Employer’s No Cause Termination of Employee Sample Clauses

Employer’s No Cause Termination of Employee. Employer has the right to terminate Employee’s employment for “No Cause” (defined below) in its sole discretion at any time during the Specified Term. A “No Cause” termination of Employee is termination for a reason other than a reason stated in Section 10.1 through 10.3 above. Subject to the conditions set forth below in Section 10.5: 10.4.1 If Employee is terminated during the Specified Term, Employee shall receive an amount equal to: (i) Employee’s annual base salary and (ii) Target Bonus (the “Severance Payment”), less all applicable taxes, payable in twelve (12) monthly installments commencing upon the date that is thirty (30) days after the date of separation; plus any earned but unpaid discretionary bonus due to Employee, payable in accordance with the provisions of the bonus program. For the avoidance of doubt, an earned bonus includes any bonus where the performance period has been completed and a bonus has become payable to the Employee (an “Earned Bonus Amount”). In addition, Employee shall receive a lump sum payment equal to 1.5 times the cost of COBRA coverage for a period of twelve (12) months immediately following separation (the “COBRA Payment”), payable in twelve (12) monthly installments commencing upon separation. Notwithstanding the foregoing, if Employee is terminated during the Specified Term as a result of a Material Digital Acquisition (as defined below) then, in lieu of the Severance Payment, Employee shall be entitled to an amount equal to (i) two (2) times Employee’s annual base salary plus two (2) times his Target Bonus, less all applicable taxes, payable in twenty four (24) monthly installments commencing upon the date that is thirty (30) days after Employee’s termination date (the “MDA Severance Payment”) and (ii) the COBRA Payment. In the event Employee becomes entitled to the MDA Severance Payment and such event triggers severance payments under the Company’s COC Policy, if the aggregate cash benefits payable to Employee pursuant to Sections 10.4 or 10.6 of this Agreement are more than the aggregate cash benefits payable under the CoC Policy then Employee shall be entitled to the amount of aggregate cash benefits payable under Section 10.4 or 10.6 of this Agreement, as applicable, which shall be payable in the form and at the times set forth in Section 3.2 of the COC Policy (in lieu of any cash benefits under Section 3.3 of the COC Policy).