Enhanced Severance Pay. As soon as practicable within sixty (60) days following the Termination Date, ▇▇▇▇▇▇▇ will pay Executive, in lieu of payments and benefits otherwise described in the ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Benefits Plan, severance pay in a lump sum in the following amount: (1) If Executive’s last day of employment occurs outside a Control Termination Period, the severance pay amount will be equal to the sum of (i) Executive’s annual base salary at the highest rate in effect during the three (3) years immediately preceding the Termination Date 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. (2) If Executive’s Termination Date occurs during a Control Termination Period, the severance pay amount will be equal to two (2) times the amount determined under (b)(1) above.
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Enhanced Severance Pay. As soon as practicable within sixty (60) days following the Termination Date, ▇▇▇▇▇▇▇ will pay Executive, in lieu of payments and benefits otherwise described in the ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Benefits Plan, severance pay in a lump sum in the following amount:
(1) If Executive’s last day of employment occurs outside a Control Termination Period, the severance pay amount will be equal to the sum of (i) Executive’s annual base salary at the highest rate in effect during the three (3) years immediately preceding the Termination Date 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.
(2) If Executive’s Termination Date occurs during a Control Termination Period, the severance pay amount will be equal to two (2) times the amount determined under (b)(1c)(1) above.
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