Common use of Severance and Bonus Payments Clause in Contracts

Severance and Bonus Payments. The Company or its successor shall pay the Executive (i) an amount equal to twelve (12)-months of base salary (at the rate in effect immediately prior to the actions that resulted in the Separation) and (ii) one hundred percent (100)% of the Executive’s annual target bonus for the year in which the CIC Qualifying Termination occurs, in each case payable in a cash lump sum on the first business day occurring after the sixtieth (60th) day following the date of Separation, subject to the Executive’s satisfaction of the Release Conditions. Notwithstanding the foregoing, in the event such CIC Qualifying Termination is a Pre-CIC Qualifying Termination, then the amount paid to the Executive pursuant to clause (i) of this Section 3(a) shall be reduced by the amount of any severance already paid to the Executive pursuant to Section 2(a). In no event shall a Pre-CIC Qualifying Termination result in duplicate payments or benefits to the Executive under Sections 2 and 3 of this Agreement.

Severance and Bonus Payments. The Company or its successor shall pay the Executive (i) an amount equal to twelve eighteen (12)-months 18)-months of base salary (at the rate in effect immediately prior to the actions that resulted in the Separation) and (ii) one hundred and fifty percent (100)% 150%) of the Executive’s annual target bonus for the year in which the CIC Qualifying Termination occurs, in each case payable in a cash lump sum on the first business day occurring after the sixtieth (60th) day following the date of Separation, subject to the Executive’s satisfaction of the Release Conditions. Notwithstanding the foregoing, in the event such CIC Qualifying Termination is a Pre-CIC Qualifying Termination, then the amount paid to the Executive pursuant to clause (i) of this Section 3(a) shall be reduced by the amount of any severance already paid to the Executive pursuant to Section 2(a). In no event shall a Pre-CIC Qualifying Termination result in duplicate payments or benefits to the Executive under Sections 2 and 3 of this Agreement.