Common use of Termination Benefit Clause in Contracts

Termination Benefit. If, during the Term, PSB terminates Employee's employment with PSB without Cause (as defined below) or Employee terminates for Good Reason (as defined below), Employee will be entitled to receive a termination payment equal to two (2) times Employee's annual base salary at the time of termination (the "Termination Benefit"). The Termination Benefit will be paid over a two-year period in accordance with the payroll schedule that applies to other salaried employees of PSB.