Severance Compensation Payable Upon Termination of Employment Following a Change in Control Clause Samples

Severance Compensation Payable Upon Termination of Employment Following a Change in Control. Subject to Sections 4.4 and 4.5 hereof, if any of the triggering events set forth in Sections 1.1 or 1.2 hereof occurs, then as a severance benefit and in lieu of all other compensation or damages (except as set forth in Section 4.2 hereof) the Company shall pay to Executive as severance compensation an amount equal to one hundred percent (100%) of the Executive’s highest annual base salary in effect during the twelve (12) month period immediately preceding the date of termination of employment, plus one hundred percent (100%) of Executive’s past highest annual bonus. Such amount shall be paid in full on or before the tenth day following the later of (i) the final determination under Section 4.4 hereof, and (ii) the last date for revocation of the release agreement as set forth in Section 4.5 hereof. Such amount will be subject to payroll withholdings required by applicable federal, state or local laws, and shall be payable to Executive net of such withholdings. The severance compensation payable pursuant to this Section 4.1 will not be reduced by any compensation or benefits earned by Executive after the date of termination of employment from any subsequent employer or any other third party.