Common use of Severance Pay Arrangement Clause in Contracts

Severance Pay Arrangement. If a Termination (as defined below) of Executive’s employment occurs at any time during Executive’s employment, Asxxxx xill pay Executive 12 months of Executive’s base salary as of the date of Termination as Severance Pay. Payment (subject to required withholding) will be made by Asxxxx xo Executive in a lump sum within 30 days of Termination. If Executive participates in a bonus compensation plan at the date of Termination, Severance Pay will also include a portion of the target bonus for the year of Termination in an amount equal to the target bonus multiplied by the percentage of such year that has expired through the date of Termination. Such amount will be paid in a lump sum within 30 days of the date of Termination. In addition, Executive shall be entitled for 12 months following the date of Termination to continue to participate at the same level of coverage and Executive contribution in any health, dental, disability and life insurance plans, as may be amended from time to time, in which Executive was participating immediately prior to the date of Termination. Such participation will terminate 30 days after Executive has obtained other employment under which Executive is covered by equal benefits. Executive agrees to notify Asxxxx xromptly upon obtaining such other employment. At the option of Executive, COBRA coverage will be available, as provided by company policy, at the termination of the extended benefits provided above. Notwithstanding anything herein to the contrary, if Executive is determined to be a “specified employee” within the meaning of Section 409A of the Code (as defined in Section 7 below) and if one or more of the payments or benefits to be received by Executive pursuant to this agreement would be considered deferred compensation subject to Section 409A of the Code, then no such payment shall be made or benefit provided until six (6) months following Executive’s date of Termination.

Severance Pay Arrangement. If a Termination (as defined below) of Executive’s employment occurs at any time during Executive’s employment, Asxxxx xill Xxxxxx will pay Executive 12 months of Executive’s base salary as of the date of Termination as Severance Pay. Payment (subject to required withholding) will be made by Asxxxx xo Xxxxxx to Executive in a lump sum within 30 days of Termination. If Executive participates in a bonus compensation plan at the date of Termination, Severance Pay will also include a portion of the target bonus for the year of Termination in an amount equal to the target bonus multiplied by the percentage of such year that has expired through the date of Termination. Such amount will be paid in a lump sum within 30 days of the date of Termination. In addition, Executive shall be entitled for 12 months following the date of Termination to continue to participate at the same level of coverage and Executive contribution in any health, dental, disability and life insurance plans, as may be amended from time to time, in which Executive was participating immediately prior to the date of Termination. Such participation will terminate 30 days after Executive has obtained other employment under which Executive is covered by equal benefits. Executive agrees to notify Asxxxx xromptly Xxxxxx promptly upon obtaining such other employment. At the option of Executive, COBRA coverage will be available, as provided by company policy, at the termination of the extended benefits provided above. Notwithstanding anything herein to the contrary, if Executive is determined to be a “specified employee” within the meaning of Section 409A of the Code (as defined in Section 7 below) and if one or more of the payments or benefits to be received by Executive pursuant to this agreement would be considered deferred compensation subject to Section 409A of the Code, then no such payment shall be made or benefit provided until six (6) months following Executive’s date of Termination.

Severance Pay Arrangement. If a Termination (as defined below) of Executive’s employment occurs at any time during Executive’s employment, Asxxxx xill Xxxxxx will pay Executive 12 months of Executive’s base salary as of the date of Termination as Severance Pay. Payment (subject to required withholding) will be made by Asxxxx xo Xxxxxx to Executive in a lump sum within 30 days monthly on the regular payroll dates of Xxxxxx starting with the date of Termination. If Executive participates in a bonus compensation plan at the date of Termination, Severance Pay will also include a portion of the target bonus for the year of Termination in an amount equal to the target bonus multiplied by the percentage of such year that has expired through the date of Termination. Such amount will be paid in a lump sum within 30 days of the date of Termination. In addition, Executive shall be entitled for 12 months following the date of Termination Termination, Executive shall be entitled to continue to participate at the same level of coverage and Executive contribution in any health, dental, disability health and life dental insurance plans, as may be amended from time to time, in which Executive was participating immediately prior to the date of Termination. Such participation will terminate 30 days after Executive has obtained other employment under which Executive is covered by equal benefits. The Executive agrees to notify Asxxxx xromptly Xxxxxx promptly upon obtaining such other employment. At the option end of Executive12 months, Employee, at his or her option, may elect to obtain COBRA coverage will be available, as provided by company in accordance with the terms and conditions of applicable law and Xxxxxx’x standard policy, at the termination of the extended benefits provided above. Notwithstanding anything herein to the contrary, if Executive is determined to be a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended the (as defined in Section 7 below“Code”) and if one or more of the payments or benefits to be received by Executive pursuant to this agreement Agreement would be considered deferred compensation subject to Section 409A of the Code, then no such payment shall be made or benefit provided until six (6) months following Executive’s date of Termination.

Severance Pay Arrangement. If a Termination (as defined below) of Executive’s employment occurs at any time during Executive’s employment, Asxxxx xill Xxxxxx will pay Executive 12 6 months of Executive’s base salary as of the date of Termination as Severance Pay. Payment (subject to required withholding) will be made by Asxxxx xo Xxxxxx to Executive in a lump sum within 30 days monthly on the regular payroll dates of Xxxxxx starting with the date of Termination. If Executive participates in a bonus compensation plan at the date of Termination, Severance Pay will also include a portion of the target bonus for the year of Termination in an amount equal to the target bonus multiplied by the percentage of such year that has expired through the date of Termination. Such amount will be paid in a lump sum within 30 days of In addition, for 6 months following the date of Termination. In addition, Executive shall be entitled for 12 months following the date of Termination to continue to participate at the same level of coverage and Executive contribution in any health, dental, disability health and life dental insurance plans, as may be amended from time to time, in which Executive was participating immediately prior to the date of Termination. Such participation will terminate 30 days after Executive has obtained other employment under which Executive is covered by equal benefits. The Executive agrees to notify Asxxxx xromptly Xxxxxx promptly upon obtaining such other employment. At the option end of Executive12 months, Employee, at his or her option, may elect to obtain COBRA coverage will be available, as provided by company in accordance with the terms and conditions of applicable law and Xxxxxx’x standard policy, at the termination of the extended benefits provided above. Notwithstanding anything herein to the contrary, if Executive is determined to be a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended the (as defined in Section 7 below“Code”) and if one or more of the payments or benefits to be received by Executive pursuant to this agreement Agreement would be considered deferred compensation subject to Section 409A of the Code, then no such payment shall be made or benefit provided until six (6) months following Executive’s date of Termination.