Common use of Certain Severance Payments Clause in Contracts

Certain Severance Payments. If during the Term the Company terminates this Agreement pursuant to Section 4(d) hereof, all compensation payable to the Executive under Section 3 hereof shall cease as of the date of termination specified in the Company's notice (the “Termination Date”), and the Company shall pay to the Executive, subject to Section 6 hereof, the following sums: (i) the Base Salary on the Termination Date for the longer of (x) one month and (y) the remainder of the Term (the applicable period being referred to as the “Severance Period”), payable in monthly installments; (ii) benefits under group health and life insurance plans in which the Executive participated prior to termination through the Severance Period; and (iii) all previously earned, accrued, and unpaid benefits from the Company and its employee benefit plans, including any such benefits under the Company's pension, disability, and life insurance plans, policies, and programs. If, prior to the date on which the Company's obligations under clause (i) of this Section 5(a) cease, the Executive violates Section 6 hereof, then the Company shall have no obligation to make any of the payments that remain payable by the Company under clauses (i) and (ii) of this Section 5(a) on or after the date of such violation.

Certain Severance Payments. If during the Term the Company terminates this Employment Agreement pursuant to Section 4(d) (Termination without Cause) hereof, all compensation payable to the Executive under Section 3 hereof hereunder shall cease as of the date of termination specified in the Company's notice (the “Termination Date”), and the Company shall pay to the Executive, subject to Section 6 hereof, the following sums: (i) the Base Salary on the Termination Date for the longer lesser of (x) one month and (y) the remainder of the Term or six (6) months (the applicable period being referred to as the “Severance Period”), payable in monthly installmentspaid on a bi-weekly schedule; (ii) benefits under group health and life insurance plans in which the Executive participated prior to termination through the Severance Period; and (iii) all previously earned, accrued, and unpaid salary, bonuses, benefits from the Company and its employee Executive benefit plans, including any such benefits under the Company's pension, disability, and life insurance plans, policies, and programs. IfNotwithstanding the foregoing, prior the Executive shall not be entitled to receive the date on which the Company's obligations under clause (i) of payment described in this Section 5(a) cease, unless and until the Executive violates Section 6 hereof, then signs a release of liability in form and substance reasonably satisfactory to the Company shall have no obligation to make any of the payments that remain payable by the Company under clauses (i) and (ii) of this Section 5(a) on or after the date of such violation.Company. ​ ​