CHANGE OF CONTROL SEVERANCE PAYMENT. Executive shall be eligible for a lump sum cash severance payment, to be made as soon as practicable following the Release Effective Date and subject to required payroll deductions and tax withholdings (the “Change of Control Severance Payment”), in an amount equal to (i) (x) 12 months of Executive’s Base Salary as in effect immediately before the Termination Date, plus (y) an amount equal to the Target Cash Bonus for the fiscal year in which the Termination Date occurs. For the avoidance of doubt, the Base Salary used in determining Executive’s Change of Control Severance Payment shall be calculated prior to giving effect to any reduction in Base Salary that would give rise to Executive’s right to resign for Good Reason.
Appears in 5 contracts
Samples: Employment Agreement (Cadrenal Therapeutics, Inc.), Employment Agreement (Cadrenal Therapeutics, Inc.), Employment Agreement (Cadrenal Therapeutics, Inc.)
