Common use of Severance Fee Clause in Contracts

Severance Fee. Upon termination of the Employment Agreement by the Employer without Cause (as defined below), the Employee will be entitled to: i. receive a termination fee equal to twelve (12) gross monthly salaries based on the gross annual salary stated in clause 3.1, or such greater termination fee as is required by Dutch law. ii. any STI earned or otherwise payable (but for the termination of Employee’s employment) with respect to a calendar year ended prior to the termination of this Employment Agreement and a prorated STI for the calendar year of the termination of this Employment Agreement (the “Date of Termination”), calculated as the STI the Employee would have received in such year based on actual performance (as determined by the Employer in good faith) multiplied by a fraction, the numerator of which is the number of days during the calendar year up to the Date of Termination and the denominator of which is the total number of days during the calendar year of the Date of Termination, each paid at the time such, or similar, STIs are paid to other employees of the Company, or if earlier, by March 15 of the year following the year of the Date of Termination.

Severance Fee. Upon termination of the Employment Agreement by the Employer without Cause (as defined below), the Employee will be entitled to: i. receive a termination fee equal to twelve (12) gross monthly salaries based on the gross annual salary stated in clause 3.1, or 3.1,or such greater termination fee as is required by Dutch law. ii. any STI earned or otherwise payable (but for the termination of Employee’s employment) with respect to a calendar year ended prior to the termination of this Employment Agreement and a prorated STI for the calendar year of the termination of this Employment Agreement (the “Date of Termination”), calculated as the STI the Employee would have received in such year based on actual performance (as determined by the Employer in good faith) multiplied by a fraction, the numerator of which is the number of days during the calendar year up to the Date of Termination and the denominator of which is the total number of days during the calendar year of up to the Date of Termination, each which shall be paid at the time such, or similar, STIs are paid to other employees of the Company, or if earlier, by March 15 of the year following the year of the Date of Termination.