CIC definition
Examples of CIC in a sentence
If Executive is entitled to receive the Separation Benefits or the CIC Separation Benefits but violates any provisions of Sections 8 through 10 hereof after termination of employment, the Company will be entitled to immediately stop paying any further installments of the Separation Benefits or the CIC Separation Benefits as applicable, in addition to any other remedies that may be available to the Company in law or at equity.
The parties intend that each installment of the Separation Benefits or the CIC Separation Benefits, as applicable, is a separate “payment” for purposes of Section 409A.
The Company’s obligation to provide the Separation Benefits or the CIC Separation Benefits, as applicable, is conditioned upon Executive executing and returning a release of claims in a form acceptable to the Company (the “Release”) within the time specified therein, which Release is not revoked within any time period allowed for revocation under applicable law.
For the avoidance of doubt, the parties intend that the Separation Benefits or the CIC Separation Benefits, as applicable, satisfy, to the greatest extent possible, the exemptions from the application of Section 409A provided under Treasury Regulation Sections 1.409A-1(b)(4) and 1.409A-1(b)(9).
Executive acknowledges and agrees that the covenants set forth in this Agreement are supported by adequate consideration, including, but not limited to the Company’s promise to provide the Separation Benefits or the CIC Separation Benefits, as applicable, and the Company’s other promises as described in this Agreement.