employee of that suspension within 5 days of receipt of that notice from the Company. Employee shall have 15 business days, after delivery of that notice to Employee's residence or to Employee in person, to set forth the reasons why Employee believes the suspension was not warranted. If no such objection is received by escrow agent within that period, the escrow agent will return to the Company all funds held on escrow pursuant to Section III.4, less the charges of the escrow agent, within 5 business days following the expiration of that period. If an objection is received, the escrow agent shall continue to hold those funds in escrow until otherwise advised by written agreement of the parties or order of an appropriate court or arbitrator. (f) Employee acknowledges that the funds to be deposited into the escrow account will be net of applicable withholding taxes as if such income were received in the year 2001 for amounts pursuant to Section III. 1. Consultant shall be responsible III.1, and 2001 and 2002 as applicable for payment of all taxes amounts due on the compensation pursuant to be paid under Section III.4. (g) The Company shall bear all costs of the escrow agent except as otherwise agreed to by the parties or as ordered by a court or arbitrator. In the event of breach of this Agreement, the court or arbitrator shall award the expenses of this escrow arrangement to the prevailing party, in addition to any other damages to which that party shall be entitled. (h) The parties shall cooperate to negotiate in good faith and to execute appropriate escrow instructions to more fully govern those escrowed funds, consistent with the terms of this Agreement. B. If Employee does not execute this Agreement by the date and time noted above, then no escrow arrangements will be established, except as noted below, and payments shall be made directly by the Company at the times otherwise called for under this Agreement. Amounts due under Section III.1 will be paid on the Effective Date, and amounts due on under Section III.4 will be paid monthly as noted above, except to the extent any payments hereunder are required to be approved by a court in the proceedings noted in the recitals above, in which case the payments will be made to the extent approved following receipt of that approval. The Company will escrow the base salary amount that would be paid to Employee pursuant to the Executive Officer Group Salary Continuation Plan, to be paid as provided in Section II.5 above.

Timing of Severance Benefits. A. If this agreement is executed by Employee and delivered to Mr. Roche by 12:00 Noon March 6, 2001, the Company will wire thxx xxx xx Security Title Agency, Inc., 3620 N. Third Avenue, 2nd Floor, Phoenix, AZ 85013, Attn: Barbara XxXxxxxx, (000) 000-0000000-00000, xx xxxxxx xxxxx, xxx sums xums due xxxxxxxx xx Xxxtioxx XXX.0 xxx XXI.4 III.4 above. The escrow agent shall disburse the funds as follows: (a) If Employee has revoked acceptance of this Agreement on or before the Effective Date, as noted in Section I.4 above, then all funds, less the reasonable and customary charges of the escrow agent, shall be returned to the Company. (b) If Employee has not revoked acceptance of this Agreement by the Effective Date, the escrow agent shall disburse the full amounts due Employee pursuant to Section III.1 within one business day following that date, in good funds. (c) Escrow agent shall disburse to Employee one twelfth one-fifteenth of the funds due pursuant to Section III.4 each month during the twelve months following the Effective Date, on the first business day of the month. (d) The escrow agent shall hold the funds in an interest-bearing account. Interest on the account shall be first applied to the fees and expenses of the escrow agent. Any remaining funds in escrow after payment of such expenses and all amounts owed to Employee shall be paid to the Company. Employee will have no right to claim any interest accrued on the account. (e) If the Company advises the escrow agent that Employee has breached his duty to provide the consulting services as provided in Section III.4 above, escrow agent shall suspend payments to Employee under that section. The Company's notice shall set forth the reasons why it believes Employee has breached his obligations. Escrow agent shall notify Employee of that suspension within 5 days of receipt of that notice from the Company. Employee shall have 15 business days, after delivery of that notice to Employee's residence or to Employee in person, to set forth the reasons why Employee believes the suspension was not warranted. If no such objection is received by escrow agent within that period, the escrow agent will return to the Company all funds held on escrow pursuant to Section III.4, less the charges of the escrow agent, within 5 business days following the expiration of that period. If an objection is received, the escrow agent shall continue to hold those funds in escrow until otherwise advised by written agreement of the parties or order of an appropriate court or arbitrator. (f) Employee acknowledges that the funds to be deposited into the escrow account will be net of applicable withholding taxes as if such income were received in the year 2001 for amounts pursuant to Section III. 1. Consultant shall be responsible for payment of all taxes due on the compensation to be paid under Section III.4. (g) The Company shall bear all costs of the escrow agent except as otherwise agreed to by the parties or as ordered by a court or arbitrator. In the event of breach of this Agreement, the court or arbitrator shall award the expenses of this escrow arrangement to the prevailing party, in addition to any other damages to which that party shall be entitled. (h) The parties shall cooperate to negotiate in good faith and to execute appropriate escrow instructions to more fully govern those escrowed funds, consistent with the terms of this Agreement. B. If Employee does not execute this Agreement by the date and time noted above, then no escrow arrangements will be established, except as noted below, and payments shall be made directly by the Company at the times otherwise called for under this Agreement. Amounts due under Section III.1 will be paid on the Effective Date, and amounts due on under Section III.4 will be paid monthly as noted above, except to the extent any payments hereunder are required to be approved by a court in the proceedings noted in the recitals above, in which case the payments will be made to the extent approved following receipt of that approval. The Company will escrow the base salary amount that would be paid to Employee pursuant to the Executive Officer Group Salary Continuation Plan, to be paid as provided in Section II.5 above.

