Common use of Severance Compensation upon Termination Clause in Contracts

Severance Compensation upon Termination. (a) In the event of the Employee’s involuntary Termination of Employment for a reason other than Cause, as consideration for the non-competition and non-solicitation covenants contained in Section 12, the Company shall continue to pay to the Employee, upon the execution, and non-revocation within 8 days thereafter, of a release, substantially in the form being used by the Company prior to a Change of Control, (the “Release”), an amount equal to 2.0 times his Base Compensation, payable in biweekly installments for the 24 months following the Termination Date. All other benefit coverages (except as specified by law or regulation), retirement benefits and fringe benefit eligibility shall cease upon the Termination Date; provided, however, that during such period, if any, up to 18 months following the Termination Date, the Board may agree to provide the Employee, in its sole discretion, with continued participation in the Company’s medical plan on the same terms and conditions as if the Employee were still employed, if the Employee is not eligible for similar coverage from employment or self-employment outside of the Company; provided, however, that such coverage will be counted as all or a portion of the continuation of medical coverage required by COBRA.

Severance Compensation upon Termination. (a) In the event of the Employee’s involuntary Termination of Employment for a reason other than Cause, as consideration for the non-competition and non-solicitation covenants contained in Section 12, the Company shall continue to pay to the Employee, upon the execution, and non-revocation within 8 days thereafter, of a release, substantially in the form being used by the Company prior to a Change of Control, (the “Release”), an amount equal to 2.0 times his Base CompensationSalary, payable in biweekly installments for the 24 months following the Termination Date. All other benefit coverages (except as specified by law or regulation), retirement benefits and fringe benefit eligibility shall cease upon the Termination Date; provided, however, that during such period, if any, up to 18 months following the Termination Date, the Board may agree to provide the Employee, in its sole discretion, with continued participation in the Company’s medical plan on the same terms and conditions as if the Employee were still employed, if the Employee is not eligible for similar coverage from employment or self-employment outside of the Company; provided, however, that such coverage will be counted as all or a portion of the continuation of medical coverage required by COBRA.

Severance Compensation upon Termination. (a) In the event of the Employee’s involuntary Termination of Employment for a reason other than Cause, as consideration for the non-competition and non-solicitation covenants contained in Section 12, the Company shall continue to pay to the Employee, upon the execution, and non-revocation within 8 days thereafter, of a release, substantially in the form being used by the Company prior to a Change of Control, (the “Release”), an amount equal to 2.0 times his her Base CompensationSalary, payable in biweekly installments for the 24 months following the Termination Date. All other benefit coverages (except as specified by law or regulation), retirement benefits and fringe benefit eligibility shall cease upon the Termination Date; provided, however, that during such period, if any, up to 18 months following the Termination Date, the Board may agree to provide the Employee, in its sole discretion, with continued participation in the Company’s medical plan on the same terms and conditions as if the Employee were still employed, if the Employee is not eligible for similar coverage from employment or self-employment outside of the Company; provided, however, that such coverage will be counted as all or a portion of the continuation of medical coverage required by COBRA.