Common use of Description of Severance Benefits Clause in Contracts

Description of Severance Benefits. Subject to the conditions of Section 4.6, in the event that the Executive becomes entitled to receive Severance Benefits, as provided in Sections 4.1 and 4.2, the Company shall pay to the Executive and provide him with the following: (a) An amount equal to one and one-half (1‑1/2) times the highest rate of the Executive’s annualized Base Salary rate in effect at any time up to and including the Effective Date of Termination. (b) An amount equal to one and one-half (1‑1/2) the Executive’s target annual bonus established for the bonus plan year in which the Executive’s Effective Date of Termination occurs. (c) An amount equal to the Executive’s unpaid Base Salary and accrued vacation pay through the last day the Executive worked. (d) An amount equal to the Executive’s unpaid actual annual bonus, paid for the plan year in which the Executive’s Effective Date of Termination occurs, multiplied by a fraction, the numerator of which is the number of days completed in then-existing fiscal year through the Effective Date of Termination and the denominator of which is three hundred sixty-five (365). Any payments hereunder are in lieu of bonuses otherwise payable under the Company’s applicable annual incentive plans. (e) A lump sum payment of ten thousand dollars ($10,000) (net of required payroll and income tax withholding) in order to assist the Executive in paying for replacement health and welfare coverage for a reasonable period following the Executive’s Effective Date of Termination.

Description of Severance Benefits. Subject to the conditions of Section 4.6, in the event that the Executive becomes entitled to receive Severance Benefits, as provided in Sections 4.1 and 4.2, the Company shall pay to the Executive and provide him with the following: (a) An amount equal to one and one-half (1‑1/21-1/2) times the highest rate of the Executive’s annualized Base Salary rate in effect at any time up to and including the Effective Date of Termination. (b) An amount equal to one and one-half (1‑1/21-1/2) the Executive’s target annual bonus established for the bonus plan year in which the Executive’s Effective Date of Termination occurs. (c) An amount equal to the Executive’s unpaid Base Salary and accrued vacation pay through the last day the Executive worked. (d) An amount equal to the Executive’s unpaid actual annual bonus, paid for the plan year in which the Executive’s Effective Date of Termination occurs, multiplied by a fraction, the numerator of which is the number of days completed in then-existing fiscal year through the Effective Date of Termination and the denominator of which is three hundred sixty-five (365). Any payments hereunder are in lieu of bonuses otherwise payable under the Company’s applicable annual incentive plans. (e) A lump sum payment of ten thousand dollars ($10,000) (net of required payroll and income tax withholding) in order to assist the Executive in paying for replacement health and welfare coverage for a reasonable period following the Executive’s Effective Date of Termination.

Description of Severance Benefits. Subject to the conditions of Section 4.6, in the event that the Executive becomes entitled to receive Severance Benefits, as provided in Sections 4.1 and 4.2, the Company shall pay to the Executive and provide him with the following: (a) An amount equal to one and one-half (1‑1/21- 1/2 ) times the highest rate of the Executive’s annualized Base Salary rate in effect at any time up to and including the Effective Date of Termination. (b) An amount equal to one and one-half (1‑1/21- 1/2 ) the Executive’s target annual bonus established for the bonus plan year in which the Executive’s Effective Date of Termination occurs. (c) An amount equal to the Executive’s unpaid Base Salary and accrued vacation pay through the last day the Executive worked. (d) An amount equal to the Executive’s unpaid actual targeted annual bonus, paid established for the plan year in which the Executive’s Effective Date of Termination occurs, multiplied by a fraction, the numerator of which is the number of days completed in then-existing fiscal year through the Effective Date of Termination and the denominator of which is three hundred sixty-five (365). Any payments hereunder are in lieu of bonuses otherwise payable under the Company’s applicable annual incentive plans. (e) A lump sum payment of ten thousand dollars ($10,000) (net of required payroll and income tax withholding) in order to assist the Executive in paying for replacement health and welfare coverage for a reasonable period following the Executive’s Effective Date of Termination.. Severance Tier I US

Description of Severance Benefits. Subject to the conditions of Section 4.6, in the event that the Executive becomes entitled to receive Severance Benefits, as provided in Sections 4.1 and 4.2, the Company shall pay to the Executive and provide him with the following: (a) An amount equal to one and one-half (1‑1/2) times the highest rate of the Executive’s 's annualized Base Salary rate in effect at any time up to and including the Effective Date of Termination. (b) An amount equal to one and one-half (1‑1/2) the Executive’s 's target annual bonus established for the bonus plan year in which the Executive’s 's Effective Date of Termination occurs. (c) An amount equal to the Executive’s 's unpaid Base Salary and accrued vacation pay through the last day the Executive worked. (d) An amount equal to the Executive’s 's unpaid actual annual bonus, paid for the plan year in which the Executive’s 's Effective Date of Termination occurs, multiplied by a fraction, the numerator of which is the number of days completed in then-existing fiscal year through the Effective Date of Termination and the denominator of which is three hundred sixty-five (365). Any payments hereunder are in lieu of bonuses otherwise payable under the Company’s 's applicable annual incentive plans. (e) A lump sum payment of ten thousand dollars ($10,000) (net of required payroll and income tax withholding) in order to assist the Executive in paying for replacement health and welfare coverage for a reasonable period following the Executive’s 's Effective Date of Termination.

Description of Severance Benefits. Subject to the conditions of Section 4.6, in the event that the Executive becomes entitled to receive Severance Benefits, as provided in Sections 4.1 and 4.2, the Company shall pay to the Executive and provide him with the following: (a) An amount equal to one and one-half (1‑1/21-1/2) times the highest rate of the Executive’s annualized Base Salary rate in effect at any time up to and including the Effective Date of Termination. (b) An amount equal to one and one-half (1‑1/21-1/2) the Executive’s target annual bonus established for the bonus plan year in which the Executive’s Effective Date of Termination occurs. (c) An amount equal to the Executive’s unpaid Base Salary and accrued vacation pay through the last day the Executive worked. (d) An amount equal to the Executive’s unpaid actual targeted annual bonus, paid established for the plan year in which the Executive’s Effective Date of Termination occurs, multiplied by a fraction, the numerator of which is the number of days completed in the then-–existing fiscal year through the Effective Date of Termination Termination, and the denominator of which is three hundred sixty-five (365). Any payments hereunder are in lieu of bonuses otherwise payable under the Company’s applicable annual incentive plans. (e) A lump sum payment of ten thousand dollars ($10,000) 10,000 (net of required payroll and income tax withholding) in order to assist the Executive in paying for replacement health and welfare coverage for a reasonable period following the Executive’s Effective Date of Terminationcoverage.