Additional Severance. In addition to the payments provided for in Section 2.1 and 2.2, upon a CIC Termination or Non-CIC Termination, the following additional provisions shall apply:
Additional Severance. In the event of Executive’s termination of employment under Section 5.1 (Death) or Section 5.2 (Disability), a lump sum cash payment during the sixty-five (65) day period following the date on which Executive’s Separation from Service occurs in an amount equal to the excess of:
(1) two (2) times the sum of:
(A) the highest rate of Executive’s annual Base Compensation in effect during the three (3) year period immediately preceding the Effective Date of Termination, plus
(B) the highest annual bonus received by Executive in the three (3) year period immediately preceding the Effective Date of Termination; less
(2) the Severance Amount.
Additional Severance. In lieu of any further salary and bonus payments to Executive for periods subsequent to the Date of Termination, or other severance payments, the Company will pay as severance pay to Executive two times the sum of:
(a) Executive's annual base salary as of the date of Change in Control, or as of the Date of Termination, whichever is greater; and
(b) Executive's annual bonus under the Plan. Executive's annual bonus amount is to be based on the greater of:
(1) the average of Executive's bonus for the two fiscal years of the Company preceding the year in which the Change in Control occurs; or
(2) the average of Executive's bonus for the two fiscal years of the Company preceding the year in which the termination of employment occurs. The severance pay provided for in this Section 6.2 shall be transferred to a “Rabbi Trust,” effective as of the Date of Termination, and paid to Executive in twenty-four (24) equal monthly installments commencing on the first day of the next month following the Date of Termination, and on the first day of each subsequent month, until fully paid.
Additional Severance. In lieu of any further salary and bonus payments to Executive for periods subsequent to the date of termination or other severance payments, the Company will pay as severance pay to Executive three times the sum of:
(a) Executive's annual base salary as of the date of Change in Control, or as of the date of termination of employment, whichever is greater;
(b) Executive's annual bonus under the Key Employees' Bonus Plan. Executive's annual bonus amount is to be based on the greater of:
(1) the average of Executive's bonus for the two fiscal years of the Company preceding the year in which the Change in Control occurs, or
(2) the average of Executive's bonus for the two fiscal years of the Company preceding the year in which the termination of employment occurs. The additional severance pay provided for in this SECTION 5.2 shall be transferred to a "Rabbi Trust", effective as of the date of termination of employment, and paid to Executive in thirty-six (36) equal monthly installments commencing on the first day of the next month following the date of termination, and on the first day of each subsequent month, until fully paid.
Additional Severance a. You or your legal representative, as the case may be, shall receive payment of $950,000, if, and only if, (i) your Termination Date is after December 31, 2021, but before March 31, 2022, and (ii) the Compensation Committee determines, in its sole and absolute discretion, that Activision Blizzard’s 2021 OI is 90% or greater than the 2021 OI Objective;
b. You or your legal representative, as the case may be, shall receive payment of $950,000, if, and only if, (i) your Termination Date is after December 31, 2022, but before March 31, 2023, and (ii) the Compensation Committee determines, in its sole and absolute discretion, that Activision Blizzard’s 2022 OI is 90% or greater than the 2022 OI Objective; and
c. You or your legal representative, as the case may be, shall receive payment of $950,000, if, and only if, (i) your Termination Date is after December 31, 2023, but before March 31, 2024, and (ii) the Compensation Committee determines, in its sole and absolute discretion, that Activision Blizzard’s 2023 OI is 90% or greater than the 2023 OI Objective. All amounts owed pursuant to this Section 10(d)(i) will be paid within thirty (30) days after the date the Compensation Committee determines that the applicable OI conditions have been achieved (if any), provided that this is no sooner than the 60th day following the Termination Date, and will be subject to applicable taxes and withholdings.
Additional Severance. In addition to the amount provided in Section 7(a) above, if Executive’s employment is terminated by the Executive for Good Reason or by the Company without cause, then (i) the Executive shall be entitled to receive, in equal payments over a two (2) year period, the Executive’s then-current annual Base salary (that is, two (2) years’ worth of annual Base Salary, paid out over two (2) years); and (ii) provided the Executive (and his spouse and dependents enroll, if covered at the time of the termination) timely enrolls in COBRA under the Company’s group medical insurance program, the Executive shall be entitled to receive (as shall his spouse and dependents, to the extent they were covered at the time of the termination) fully subsidized continuation coverage premiums under each of the Company’s “group health plans” subject to COBRA that are provided under the ION Geophysical Corporation Welfare Benefit Plan (“Plan”), in accordance with such Plan as in effect from time to time; provided, however that notwithstanding the Plan’s limitations on the maximum time period for COBRA coverage, the continuation coverage period for Executive (and his eligible dependents) shall continue for a period of two (2) years. The Company’s obligation under this clause shall be satisfied by the Company by paying the cost of the monthly continuation coverage premiums directly to the insurers on Executive’s (and any covered dependents’) behalf. The Company’s obligation to pay the foregoing continuation coverage premiums shall terminate on the earlier of the date (i) Executive (and his dependents) terminates continuation coverage under the Plan (unless Company is reimbursing Executive as set forth in clause (ii) next following); or (ii) Executive (and his dependents) are eligible to become covered by another employer-sponsored group health plan that materially duplicate the coverage paid for under the Plan (without regard to whether Executive becomes covered in such plan), provided, however, that if Executive becomes covered under another employer-sponsored group health plan, then Executive shall continue to receive the monthly reimbursement benefit from the Company for the lesser of (x) the amount of employee premiums that Executive or his wife, as applicable, is charged to secure such coverage, or (y) the amount of the monthly continuation coverage premiums Executive would otherwise be required to pay to receive continuation coverage under the Plan. In addition, the Executive sha...
