Common use of Waiver of Severance Clause in Contracts

Waiver of Severance. If Executive is terminated by the Company without Cause or Executive terminates his employment without Good Reason (including, in both instances, termination following a Change of Control), Executive is entitled to waive his right to receive severance compensation set forth in Section 7(e) and 8(b) (by a written waiver delivered to the Company on the effective date of termination) and, in such case, the non-competition provisions of Section 9 shall not apply.

Waiver of Severance. If Executive is terminated by the Company without Cause or Executive terminates his employment without for Good Reason (including, in both instances, termination following a Change of Control), Executive is entitled to waive his right to receive severance compensation set forth in Section 7(e) and 8(b) (by a written waiver delivered to the Company on the effective date of termination) and, in such case, the non-competition provisions of Section 9 shall not apply.