Common use of Termination of Employment Period and Severance Clause in Contracts

Termination of Employment Period and Severance. (a) Termination by the Company without Cause. If for any reason other than the provisions of Section 6(d) hereof, the Company wishes to terminate the Employment Period and the Executive's employment hereunder, the Company shall give a written notice to the Executive of such termination stating that a severance period (the "Severance Period") will commence upon receipt of such notice by the Executive. The Severance Period shall be for the balance of the then current term of this Agreement or twelve months, whichever is greater. Upon receipt of such notice by the Executive, the Employment Period shall terminate (and the Executive shall have no further duties under Section 2 hereof). During the entire Severance Period, the Executive shall continue to receive all salary, compensation, payments and benefits under Sections 3(a) and 3(d) of this Agreement (including, to the extent allowable under applicable law, the accrual of additional service credits or Company contributions under pension and thrift plans, and any benefits under the Company's long term disability and life insurance plans) available upon the date of the commencement of the Severance Period as if the Employment Period continued throughout the Severance Period. The Executive agrees that the payments described in this Section 6(a) shall be full and adequate compensation to the Executive for all damages the Executive may suffer as a result of the termination of his employment pursuant to this Section 6(a), and hereby waives and releases the Company from any and all obligations or liabilities to the Executive arising from or in connection with the Executive's employment with the Company or the termination and claims the Executive may have under federal, state or local statutes, regulations or ordinances or under any common law principles or breach of contract or the covenant of good faith and fair dealing, defamation, wrongful discharge, intentional infliction of emotional distress or promissory estoppel; provided, however, that any rights and benefits the Executive may have under the employee benefit plans and programs of the Company in which the Executive is a participant, shall be determined in accordance with the terms and provisions of such plans and programs.

Termination of Employment Period and Severance. (a) Termination by the Company without Cause. If for any reason other than the provisions of Section 6(d) hereof, the Company wishes to terminate the Employment Period and the Executive's employment hereunder, the Company shall give a written notice to the Executive of such termination stating that a severance period (the "Severance Period") will commence upon receipt of such notice by the Executive. The Severance Period shall be for the balance of the then current term of this Agreement or or, unless the Executive shall have given the notice described in Section 1, twelve months, whichever is greater. Upon receipt of such notice by the Executive, the Employment Period shall terminate (and the Executive shall have no further duties under Section 2 hereof). During the entire Severance Period, the Executive shall continue to receive all salary, compensation, payments and benefits under Sections 3(a) and 3(d) of this Agreement (including, to the extent allowable under applicable law, the accrual of additional service credits or Company contributions under pension and thrift plans, and any benefits under the Company's long term disability and life insurance plans) available upon the date of the commencement of the Severance Period as if the Employment Period continued throughout the Severance Period. The Executive agrees that the payments described in this Section 6(a) shall be full and adequate compensation to the Executive for all damages the Executive may suffer as a result of the termination of his employment pursuant to this Section 6(a), and hereby waives and releases the Company from any and all obligations or liabilities to the Executive arising from or in connection with the Executive's employment with the Company or the termination and claims the Executive may have under federal, state or local statutes, regulations or ordinances or under any common law principles or breach of contract or the covenant of good faith and fair dealing, defamation, wrongful discharge, intentional infliction of emotional distress or promissory estoppel; provided, however, that any rights and benefits the Executive may have under the employee benefit plans and programs of the Company in which the Executive is a participant, shall be determined in accordance with the terms and provisions of such plans and programs.

Termination of Employment Period and Severance. (a) Termination by the Company without Cause. If for any reason other than the provisions of Section 6(d) hereof, the Company wishes to terminate the Employment Period and the ExecutiveEmployee's employment hereunder, the Company shall give a written notice to the Executive Employee of such termination stating that a severance period (the "Severance Period") will commence upon receipt of such notice by the ExecutiveEmployee. The Severance Period Period, if commencing prior to December 15, 1998 shall be for a period ending on December 31, 1998 and if given thereafter shall be for the balance of the then current term of this Agreement or twelve months, whichever is greater. Upon receipt of such notice by the ExecutiveEmployee, the Employment Period shall terminate (and the Executive Employee shall have no further duties under Section 2 hereof). During the entire Severance Period, the Executive Employee shall continue to receive all salary, compensation, payments and benefits under Sections 3(a) and 3(d) of this Agreement (including, to the extent allowable under applicable law, the accrual of additional service credits or Company contributions under pension and thrift plans, and any benefits under the Company's long term disability and life insurance plans) available upon the date of the commencement of the Severance Period as if the Employment Period continued throughout the Severance Period. The Executive Employee agrees that the payments described in this Section 6(a) shall be full and adequate compensation to the Executive Employee for all damages the Executive Employee may suffer as a result of the termination of his employment pursuant to this Section 6(a), and hereby waives and releases the Company from any and all obligations or liabilities to the Executive Employee arising from or in connection with the ExecutiveEmployee's employment with the Company or the termination and claims the Executive Employee may have under federal, state or local statutes, regulations or ordinances or under any common law principles or breach of contract or the covenant of good faith and fair dealing, defamation, wrongful discharge, intentional infliction of emotional distress or promissory estoppel; provided, however, that any rights and benefits the Executive Employee may have under the employee benefit plans and programs of the Company in which the Executive Employee is a participant, shall be determined in accordance with the terms and provisions of such plans and programs.

Termination of Employment Period and Severance. (a) Termination by the Company without Cause. If for any reason other than the provisions of Section 6(d) hereof, the Company wishes to terminate the Employment Period and the Executive's employment hereunder, the Company shall give a written notice to the Executive of such termination stating that a severance period (the "Severance Period") will commence upon receipt of such notice by the Executive. The Severance Period shall be for the balance of the then then-current term of this Agreement or twelve months, whichever is greaterEmployment Period. Upon receipt of such notice by the Executive, the Employment Period shall terminate (and the Executive shall have no further duties under Section 2 hereof). During the entire Severance Period, the Executive shall continue to receive all salary, compensation, payments and benefits under Sections 3(a) and 3(d) of this Agreement (including, to the extent allowable under applicable law, the accrual of additional service credits or Company contributions under pension pension, profit sharing and thrift plansplans (or, to the extent no so allowable, the cash equivalent thereof, subject to the Executive's right to receive payment thereof in accordance with Section 3(f) of this Agreement and any benefits under the Company's long term disability and life insurance plans) available upon the date of the commencement of the Severance Period as if the Employment Period continued throughout the Severance Period. The Executive agrees that the payments described in this Section 6(a) shall be full and adequate compensation to the Executive for all damages the Executive may suffer as a result of the termination of his employment pursuant to this Section 6(a), and hereby waives and releases the Company from any and all obligations or liabilities to the Executive arising from or in connection with the Executive's employment with the Company or the termination of employment and claims the Executive may have under federal, state or local statutes, regulations or ordinances or under any common law principles or breach of contract or the covenant of good faith and fair dealing, defamation, wrongful discharge, intentional infliction of emotional distress or promissory estoppel; provided, however, that any rights and benefits the Executive may have under the employee benefit plans and programs of the Company in which the Executive is a participant, shall be determined in accordance with the terms and provisions of such plans and programs.