Target Bonus Severance. A lump sum cash severance payment equal to one hundred and fifty percent (150%) of Executive’s target bonus for the year in which Executive’s termination occurs (or, if greater, as in effect immediately prior to the Change of Control) and a prorated percentage of Executive’s target bonus as in effect for the fiscal year that includes the termination date (or, if greater, as in effect immediately prior to the Change of Control). For purposes of the preceding sentence, proration will be determined by dividing the number of days during the fiscal year for which Executive remained an employee of the Company, by three hundred and sixty-five (365).
Appears in 4 contracts
Samples: Change of Control and Severance Agreement (Cerence Inc.), Change of Control and Severance Agreement (Cerence Inc.), Change of Control and Severance Agreement (Cerence Inc.)
