Common use of Amount of Severance Pay Clause in Contracts

Amount of Severance Pay. Within thirty (30) business days after a Qualifying Termination of Employment, the Company shall pay the Employee as follows: 3.1 If the Qualifying Termination of Employment occurs within the first twenty-four (24) months after the occurrence of a Change in Control, a lump sum equal to the product of two (2) times the sum of: a) The Employee's base salary at the greater of (1) the annual rate in effect on the date when the Qualifying Termination of Employment is effective, or (2) the annual rate in effect on the date of the Change in Control; plus b) The Employee's annual target bonus amount for the most recent year completed prior to the date when the Qualifying Termination of Employment is effective. 3.2 If the Qualifying Termination of Employment does not meet the requirements of Section 3.1 above, a lump sum equal to the product of one (1) times the sum of: a) The Employee's base salary at the annual rate in effect on the date when the Qualifying Termination of Employment is effective; plus b) The Employee's annual target bonus amount for the most recent year completed prior to the date when the Qualifying Termination of Employment is effective. For purposes of determining the Employee's annual base salary and annual target bonus under Sections 3.1 and 3.2 above, any reduction in annual base salary or annual target bonus that would constitute Good Reason under this Agreement shall be deemed not to have occurred.

Amount of Severance Pay. Within thirty (30) business days after a Qualifying Termination of Employment, the Company shall pay the Employee as follows: 3.1 If the Qualifying Termination of Employment occurs within the first twenty-four (24) months after the occurrence of a Change in Control, a lump sum equal to the product of two (2) times the sum of: a) The Employee's base salary at the greater of (1) the annual rate in effect on the date when the Qualifying Termination of Employment is effective, or (2) the annual rate in effect on the date of the Change in Control; plus b) The Employee's annual bonus based on the target bonus percentage amount for the most recent year completed prior to the date when the Qualifying Termination of Employment is effective. 3.2 If the Qualifying Termination of Employment does not meet the requirements of Section 3.1 above, a lump sum equal to the product of one (1) times the sum of: a) The Employee's base salary at the annual rate in effect on the date when the Qualifying Termination of Employment is effective; plus b) The Employee's annual bonus based on the target bonus percentage amount for the most recent year completed prior to the date when the Qualifying Termination of Employment is effective. For purposes of determining the Employee's annual base salary and annual target bonus percentage under Sections 3.1 and 3.2 above, any reduction in annual base salary or annual target bonus that would constitute Good Reason under this Agreement shall be deemed not to have occurred.

Amount of Severance Pay. Within thirty (30) business days after a Qualifying Termination of Employment, the Company shall pay the Employee as follows: 3.1 If the Qualifying Termination of Employment occurs within the first twenty-four (24) months after the occurrence of a Change in Control, a lump sum equal to the product of two (2) times the sum of: a) The Employee's ’s base salary at the greater of (1) the annual rate in effect on the date when the Qualifying Termination of Employment is effective, or (2) the annual rate in effect on the date of the Change in Control; plus b) The Employee's ’s annual bonus based on the target bonus percentage amount for the most recent year completed prior to the date when the Qualifying Termination of Employment is effective. 3.2 If the Qualifying Termination of Employment does not meet the requirements of Section 3.1 above, a lump sum equal to the product of one (1) times the sum of: a) The Employee's ’s base salary at the annual rate in effect on the date when the Qualifying Termination of Employment is effective; plus b) The Employee's ’s annual bonus based on the target bonus percentage amount for the most recent year completed prior to the date when the Qualifying Termination of Employment is effective. For purposes of determining the Employee's ’s annual base salary and annual target bonus percentage under Sections 3.1 and 3.2 above, any reduction in annual base salary or annual target bonus that would constitute Good Reason under this Agreement shall be deemed not to have occurred.