Common use of Severance Payment and Benefits Clause in Contracts

Severance Payment and Benefits. If Executive’s employment is terminated as a result of a Qualifying Termination, as defined in Section 3(b), and if Executive delivers a fully executed release and waiver of all claims against the Company in a form reasonably acceptable to the Company, then, upon expiration of any applicable revocation period contained in the release and waiver, the Company shall pay or provide Executive the following severance payment and benefits: (a) Executive shall receive the Severance Payment, as defined below, which shall be payable in equal monthly installments beginning on the first day of the first full month and continuing on the first day of each month thereafter during the Severance Period. The Severance Payment is in lieu of any severance payment benefits which otherwise may at that time be available under the Company’s applicable policies, other than the Change in Control Agreement. In the event that Executive shall be entitled to receive severance compensation under the Change in Control Agreement, such severance compensation shall be in lieu of and not in addition to the benefits provided in this Section 5(a).

Severance Payment and Benefits. If Executive’s employment is terminated as a result of a Qualifying Termination, Termination as defined in Section 3(b), and if Executive delivers a fully fully-executed release and waiver of all claims against the Company in a form reasonably acceptable to the Company, then, upon expiration of any applicable revocation period contained in the release and waiver, the Company shall pay or provide Executive the following severance payment Severance Payment and benefitsbenefits based on Executive’s eligibility as described below: (ai) As eligible, Executive shall receive the Severance Payment, as defined below, which shall be payable in equal monthly installments beginning on the first day of the first full month and continuing on the first day of each month thereafter during the Severance Period. The Severance Payment is in lieu of any severance payment benefits which otherwise may at that time be available under the Company’s applicable policies, other than the Change in Control Agreement. In the event that Executive shall be entitled to receive severance compensation under the Change in Control Agreement, such severance compensation shall be in lieu of and not in addition to the benefits provided in this Section 5(a).