Common use of Separation Package Clause in Contracts

Separation Package. (a) Where required by termination circumstances defined in this Agreement, the Executive will be entitled to a separation package (“Separation Package”) consisting of: (i) a payment equal to two times the then-current annual Base Salary in lieu of notice of termination and inclusive of the Executive’s entitlement to termination pay in British Columbia under the British Columbia Employment Standards Act; (ii) a payment equal to two times the highest of: (x) the Executive’s “target” Annual Bonus, if any, for the fiscal year in which such termination occurs, under the applicable short-term incentive compensation plan or other annual cash bonus plan of the Company; and (y) the average Annual Bonus actually received by the Executive in the two immediately preceding fiscal years; and (iii) the Company shall continue to provide to the Executive and to the Executive’s eligible dependents with the same level of health benefits, including without limitation medical, dental, vision, accident, disability, life insurance and other such benefits in place prior to termination of employment until the earlier of: (i) twenty-four months after the effective date of such termination, or (ii) the date the Executive becomes eligible for comparable benefits under a similar plan, policy or program of a subsequent employer, on substantially the same terms and conditions (including contributions required by the Executive for such benefits, if any) as existed immediately prior to termination; provided that, if such continued participation is not feasible, the Company shall otherwise provide such benefits (via lump sum compensation or in kind) on the same after-tax basis as if continued participation had been permitted, which items (i) and (ii) of the Separation Package shall be payable in substantially equal installments over twenty four months following the applicable termination date in accordance with the Company’s payroll practice.