Timing of Severance Benefits. A. If this agreement is executed by Employee and delivered to Mr. Roche by 12:00 Noon March 6, 2001, the Company will wire thxx xxx xx Security Title Agency, Inc., 3620 N. Third Avenue, 2nd Floor, Phoenix, AZ 85013, Attn: Barbara XxXxxxxxMcDugald, (000) 600-000-0000, xx xxxxxx xxxxx, xxx sums due xxxxxxxx xxxx xue pursuxxx xx Xxxtioxx XXX.0 Xxxxxxxx IIX.0 xxx XXI.4 XXX.4 above. The escrow agent shall disburse the funds as follows: (a) If Employee has revoked acceptance of this Agreement on or before the Effective Date, as noted in Section I.4 above, then all funds, less the reasonable and customary charges of the escrow agent, shall be returned to the Company. (b) If Employee has not revoked acceptance of this Agreement by the Effective Date, the escrow agent shall disburse the full amounts due Employee pursuant to Section III.1 within one business day following that date, in good funds. (c) Escrow agent shall disburse to Employee one twelfth of the funds due pursuant to Section III.4 each month during the twelve months following the Effective Date, on the first business day of the month. (d) The escrow agent shall hold the funds in an interest-bearing account. Interest on the account shall be first applied to the fees and expenses of the escrow agent. Any remaining funds in escrow after payment of such expenses and all amounts owed to Employee shall be paid to the Company. Employee will have no right to claim any interest accrued on the account. (e) If the Company advises the escrow agent that Employee has breached his duty to provide the consulting services as provided in Section III.4 above, escrow agent shall suspend payments to Employee under that section. The Company's notice shall set forth the reasons why it believes Employee has breached his obligations. Escrow agent shall notify Employee of that suspension within 5 days of receipt of that notice from the Company. Employee shall have 15 business days, after delivery of that notice to Employee's residence or to Employee in person, to set forth the reasons why Employee believes the suspension was not warranted. If no such objection is received by escrow agent within that period, the escrow agent will return to the Company all funds held on escrow pursuant to Section III.4, less the charges of the escrow agent, within 5 business days following the expiration of that period. If an objection is received, the escrow agent shall continue to hold those funds in escrow until otherwise advised by written agreement of the parties or order of an appropriate court or arbitrator. (f) Employee acknowledges that the funds to be deposited into the escrow account will be net of applicable withholding taxes as if such income were received in the year 2001 for amounts pursuant to Section III. 1. Consultant shall be responsible for payment of all taxes due on the compensation to be paid under Section III.4. (g) The Company shall bear all costs of the escrow agent except as otherwise agreed to by the parties or as ordered by a court or arbitrator. In the event of breach of this Agreement, the court or arbitrator shall award the expenses of this escrow arrangement to the prevailing party, in addition to any other damages to which that party shall be entitled. (h) The parties shall cooperate to negotiate in good faith and to execute appropriate escrow instructions to more fully govern those escrowed funds, consistent with the terms of this Agreement. B. If Employee does not execute this Agreement by the date and time noted above, then no escrow arrangements will be established, except as noted below, and payments shall be made directly by the Company at the times otherwise called for under this Agreement. Amounts due under Section III.1 will be paid on the Effective Date, and amounts due on under Section III.4 will be paid monthly as noted above, except to the extent any payments hereunder are required to be approved by a court in the proceedings noted in the recitals above, in which case the payments will be made to the extent approved following receipt of that approval. The Company will escrow the base salary amount that would be paid to Employee pursuant to the Executive Officer Group Salary Continuation Plan, to be paid as provided in Section II.5 above.

