Common use of Severance Payable Clause in Contracts

Severance Payable. Except in situations where the employment of the Employee is terminated at any time (i) by the Company For Cause (as defined in Section 5.1 below), (ii) By Death or By Prolonged Absence (as defined in Sections 5.3 and 5.4 below) or (iii) by the Employee Without Good Reason (as defined in Section 5.2 below), the Employee will be eligible to receive as severance pay, for a period of up to nine (9) months following the date of termination (the “Severance Period”), the Employee’s then-current Base Salary (“Severance”), payable in equal installments in the form of salary continuation on the same schedule as base salary is then paid to other executives of the Company, with the first installment, which shall be retroactive to the date of termination, being due and payable on the Company’s next regular payday for executives that follows the expiration of sixty (60) calendar days from the date Employee’s employment terminates. Such Severance shall be reduced by any remuneration the Employee receives (or earns, even if not yet paid) from new employment or self-employment during the Severance Period. The Employee must promptly report to the Company in writing performing any work for which remuneration is due. The Company’s obligation to make severance payments shall be conditioned upon (w) the Employee signing and returning to the Company (without revoking) a timely and effective general release and waiver in such form and covering such matters as the Company may in its reasonable discretion require, including without limitation releasing all Group Companies and their present and former directors, officers and employees from all claims related to Employee’s employment or the termination thereof, by the deadline specified therein, which in all events shall be no later than the fiftieth (50th) calendar day following the date of termination (any such release submitted by such deadline, the “Release of Claims”); (x) the Employee making himself reasonably available for consultation with the Company and its advisers during the Severance Period, including without limitation providing a minimum of nine (9) days of active, hands-on assistance to the Group Companies plus making himself available for one additional day per week of assistance during the Severance Period; (y) the Employee’s diligent pursuit of other employment or self-employment; and (z) the Employee’s compliance with all obligations contained in the Restrictive Covenants Agreement (or any similar agreement between the Employee and any of the Group Companies, whether in existence on the Effective Date or entered into thereafter). After the Employee has received six (6) months of Severance, the Employee shall upon written request by the Company provide reasonable information and documentation about his job search process.