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, the following: ▇. ▇▇▇▇▇▇▇▇▇ pay equal to the sum of (1) Executive’s annual base salary at the highest rate in effect during the three (3) years immediately preceding the last day of employment and (2) the higher of either Executive’s target incentive for the period in which the last day of employment occurs or Executive’s average annual incentive award for the three annual incentive periods immediately preceding the last day of employment. ii. If Executive’s last day of employment occurs during a Control Termination Period and Executive is a party to a Change in Control Agreement, section (i) shall not apply and the severance pay amount will be determined under the Change in Control Agreement.

Enhanced Severance Pay. As soon as practicable following the Termination Date, ▇▇▇▇▇▇▇ will pay Executive, in lieu of benefits otherwise described in the ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Benefits Plan, the following: ▇. ▇▇▇▇▇▇▇▇▇ pay equal to the sum of (1) Executive’s 's annual base salary at the highest rate in effect during the three (3) years immediately preceding the last day of employment and (2) the higher of either Executive’s 's target incentive bonus for the period in which the last day of employment occurs or Executive’s 's average annual incentive bonus award for the three annual incentive bonus periods immediately preceding the last day of employment. ii. If Executive’s 's last day of employment occurs during a Control Termination Period and Executive is a party to a Change in Control Agreement, section (i) shall not apply and the severance pay amount will be determined under the Change in Control Agreement.