Additional Severance. In lieu of any further salary payments to you for periods subsequent to the Date of Termination, the Company will pay as severance pay to you on the fifth (5th) business day following the Date of Termination a lump sum equal to two (2) times the sum of (a) your annual base salary at the highest rate in effect during the twelve (12) months immediately preceding the Date of Termination plus (b) the higher of (i) the highest annual bonus paid to you or paid but deferred on your behalf under the Incentive Plan, (ii) any earned, but unpaid, bonus accrued for your benefit under the Incentive Plan, or (iii) your highest target annual bonus under the Incentive Plan, whether or not earned, in each case with respect to the three (3) calendar years immediately preceding the year in which the Date of Termination occurs and the partial calendar year ending on the Date of Termination. For purposes of item (iii) above and subparagraph 5.3, the “highest target annual bonus under the Incentive Plan” for the partial calendar year ending on the Date of Termination will be your annual base salary as of the Date of Termination multiplied by the target percentage of your bonus under the Incentive Plan.
Additional Severance a. You or your legal representative, as the case may be, shall receive payment of $2,000,000, if and only if, (i) your employment is terminated pursuant to Section 9(b), 9(c), 9(d) or 9(e), (ii) your Termination Date is after December 31, 2017, and (iii) the Compensation Committee determines, in its sole discretion, that Activision Blizzard’s [i] 2017 OI is $1 or greater and [ii] 2017 OI is 90% or greater than the 2017 AOP OI Objective;
b. You or your legal representative, as the case may be, shall receive payment of $2,000,000, if an only if, (i) your employment is terminated pursuant to Section 9(b), 9(c), 9(d) or 9(e), (ii) your Termination Date is after December 31, 2018, and (iii) the Compensation Committee determines, in its sole discretion, that Activision Blizzard’s [i] 2018 OI is $1 or greater and [ii] 2018 OI is 90% or greater than the 2018 AOP OI Objective; and
c. You or your legal representative, as the case may be, shall receive payment of $2,000,000, if an only if, (i) your employment is terminated pursuant to Section 9(b),9(c), 9(d) or 9(e), (ii) your Termination Date is after December 31, 2019, and (iii) the Compensation Committee determines, in its sole discretion, that Activision Blizzard’s [i] 2019 OI is $1 or greater and [ii] 2019 OI is 90% or greater than the 2019 AOP OI Objective. The amounts set forth in Sections 10(c)(iv)a. through 10(c)(iv)c. are intended to be cumulative to the extent the applicable conditions are satisfied; provided, however, no payment pursuant to Section 10(c)(iv)a., 10(c)(iv)b., or 10(c)(iv)c. shall be due to you if your Termination Date is on or after June 29, 2020. All amounts owed pursuant to this Section 10(c)(iv) will be paid within 30 days after the date the Compensation Committee determines that the applicable OI conditions have been achieved (if any), provided that this is no sooner than the 60th day following the Termination Date, and will be subject to applicable taxes and withholdings.
Additional Severance. In lieu of any further salary and bonus payments to Executive for periods subsequent to the Date of Termination, or other severance payments, the Company will pay as severance pay to Executive the additional sum equal to: Executive’s annual base salary as of the date of Change in Control, or as of the Date of Termination, whichever is greater. The severance pay provided for in this Section 6.2 shall be transferred to a “Rabbi Trust,” effective as of the Date of Termination, and paid to Executive in twelve (12) equal monthly installments commencing on the first day of the next month following the Date of Termination, and on the first day of each subsequent month, until fully paid.
Additional Severance. In lieu of any further salary payments to you for periods subsequent to the Date of Termination, the Company will pay as severance pay to you on the 60th day following the Date of Termination a lump sum equal [2 or 3 depending on whether Tier II or I] times the sum of (a) your annual base salary at the highest rate in effect during the twelve (12) months immediately preceding the Date of Termination plus (b) your highest annual bonus earned under the Incentive Plan with respect to the three (3) calendar years immediately preceding the year in which the Date of Termination occurs.
