Executive Severance Clause Samples

Executive Severance. If during the 2-year period following the Closing Date (i) your employment is terminated by the Company for reasons other than the conviction of, or a plea of no contest to, a felony punishable by a prison sentence of more than one year, (ii) you terminate your employment by resigning following a reduction in base salary and/or a change to the existing Company's target maximum bonus percentage or formula, (iii) you terminate your employment by resigning following a requirement by the Company to relocate to a location more than 50 miles away from your current employment location, or (iv) you terminate your employment by resigning following a reduction in your title, duties, reporting relationships or responsibilities, the Company shall: * Pay you a lump sum cash amount within 5 days of your date of termination equal to your then current annual base salary and prorated targeted maximum bonus for the year. * If your termination of employment is prior to May 1, 1999, pay you a lump sum cash payment within 5 days of your date of termination in the amount of $75,000. * Make a lump sum cash payment to you within 5 days of your date of termination of any unpaid amounts required by Paragraph (a) above. * Provide, without cost to you, health care coverage required by Sections 601-608 of the Employee Retirement Income Security Act of 1974, as amended ("COBRA"), for a period of 12 months following your termination of employment. In lieu of COBRA coverage, you may elect to receive the applicable cost of such coverage in a lump sum cash payment, to be paid within 5 days of your termination of employment. * If after May 1997 you relocated to the Denver, Colorado area at the Company's request, the Company will reimburse you for relocation expenses incurred following your termination of employment in an amount equal to the lesser of: (i) your actual expenses incurred in relocating from Denver, Colorado after your termination, or (ii) 125% of your expenses previously incurred in relocating to Denver, Colorado at the Company's request, provided any such expenses are not reimbursed by any subsequent employer. The foregoing relocation program will have the same benefits (including tax gross up on certain items) and coverage as the relocation program under which you were moved to Denver, Colorado by the Company.