Common use of Enhanced Severance Pay Clause in Contracts

Enhanced Severance Pay. As soon as practicable following the Termination Date, ▇▇▇▇▇▇▇ will pay Executive, in lieu of benefits otherwise described in the ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Benefits Plan, severance pay equal to two times the sum of (i) Executive's annual base salary at the highest rate in effect during the three (3) years immediately preceding the last day of employment and (ii) the higher of either Executive's target bonus for the period in which the last day of employment occurs or Executive's average annual bonus award for the three annual bonus periods immediately preceding the last day of employment.