Severance Compensation Clause Example from Business Contracts

Severance Compensation. In the event the Executive terminates this Agreement and his employment with the Company for Good Reason or the Company terminates this Agreement and Executive's employment with the Company without Cause, the Executive shall be entitled to receive any and all reasonable expenses paid or incurred by the Executive in connection with and related to the performance of his duties and responsibilities for the Company during the period ending on the termination date, any accrued but unused vacation tim...e through the termination date in accordance with Company policy and, for a period of 12 months (the "Separation Period"), an amount equal to Executive's Base Salary and Annual Bonus during the prior twelve months as in effect as of the date of termination (the "Separation Payment"), provided that Executive executes an agreement releasing Company and its affiliates from any liability associated with this Agreement in form and terms satisfactory to the Company and complies with his other obligations under this Agreement as provided in Section 12 and 13 hereof, as a condition to such Separation Payment. The Separation Payment shall be paid in in accordance with the customary payroll practices of the Company. View More