Common use of Service Benefit Clause in Contracts

Service Benefit. Upon termination as a Managerial Employee, if the Executive is entitled to the service benefit defined in this Section 14(b), Company will provide a severance to the Executive equivalent to 6 months Base Salary (“Service Benefit”), which will be paid in one (1) lump sum payment per Section 23 below. The Executive will be entitled to receive this payment regardless of whether or not he/she secures other employment during the time period that he/she is receiving this Service Benefit.