Common use of CHANGE OF CONTROL SEVERANCE PAYMENT Clause in Contracts

CHANGE OF CONTROL SEVERANCE PAYMENT. The Company shall pay the Executive a single lump sum cash payment equal to three times the Executive's "Average Compensation" (as such term is defined herein), PLUS any Base Salary, Stock Appreciation Bonuses, Bonus Plan bonuses, vacation and unreimbursed expenses accrued but unpaid as of the Termination Date (collectively, the "Change of Control Payment"). For purposes hereof, the Executive's "Average Compensation" shall equal the aggregate amount of Base Salary and Stock Appreciation Bonuses and Bonus Plan bonuses paid to the Executive for the two calendar years immediately preceding the Termination Date, divided by two.