Common use of Payment Upon a Change in Control Clause in Contracts

Payment Upon a Change in Control. If a Change in Control (as defined in Section 10(b)(ii), 10(b)(iv) or 10(b)(v) herein) occurs, Executive shall receive a cash payment in an amount equal to his then current Base Salary plus his then current Target Bonus (calculated assuming that Executive and the Company had achieved all objectives set by the Company with respect thereto), subject to the usual required withholding and subject to reduction, if any, provided for in Section 8(b).