PAYMENT UNDER SECTIONS 1.3 OR 1.4, THE
AMOUNT OF ANY PAYMENT RECEIVED BY EXECUTIVE PURSUANT TO ANY DEATH OR DISABILITY
PLAN OR INSURANCE MAINTAINED BY COMPANY ON EXECUTIVE'S BEHALF SHALL BE DEDUCTED
FROM ANY AMOUNTS PAYABLE PURSUANT TO THIS AGREEMENT.
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5.14
"SEVERANCE PERIOD" MEANS THE FOLLOWING PERIOD, BASED ON WHETHER
EXECUTIVE'S QUALIFYING TERMINATION IS DURING A PROTECTION PERIOD OR DUE TO
DISABILITY OR DEATH:
QUALIFYING TERMINATION
OTHER THAN DURING A
PROTECTION PERIOD -
SECTION 1.1
QUALIFYING TERMINATION
DURING A PROTECTION
PERIOD - SECTION 1.2
TERMINATION OF
EMPLOYMENT DUE TO
DISABILITY OR DEATH -
SECTIONS 1.3 AND 1.4
6 months
3 years
6 months
5.15
"TERMINATION OF EMPLOYMENT" MEANS THE DATE ON WHICH EXECUTIVE CEASES
TO PERFORM DUTIES FOR COMPANY OR ITS AFFILIATE(S).
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.
ZALE CORPORATION
By:
Name:
Title:
EXECUTIVE
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