CIC Severance Sample Clauses
CIC Severance. The Company shall pay you, as severance, the equivalent of twelve (12) months (the “CIC Severance Period”) of your Base Salary in effect as of the Separation Date and your full target annual bonus for the calendar year in which the Separation Date occurs, subject to standard payroll deductions and withholdings (the “CIC Severance”). The CIC Severance will be paid in a lump sum on the first regularly-scheduled payroll date after your Separation from Service, provided the Separation Agreement (as discussed in Section 7.6) has become effective.
CIC Severance. In the event that CEO’s employment is involuntarily terminated by the Company for any reason other than Cause or by CEO for Good Reason, in each case in connection with or within three (3) months prior to or within twelve (12) months following a Corporate Transaction, CEO shall be entitled to CEO’s salary and benefits (or COBRA, if applicable) for a period of eighteen (18) months from CEO’s termination date; the pro-rata portion of CEO’s bonus earned through the date of termination plus the amount of bonus that would have accrued during the severance period; and all equity awards shall become immediately vested, effective as of CEO’s termination date, provided that, notwithstanding Section 21.1(f) of the Company’s 2021 Equity Incentive Plan, the vested and unvested portion of Executive’s equity awards will not be subject to cancellation without consideration in connection with a Corporate Transaction. The benefits described above shall not apply unless the CEO (i) has executed a general release (substantially in the form prescribed by the Company) of all known and unknown claims that he may then have against the Company or persons affiliated with the Company and such release has become effective and (ii) has agreed not to prosecute any legal action or other proceeding based upon any of such claims. The CEO must execute and return the Release within the time period specified in the form.
CIC Severance. In the event the Executive experiences a Change in Control Termination, and subject to the conditions set forth in Section 4.1, the Company shall pay the Executive the amounts, and provide the Executive the benefits, set forth in this Section 4.2 (collectively referred to as the “CIC Severance”).
CIC Severance. In the event that Executive’s employment is involuntarily terminated by the Company for any reason other than Cause or by Executive for Good Reason, in each case in connection with or within three (3) months prior to or within twelve (12) months following a Corporate Transaction, Executive shall be entitled to Executive’s salary and benefits (or COBRA, if applicable) for a period of [eighteen (18)1/twelve (12)2/six (6)3] months from Executive’s termination date; the pro-rata portion of Executive’s bonus earned through the date of termination plus the amount of bonus that would have accrued during the severance period; and [all1/all2/50% of3] equity awards shall become immediately vested, effective as of Executive’s termination date. The benefits described above shall not apply unless the Executive (i) has executed a general release (substantially in the form prescribed by the Company) of all known and unknown claims that he or she may then have against the Company or persons affiliated with the Company and such release has become effective and (ii) has agreed not to prosecute any legal action or other proceeding based upon any of such claims. The Executive must execute and return the Release within the time period specified in the form.