Common use of Terms of Separation Clause in Contracts

Terms of Separation. In consideration of the agreements by the Employee provided herein, the Company agrees as follows: (a) In full satisfaction of any claims by the Employee in connection with his employment by the Company or the termination of his employment by the Company, including any claims for compensation (but subject to Section 6(d) and (e) below), severance payments or benefits, and the like, the Company shall pay to the Employee a lump sum amount equal to $165,750, less all applicable deductions, within five (5) business days following the Separation Date. (b) The Employee shall cease participation in all employee benefit plans of the Company effective as of the Separation Date, and the Company shall not be liable for any payments to or on behalf of the Employee in respect of any fringe benefits incurred after the Separation Date. The foregoing shall not be in lieu of any continued health care coverage to which the Employee or his dependents would otherwise, at the Employee's expense, be entitled in accordance with the requirements of Code Section 4980B by reason of termination of his employment. (c) The Company will deduct and withhold, from the compensation payable to the Employee under this Agreement, any and all Federal, State and local income and employment withholding taxes and any other amounts required to be deducted or withheld by the Company under the applicable statute or regulation.

Terms of Separation. In consideration of the agreements by the Employee provided herein, including, without limitation, the releases by the Employee in Paragraph 4 below, the Company agrees as follows: (a) In full satisfaction of any claims by the Employee in connection with his employment by the Company or the termination of his employment by the Companyemployment, including including, but not limited to, any claims for compensation (but subject to Section 6(d) and (e12(e) below), severance payments or benefits, change in control benefits, and the likeoutplacement services, the Company shall pay to the Employee a lump sum amount equal to $165,750, 95,700.00 less all applicable deductions, deductions within five (5) business days following the Separation Date. (b) The Employee shall cease has ceased participation in all employee benefit plans of the Company effective as of the Separation Date, and the Company shall not be liable for any payments to or on behalf of the Employee in respect of any fringe benefits incurred after the Separation Datebenefits. The foregoing shall not be in lieu of any continued health care coverage to which the Employee or his dependents would otherwise, at the Employee's expense, be entitled in accordance with the requirements of Code Section 4980B by reason of termination of his employment. (c) The Employee's employment will be deemed terminated effective on the Separation Date. (d) The Company will deduct and withhold, from the compensation payable to the Employee under this Agreement, any and all Federal, State and local income and employment withholding taxes and any other amounts required to be deducted or withheld by the Company under the applicable statute or regulation.