Common use of Regular Severance Benefits Clause in Contracts

Regular Severance Benefits. In the event that during the Term of Employment Executive should incur a Severance Payment Event at a time when he is serving as the President, then in addition to the Minimum Payments under Section 0, above, the Company shall pay to Executive as additional compensation (the “Severance Payment”), an amount equal to fifty thousand dollars ($50,000), net of applicable taxes and other withholdings, within sixty (60) days following the Termination Date.

Regular Severance Benefits. In the event that during the Term of Employment Executive should incur a Severance Payment Event at a time when he is serving as the President, then in addition to the Minimum Payments under Section 04.1(a), above, the Company shall pay to Executive as additional compensation (the “Severance Payment”), an amount equal to fifty thousand dollars ($50,000), net of applicable taxes and other withholdings, within sixty (60) days following the Termination Date.