Common use of Severance Payment and Target Bonus Clause in Contracts

Severance Payment and Target Bonus. (i) (A) The Company shall pay to the Executive an amount equal to 12 months of Base Salary, at the highest rate in effect during the 24 months preceding the date of the Notice of Termination (the “Severance Computation Period”) in 12 substantially equal monthly installment payments beginning with the first calendar month which begins at least 60 days after the Termination Date.