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 severance. The amount of severance shall be [insert amount] of the Employee's then-current Base Salary, payable on a semi-monthly basis with the first payment being made within fifteen business days of the Company's receipt of the executed Release of Claims (defined below).