Common use of Rights and Remedies Upon Termination Clause in Contracts

Rights and Remedies Upon Termination. (i) If the Employee’s employment hereunder is terminated by the Employer pursuant to §6(c) or by the Employee with Good Reason pursuant to §6(d), then the Employee shall be entitled to receive (A) severance payments, in accordance with the Employer’s then current payroll practices, at an annual rate equal to the sum of (1) the Employee’s Base Salary in effect at the time of such termination plus (2) the average of the Incentive Bonuses earned by the Employee for the two fiscal years immediately preceding the date of termination, for a period equal to eighteen (18) months (the “Severance Period”), (B) continued coverage during the Severance Period under the health insurance plan maintained by the Employer for its full-time, salaried employees, (C) payment of any expense reimbursements under §5 hereof for expenses incurred in the performance of her duties prior to termination, and (D) immediate vesting of the Employee’s deferred compensation account in accordance with the Deferred Compensation Plan. (ii) Notwithstanding the provisions of §6(e)(i), in the event the Employee accepts other employment during the Severance Period, the Employer shall be entitled to reduce the amount payable under §6(e)(i) by an amount equal to the income received by the Employee pursuant to such new employment during the Severance Period. (iii) Except as otherwise set forth in this §6(e), the Employee shall not be entitled to any severance or other compensation after termination.

Rights and Remedies Upon Termination. (i) If the Employee’s employment hereunder is terminated by the Employer pursuant to §6(c) or by the Employee with Good Reason pursuant to §6(d), then the Employee shall be entitled to receive (A) severance payments, in accordance with the Employer’s then current payroll practices, at an annual rate equal to the sum of (1) the Employee’s Base Salary in effect at the time of such termination plus (2) the average of the Incentive Bonuses earned by the Employee for the two fiscal years immediately preceding the date of termination, for a period equal to eighteen (18) months (the “Severance Period”), (B) continued coverage during the Severance Period under the health insurance plan maintained by the Employer for its full-time, salaried employees, (C) payment of any expense reimbursements under §5 hereof for expenses incurred in the performance of her his duties prior to termination, and (D) immediate vesting of the Employee’s deferred compensation account in accordance with the Deferred Compensation PlanPlan account. (ii) Notwithstanding the provisions of §6(e)(i), in the event the Employee accepts other employment during the Severance Period, the Employer shall be entitled to reduce the amount payable under §6(e)(i) by an amount equal to the income received by the Employee pursuant to such new employment during the Severance Period. (iii) Except as otherwise set forth in this §6(e), the Employee shall not be entitled to any severance or other compensation after termination.