Common use of Base Salary; Target Bonus; Accrued Vacation Clause in Contracts

Base Salary; Target Bonus; Accrued Vacation. Executive shall receive severance pay in an amount equal to nine-twelfths (9/12’s) his then current Base Salary (at the rate in effect immediately before the date of termination but not giving effect to any reduction that would give Executive the right to resign for Good Reason) plus nine-twelfths (9/12’s) his then current annual Target Bonus (calculated assuming that Executive and the Company had achieved all objectives set by the Company with respect thereto), paid in accordance with the Company’s normal payroll practices and subject to the usual required withholding, plus an amount equal to all accrued and unpaid vacation or paid-time off outstanding on Executive’s termination date, subject to the usual required withholding. To the extent that all sums due pursuant to this Section 9(a)(i) have not been paid by the 15th day of the third month of the calendar year following the calendar year during which the date of termination occurs, the remaining amount due will be paid on that date.