Common use of Right to Severance Clause in Contracts

Right to Severance. In the event the Company terminates Executive’s employment Without Cause or the Executive appropriately terminates this Agreement for Good Reason as provided in Section 7(c)(i) through 7(c)(v) or the Executive terminates this Agreement following a Change of Control as provided in Section 7(d): (i) The Executive shall be entitled to severance pay equal to one year of his then Base Salary payable in equal amounts in accordance with the Company’s payroll practices in effect from time to time; (ii) For two years following his termination or until Executive is provided with medical coverage by another employer or entity, whichever shall first occur, the Company, at its own expense, shall continue to provide medical insurance coverage for the Executive and his qualifying dependents to the same extent and under the same conditions as provided to other senior executives of the Company. Thereafter, Executive shall have whatever rights he may then have, if any, to continued medical insurance coverage pursuant to the provisions of COBRA. (iii) Certain options issued to the Executive that have not then vested shall immediately vest to the extent provided in Section 5(j) above; and (iv) Except as provided above in this Section 7(e), the Executive shall receive no further compensation or benefits of any kind other than any salary or benefits earned or accrued but unpaid as of that date.

Right to Severance. In the event the Company terminates Executive’s employment Without Cause or the Executive appropriately terminates this Agreement for Good Reason as provided in Section 7(c)(i) through 7(c)(v7(c) or the Executive terminates this Agreement following a Change of Control as provided in Section 7(d): (i) The Executive shall be entitled to severance pay equal to one year of his then Base Salary payable in equal amounts in accordance with the Company’s payroll practices in effect from time to time; (ii) For two years following his termination or until Executive is provided with medical coverage by another employer or entity, whichever shall first occur, the Company, at its own expense, shall continue to provide medical insurance coverage for the Executive and his qualifying dependents to the same extent and under the same conditions as provided to other senior executives of the Company. Thereafter, Executive shall have whatever rights he may then have, if any, to continued medical insurance coverage pursuant to the provisions of COBRA. (iii) Certain options issued to the Executive that have not then vested shall immediately vest to the extent provided in Section 5(j) above; and (iv) Except as provided above in this Section 7(e), the Executive shall receive no further compensation or benefits of any kind other than any salary or benefits earned or accrued but unpaid as of that date.