Common use of Lump Sum Payment upon Termination after Change in Control Clause in Contracts

Lump Sum Payment upon Termination after Change in Control. (a) If a Termination Event described in this Article III occurs, Executive shall receive an amount equal to two times the sum of Executive’s Base Salary and Target Bonus, less any applicable withholding of federal, state, local or foreign taxes; provided, however, that the Company may deduct from amounts payable to Executive pursuant to this Article III any amounts paid to Executive pursuant to Article II.

Lump Sum Payment upon Termination after Change in Control. (a) If a Termination Event described in this Article III occurs, Executive shall receive an amount equal to two times the sum of Executive’s Base Salary and Target Bonus, less any applicable withholding of federal, state, local or foreign taxes; provided, however, that . Such salary and bonus amount shall be paid in a single lump sum on the Company may deduct from amounts payable to Executive pursuant to this Article III any amounts paid to Executive pursuant to Article IIdate of a Termination Event described in Section 3.1 or within two business days after the date of a Termination Event described in Section 3.2(a).