Common use of Severance Benefits Upon Termination of Employment Clause in Contracts

Severance Benefits Upon Termination of Employment. If, within three (3) years after a Change in Control, the Officer's employment is terminated by the Company without Cause or by the Officer due to a Quit With Good Reason, the Company shall pay to the Officer, a Termination Payment in a lump sum cash payment within thirty (30) days following the later of the Officer's termination of employment or the occurrence of the Change in Control. Payments made to the Officer hereunder as a Termination Payment shall be subject to applicable federal, state and local tax withholding requirements. If the Officer's employment is terminated due to his death or Disability, that will not be deemed a termination of employment by the Company without Cause or by a Quit With Good Reason.