Common use of Termination and Severance Payments Clause in Contracts

Termination and Severance Payments. (a) If the Company terminates Executive’s employment for Cause, or if Executive terminates his employment voluntarily and without Good Reason, Executive shall receive any and all earned but unpaid wages within seven (7) business days or the Company’s next regular payday, whichever comes first, and Executive shall be promptly paid for any incurred but unpaid reimbursable business expenses (collectively, the “Termination Payments”). Executive shall not be entitled to any further compensation from the Company. (b) Employee shall be eligible for severance pay under this paragraph after completing one (1) year of employment with Company. If the Company terminates Executive’s employment (which includes the Company’s termination of Executive’s employment by its non-renewal of this Agreement as provided in Section 6(b)(iii)) without Cause or if the Executive terminates his employment for Good Reason, Executive shall receive (i) the Termination Payments, and (ii) provided Executive executes and does not revoke a general release of claims against the Company in the form attached hereto (the “Release”), severance pay equal to 50% of six (6) months of the Base Salary (the “Severance Payments”). The Severance Payments shall be paid to Executive as a salary continuation beginning on the Company’s first regular payday following the sixtieth (60th) day after the date Executive incurs a separation from service (as defined in Code Section 409A); provided, any payments that would have been made during such sixty (60)-day period if Executive’s Base Salary had continued uninterrupted after the date of his separation from service will be paid in a lump-sum on the date his Severance Payments commence; provided that: (i) if the sixty (60)-day period following the separation from service crosses calendar years, if necessary to comply with Section 409A of the Code payment shall not commence until the second calendar year; and (ii) if the Release has not been fully executed by Executive or the seven (7)-day revocation period has not passed, any payments due before those two events will be forfeited and shall not be paid. (c) The Company agrees to reimburse you for the costs of COBRA coverage for you and your dependents for the six (6)-month Severance Payments period, less the amount paid for such coverage by active employees of the Company. COBRA payments will cease following the six (6)-month Severance Payments period or should Executive secure alternative medical coverage elsewhere. Executive shall provide timely notification to the Company if Executive secures alternate medical coverage during the six (6)-month Severance Payments period. Such reimbursements shall be made within thirty (30) days after Executive pays those COBRA premiums and submits copies of relevant invoices to the Company for any expenses paid directly by Executive to a third party.

Termination and Severance Payments. (a) If the Company terminates Executive’s employment for Cause, or if Executive terminates his employment voluntarily and without Good Reason, Executive shall receive any and all earned but unpaid wages within seven (7) business days or the Company’s next regular payday, whichever comes first, and Executive shall be promptly paid for any incurred but unpaid reimbursable business expenses (collectively, the “Termination Payments”). Executive shall not be entitled to any further compensation from the Company. (b) Employee shall be eligible for severance pay under this paragraph after completing one (1) year of employment with Company. If the Company terminates Executive’s employment (which includes the Company’s termination of Executive’s employment by its non-renewal of this Agreement as provided in Section 6(b)(iii)) without Cause or if the Executive terminates his employment for Good Reason, Executive shall receive (i) the Termination Payments, and (ii) provided Executive executes and does not revoke a general release of claims against the Company in the form attached hereto (the “Release”), severance pay equal to 50% of six twelve (612) months of the Base Salary (the “Severance Payments”). The Severance Payments shall be paid to Executive as a salary continuation beginning on the Company’s first regular payday following the sixtieth (60th) day after the date Executive incurs a separation from service (as defined in Code Section 409A); provided, any payments that would have been made during such sixty (60)-day period if Executive’s Base Salary had continued uninterrupted after the date of his separation from service will be paid in a lump-sum on the date his Severance Payments commence; provided that: (i) if the sixty (60)-day period following the separation from service crosses calendar years, if necessary to comply with Section 409A of the Code payment shall not commence until the second calendar year; and (ii) if the Release has not been fully executed by Executive or the seven (7)-day revocation period has not passed, any payments due before those two events will be forfeited and shall not be paid. (c) The Company agrees to reimburse you for the costs of COBRA coverage for you and your dependents for the six twelve (6)-month 12)-month Severance Payments period, less the amount paid for such coverage by active employees of the Company. COBRA payments will cease following the six twelve (6)-month 12)-month Severance Payments period or should Executive secure alternative medical coverage elsewhere. Executive shall provide timely notification to the Company if Executive secures alternate medical coverage during the six twelve (6)-month 12)-month Severance Payments period. Such reimbursements shall be made within thirty (30) days after Executive pays those COBRA premiums and submits copies of relevant invoices to the Company for any expenses paid directly by Executive to a third party.