CIC Severance Payments definition

CIC Severance Payments shall have the meaning set forth in Section 6.1 hereof.

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CIC Severance Payments means payments equal to:

CIC Severance Payments a lump sum payment equal to 2.0 times the sum of (i) the Executive’s Base Salary in effect immediately prior to the date of termination (or, if higher, immediately prior to the date of the Change in Control), plus (ii) the Executive’s target bonus for the then current fiscal year. The payment described in this subsection (a) shall be made to the Executive within 60 days after the effective date of termination; provided that if such 60-day period straddles two consecutive calendar years, payment shall be made in the second of such years; provided, that for clarity, if the date of termination precedes the Change in Control (by three months or less), then (A) the CIC Severance Payments shall be reduced by the amount of any Severance Payments already paid under Section 12(g) (if any), and (B) the payment timing provisions contained in this Section 13(a) shall control with respect to all remaining CIC Severance Payments.

Examples of CIC Severance Payments in a sentence

• In addition to the remedies the Company may have at law or in equity, violation of Sections 7 or 8 herein will entitle the Company at its sole option not to pay the Average Bonus or the CIC Severance Payments, to discontinue the Salary Continuation Payments to the Executive, and to seek repayment from the Executive of any Severance Payments or CIC Severance Payments already paid to him by the Company.

• Should you become totally and permanently disabled as defined ---------- in the Company's long-term disability program after your Termination Without Cause or Resignation for Good Reason under Part Two of this Agreement but before receipt of the CIC Severance Payments to which have become entitled under Part Two, then those payment(s) shall be made to you in accordance with the provisions of this Agreement.

• Should you die after your Termination Without Cause or Resignation ----- for Good Reason under Part Two of this Agreement but before receipt of the CIC Severance Payments to which you have become entitled under Part Two of this Agreement, then those payment(s) shall be made to the executors or administrators of your estate.

• Notwithstanding the foregoing, if the 60 day period following Executive’s termination ends in a calendar year after the year in which Executive’s employment terminates, the CIC Severance Payments shall be made no earlier than the first day of such later calendar year.

• The CIC Severance Payments shall not be considered compensation for any benefit calculation or other purpose under any retirement plan or other benefit plan maintained by the Company.

• Such Special CIC Severance Payments shall end upon expiration of the COBRA CIC Payment Period.

• The CIC Severance Payments will be paid to you in a lump sum, net of all applicable withholding taxes, within 15 days after your date of termination, and, if not timely paid, will bear interest at the lower of ten percent per annum and the maximum rate permitted by California law.

• Subject to Section 10 below, the CIC Severance Payments shall be made on the Company’s regular payroll schedule over the period of twelve (12) months following your Separation from Service date; provided, however that any such payments that are otherwise scheduled to be made prior to the Release Effective Date shall instead accrue and be made on the first regular payroll date following the Release Effective Date.

• For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), your right to receive any installment payments under this Agreement (whether Severance Benefits, CIC Severance Payments, Death or Disability Payments, reimbursements or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment.

• You shall be entitled to CIC Severance Payments in ---------------------- an aggregate amount equal to three times your Total Compensation.

More Definitions of CIC Severance Payments

CIC Severance Payments mean the severance payments to which you may become entitled under Part Three hereof in the event of your Termination Without Cause or Resignation for Good Cause.

CIC Severance Payments means (A) twenty-four (24) months of Base Salary in a lump sum and (B) a pro-rated annual incentive bonus payment (based on the number of days worked in that fiscal year) for the fiscal year in which termination of employment occurs based on the target bonus for such fiscal year in a lump sum, at the times provided in subsection (iii). The Company, its successor or such other entity that would be required to provide COBRA continuation coverage to “M&A qualified beneficiaries” shall provide group health benefits under that entity’s then-current group health plans for Executive and Executive’s spouse and dependents, if applicable, for up to twenty-four (24) months following Executive’s termination of employment on the same basis as if Executive had continued to be employed during that period (such continuation coverage hereinafter referred to as the “Health Care Continuation”), provided that (1) Executive timely pays the premiums toward the cost of such benefits that an active employee would be required to pay for the same benefits, and (2) Executive has not obtained health coverage from any other source and is not eligible to receive health coverage from any other employer. The Health Care Continuation shall terminate on the earlier of the effective date of Executive’s health coverage from any other source or Executive’s eligibility to receive health coverage from any other employer of Executive. Further, the COBRA health care continuation coverage period under Section 4980B of the Code shall run concurrently with the Health Care Continuation period. In addition, the Health Care Continuation will be on an after-tax basis with the portion of the monthly cost of coverage paid by the Company (or another entity) being taxable income to Executive. The treatment of Executive’s incentive compensation provided under Section 2.2 hereof shall be governed by the terms of the Company’s applicable plans or grant agreements, except as explicitly provided to the contrary pursuant to this Agreement.