Common use of Severance Benefits upon Involuntary Termination Prior to Change in Control or After the CIC Protection Period Expires Clause in Contracts

Severance Benefits upon Involuntary Termination Prior to Change in Control or After the CIC Protection Period Expires. In the event of the Involuntary Termination of the Executive’s employment prior to a Change in Control or after the expiration of the CIC Protection Period (as defined in Section 6), the Company shall pay to the Executive a lump sum cash amount equal to the Accrued Obligations (as hereinafter defined) and, following timely receipt of the Release required in Section 13 that has not been revoked, shall pay to the Executive the payments and benefits provided in Sections 5.1, 5.2, 5.4 and 5.5 below, at the times and in the manner as set forth therein, subject to Section 19.8 and any applicable required timing to the contrary set forth in Section 13. The “Accrued Obligations” means the sum of (i) the Executive’s annual base salary through the Date of Termination to the extent not theretofore paid; (ii) an amount equal to any annual cash Incentive Compensation Awards earned (based on the most recently completed performance period, whether that period is the prior quarter or the prior year) but not yet paid; (iii) an amount equal to the value of any accrued and/or untaken vacation, if any; and (iv) reimbursement for unreimbursed business expenses, if any, properly incurred by the Executive in the performance of the Executive’s duties in accordance with the policies established from time to time by the Board.