Common use of Timing of Severance Payments; No Duty to Mitigate Clause in Contracts

Timing of Severance Payments; No Duty to Mitigate. (a) Change in Control Severance Payment: One-half (1/2) of the Change in Control Severance Payment shall be paid to Executive in a lump sum on the sixtieth (60) day following the date of termination. One-half (1/2) of the Change in Control Severance Payment shall be paid to Executive in twelve (12) equal monthly installments, with the first such payment due on the last day of the first full calendar month following the date of termination.