Severance for Qualifying Termination. If (i) your employment is terminated by the Company without Cause, other than due to your death or disability, or you terminate your employment for Good Reason (as defined in the Plan) and (ii) you satisfy the Release Requirement (defined below), then you will receive the Severance Payments (defined below) as your sole severance benefits, and you will not be eligible for severance benefits under any other policy, plan or agreement. Specifically, you will receive severance pay in the form of continuation of your final monthly base salary for six (6) months, less standard payroll deductions and tax withholdings (the “Severance Payments”). Subject to Section 7(e), the Severance Payments will be paid in equal installments on the Company’s regular payroll schedule in effect following your termination date, with such payments to begin on the first regular payroll date following the Release Effective Date (as defined below). If the Severance Payments do not commence with the first regular payroll date following your termination date because the Release Effective Date is later than such first payroll date, the first installment of the Severance Payments you receive will be a “catch up” payment in the total amount of the Severance Payments you would have received through such payroll date if such payments had begun with the first payroll date after your termination date.
Severance for Qualifying Termination. If (i) your employment is terminated by the Company without Cause, other than due to your death or disability, and (ii) you satisfy the Release Requirement (as defined below), then you will receive the following Severance Payments as your sole severance benefits, and you will not be eligible for severance benefits under any other policy, plan or agreement. Specifically, you will receive severance pay in the form of continuation of your final monthly base salary for three (3) months if your termination occurs prior to the Series A Financing and for six (6) months if your termination occurs subsequent to the Series A Financing, less standard payroll deductions and tax withholdings (the “Severance Payments”). Subject to Section 8(e), the Severance Payments will be paid in equal installments on the Company’s regular payroll schedule in effect following your termination date, with such payments to begin on the first regular payroll date following the Release Effective Date (as defined below). If the Severance Payments do not commence with the first regular payroll date following your termination date because the Release Effective Date is later than such first payroll date, the first installment of the Severance Payments you receive will be a “catch up” payment in the total amount of the Severance Payments you would have received through such payroll date if such payments had begun with the first payroll date after your termination date.
Severance for Qualifying Termination. In the event that (a) Executive’s employment is terminated by the Company or a Subsidiary (as hereinafter defined) without Cause (as hereinafter defined) and other than as a result of Executive’s death or Disability, or (b) Executive does not become the Chief Executive Officer of either of the parent companies holding the Company’s Product business or IP Licensing business at the completion of the separation contemplated by the Company’s announcement on May 9, 2019, or (c) Executive voluntarily terminates his employment with the Company and its Subsidiaries with Good Reason (as hereinafter defined), and provided that such termination constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”), then subject to Executive’s obligations below, Executive shall be entitled to receive, in addition to Executive’s Base Salary accrued (and unpaid) through Executive’s last day of employment and all incurred but unreimbursed business expenses through the date of Executive’s Separation from Service that are reimbursable in accordance with the Company’s then-current reimbursement policy, the following (collectively, the “Severance Benefits”):
Severance for Qualifying Termination. In the event that Executive’s employment as interim President & CEO is terminated by the Company or a Subsidiary (as hereinafter defined) without Cause (as hereinafter defined) and other than as a result of Executive’s death or Disability, and provided that such termination constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”) (a “Qualifying Termination”), then subject to Executive’s obligations below, Executive shall be entitled to receive fully accelerated vesting of the RSU referenced in the Offer Letter (if it is outstanding and unvested as of the date of such termination), with such acceleration to be effective as of the 90th day following Executive’s Separation from Service (collectively, the “Severance Benefits”). No other vesting acceleration, cash severance or other welfare benefits shall be paid in connection with a Qualifying Termination.
Severance for Qualifying Termination. If (i) your employment is terminated by the Company without Cause, other than due to your death or disability, and (ii) you satisfy the Release Requirement (defined below), then you will receive the Severance Payments (defined below) as your sole severance benefits, and you will not be eligible for severance benefits under any other policy, plan or agreement. Specifically, you will receive severance pay in the form of continuation of your final monthly base salary for six (6) months, plus six (6) months of benefits coverage under COBRA, less standard payroll Artiva Biotherapeutics, Inc. | 0000 Xxxxxxxxx Xxxxx, Xxxxx 0000, Xxx Xxxxx XX // 3 deductions and tax withholdings (the “Severance Payments”). Post IPO, if your employment is terminated without Cause, or you resign for Good Reason (as defined in the Plan), your severance benefits will increase to nine (9) months of base salary, plus nine months benefits coverage under COBRA. Subject to Section 8(e), the Severance Payments will be paid in equal installments on the Company’s regular payroll schedule in effect following your termination date, with such payments to begin on the first regular payroll date following the Release Effective Date (as defined below). If the Severance Payments do not commence with the first regular payroll date following your termination date because the Release Effective Date is later than such first payroll date, the first installment of the Severance Payments you receive will be a “catch up” payment in the total amount of the Severance Payments you would have received through such payroll date if such payments had begun with the first payroll date after your termination date. In addition, following the IPO if your employment is terminated without Cause, or you resign for Good Reason, within three (3) months before or twelve (12) months following a Change of Control (as defined in the Plan), your severance benefits would include twelve (12) months of base salary and COBRA coverage, payment of your full annual target bonus, and full equity acceleration.