Timing of Severance Benefits. A. If this agreement is executed by Employee and delivered to Mr. Roche by 12:00 Noon March 6, 2001, the Company will wire thxx xxx xx Security Title Agency, Inc., 3620 N. Third Avenue, 2nd Floor, Phoenix, AZ 8501380013, Attn: Barbara XxXxxxxx, (000) -000-0000, xx xxxxxx xxxxx, xxx sums due xxxxxxxx xxxx xue pursuxxx xx Xxxtioxx XXX.0 Xxxxxxxx IIX.0 xxx XXI.4 XXX.4 above. The escrow agent shall disburse the funds as follows: (a) If Employee has revoked acceptance of this Agreement on or before the Effective Date, as noted in Section I.4 above, then all funds, less the reasonable and customary charges of the escrow agent, shall be returned to the Company. (b) If Employee has not revoked acceptance of this Agreement by the Effective Date, the escrow agent shall disburse the full amounts due Employee pursuant to Section III.1 within one business day following that date, in good funds. (c) Escrow agent shall disburse to Employee one twelfth of the funds due pursuant to Section III.4 each month during the twelve months following the Effective Date, on the first business day of the month. (d) The escrow agent shall hold the funds in an interest-bearing account. Interest on the account shall be first applied to the fees and expenses of the escrow agent. Any remaining funds in escrow after payment of such expenses and all amounts owed to Employee shall be paid to the Company. Employee will have no right to claim any interest accrued on the account. (e) If the Company advises the escrow agent that Employee has breached his duty to provide the consulting services as provided in Section III.4 above, escrow agent shall suspend payments to Employee under that section. The Company's notice shall set forth the reasons why it believes Employee has breached his obligations. Escrow agent shall notify Employee of that suspension within 5 days of receipt of that notice from the Company. Employee shall have 15 business days, after delivery of that notice to Employee's residence or to Employee in person, to set forth the reasons why Employee believes the suspension was not warranted. If no such objection is received by escrow agent within that period, the escrow agent will return to the Company all funds held on escrow pursuant to Section III.4, less the charges of the escrow agent, within 5 business days following the expiration of that period. If an objection is received, the escrow agent shall continue to hold those funds in escrow until otherwise advised by written agreement of the parties or order of an appropriate court or arbitrator. (f) Employee acknowledges that the funds to be deposited into the escrow account will be net of applicable withholding taxes as if such income were received in the year 2001 for amounts pursuant to Section III. 1. Consultant shall be responsible for payment of all taxes due on the compensation to be paid under Section III.4. (g) The Company shall bear all costs of the escrow agent except as otherwise agreed to by the parties or as ordered by a court or arbitrator. In the event of breach of this Agreement, the court or arbitrator shall award the expenses of this escrow arrangement to the prevailing party, in addition to any other damages to which that party shall be entitled. (h) The parties shall cooperate to negotiate in good faith and to execute appropriate escrow instructions to more fully govern those escrowed funds, consistent with the terms of this Agreement. B. If Employee does not execute this Agreement by the date and time noted above, then no escrow arrangements will be established, except as noted below, and payments shall be made directly by the Company at the times otherwise called for under this Agreement. Amounts due under Section III.1 will be paid on the Effective Date, and amounts due on under Section III.4 will be paid monthly as noted above, except to the extent any payments hereunder are required to be approved by a court in the proceedings noted in the recitals above, in which case the payments will be made to the extent approved following receipt of that approval. The Company will escrow the base salary amount that would be paid to Employee pursuant to the Executive Officer Group Salary Continuation Plan, to be paid as provided in Section II.5 above.