Common use of EMPLOYEE SEVERANCE PLAN Clause in Contracts

EMPLOYEE SEVERANCE PLAN. On the First Payment Date, Parent will cause the Company to pay to you a lump sum payment of Severance Pay (as defined in the Company Severance Plan) in the amount of $1,820,499.00 and the Gross-Up Payment (as defined in the Company's Employee Severance Plan) determined in accordance with the applicable terms of the Employee Severance Plan.

EMPLOYEE SEVERANCE PLAN. On the First Payment Date, Parent will cause the Company to pay to you a lump sum payment of Severance Pay (as defined in the Company Severance Plan) in the amount of $1,820,499.00 5,699,475.72 and the Gross-Up Payment (as defined in the Company's Employee Severance Plan) determined in accordance with the applicable terms of the Employee Severance Plan.