Common use of Severance Payment Schedule Clause in Contracts

Severance Payment Schedule. Severance Benefits payable in the form of cash to the Executive or the Executive’s estate, pursuant to termination events described in this Article 3, shall be paid in two (2) semi-annual installments, as follows: (a) fifty percent (50%) of the total of the amounts set forth in Articles 3.1(a)(i) and (ii) (the foregoing amounts are hereinafter referred to as a “Severance Installment Payment”), and all amounts set forth in Article 3.1(a)(iii) and (iv), shall be paid within five (5) business days after the expiration of the Revocation Period (the “First Installment”); and (b) the remaining Severance Installment Payment shall be paid on the six (6) month anniversary of the Executive’s termination date . The Company’s obligation to pay Severance Benefits due to the Executive pursuant to this Article 3, to the extent not already paid, shall cease immediately, and such payments will be forfeited, in the event of Executive’s willful or material violation of any of the covenants contained in Article 3 or 4, as applicable.