Common use of Severance Payment Upon Involuntary Termination Clause in Contracts

Severance Payment Upon Involuntary Termination. If the Employee's employment with the Company terminates as a result of an Involuntary Termination at any time within 12 months after a Change of Control, then the Employee shall be entitled to receive a severance payment in an amount equal to (i) 18 months of the Employee's base salary as in effect immediately prior to the Involuntary Termination, (ii) 150% of the Employee's target bonus as in effect for the fiscal year in which the Involuntary Termination occurs and (iii) up to 100% of the Employee's target bonus as in effect for the fiscal year in which the Involuntary Termination occurs, with such amount determined by the Board in its sole discretion based on the Employee's achievement of the management objectives on which such bonus is based and pro-rated by multiplying such bonus amount by a fraction, the numerator of which shall be the number of days prior to the occurrence of the Involuntary Termination during such fiscal year, and the denominator of which shall be 365. Such severance payment shall be in lieu of any other severance payment to which the Employee shall be entitled pursuant to any employment agreement, offer letter or the Company's then existing severance plans and policies. Such severance payment shall be payable over a period of 18 months commencing on the date of the Involuntary Termination in accordance with the Company's normal payment practices. In addition, during the Compensation Continuation Period, the Company shall continue to make available to the Employee and Employee's spouse and dependents covered under any group health plans of the Company on the date of such termination of employment the same level of health (i.e., medical, vision and dental) coverage and benefits as in effect for the Employee or such covered dependents on the date immediately preceding the date of the Employee's termination; provided, however, that (i) the Employee constitutes a qualified beneficiary, as defined in Section 4980B(g)(1) of the Internal Revenue Code of 1986, as amended; and (ii) the Employee elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), within the time period prescribed pursuant to COBRA.

Severance Payment Upon Involuntary Termination. If the Employee's ’s employment with the Company terminates as a result of an Involuntary Termination at any time within 12 months after a Change of Control, then the Employee shall be entitled to receive a severance payment in an amount equal to (i) 18 months of the Employee's ’s base salary as in effect immediately prior to the Involuntary Termination, (ii) 150% of the Employee's ’s target bonus as in effect for the fiscal year in which the Involuntary Termination occurs and (iii) up to 100% of the Employee's ’s target bonus as in effect for the fiscal year in which the Involuntary Termination occurs, with such amount determined by the Board in its sole discretion based on the Employee's ’s achievement of the management objectives on which such bonus is based and pro-rated by multiplying such bonus amount by a fraction, the numerator of which shall be the number of days prior to the occurrence of the Involuntary Termination during such fiscal year, and the denominator of which shall be 365. Such severance payment shall be in lieu of any other severance payment to which the Employee shall be entitled pursuant to any employment agreement, offer letter or the Company's ’s then existing severance plans and policies. Such severance payment shall be payable over a period of 18 months commencing on the date of the Involuntary Termination in accordance with the Company's ’s normal payment practices. In addition, during the Compensation Continuation Period, the Company shall continue to make available to the Employee and Employee's ’s spouse and dependents covered under any group health plans of the Company on the date of such termination of employment the same level of health (i.e., medical, vision and dental) coverage and benefits as in effect for the Employee or such covered dependents on the date immediately preceding the date of the Employee's ’s termination; provided, however, that (i) the Employee constitutes a qualified beneficiary, as defined in Section 4980B(g)(1) of the Internal Revenue Code of 1986, as amended; and (ii) the Employee elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("“COBRA"”), within the time period prescribed pursuant to COBRA.

Severance Payment Upon Involuntary Termination. If the Employee's employment with the Company terminates as a result of an Involuntary Termination at any time within 12 months after a Change of Control, then the Employee shall be entitled to receive a severance payment in an amount equal to (i) 18 24 months of the Employee's base salary as in effect immediately prior to the Involuntary Termination, (ii) 150200% of the Employee's target bonus as in effect for the fiscal year in which the Involuntary Termination occurs and (iii) up to 100% of the Employee's target bonus as in effect for the fiscal year in which the Involuntary Termination occurs, with such amount determined by the Board in its sole discretion based on the Employee's achievement of the management objectives on which such bonus is based and pro-rated by multiplying such bonus amount by a fraction, the numerator of which shall be the number of days prior to the occurrence of the Involuntary Termination during such fiscal year, and the denominator of which shall be 365. Such severance payment shall be in lieu of any other severance payment to which the Employee shall be entitled pursuant to any employment agreement, offer letter or the Company's then existing severance plans and policies. Such severance payment shall be payable over a period of 18 24 months commencing on the date of the Involuntary Termination in accordance with the Company's normal payment practices. In addition, during the Compensation Continuation Period, the Company shall continue to make available to the Employee and Employee's spouse and dependents covered under any group health plans of the Company on the date of such termination of employment the same level of health (i.e., medical, vision and dental) coverage and benefits as in effect for the Employee or such covered dependents on the date immediately preceding the date of the Employee's termination; provided, however, that (i) the Employee constitutes a qualified beneficiary, as defined in Section 4980B(g)(1) of the Internal Revenue Code of 1986, as amended; and (ii) the Employee elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), within the time period prescribed pursuant to COBRA.