Common use of Post-Change in Control Severance Payment Clause in Contracts

Post-Change in Control Severance Payment. The Company shall pay to the Executive a severance payment equal to one and one-half times (1.5x) the sum of (i) the Executive’s then current annual base salary plus (ii) the Executive’s then current annual target bonus; provided that if the Executive’s annual base salary or target bonus has been reduced during the sixty (60) day period prior to the Date of Termination, then, for purposes of this severance payment calculation, the higher figure will be used (the “Post-Change in Control Severance Payment”). The Post-Change in Control Severance Payment shall be made in a lump sum but shall not be made until the later of: (a) fifteen (15) days after the Date of Termination; or (ii) fifteen (15) days after the date the executed Release required in Section 13 becomes non-revocable by the Executive in accordance with applicable law, subject to any applicable required timing to the contrary set forth in Section 13 or 19.8. The lump sum payment is specifically designated as consideration for execution of the Release required in Section 13 and compliance with the terms of the CNDA Agreement referred to in Section 12.

Post-Change in Control Severance Payment. The Company shall pay to the Executive a severance payment equal to one and one-half two times (1.5x2.0x) the sum of (i) the Executive’s then current annual base salary plus (ii) the Executive’s then current annual target bonus; provided that if the Executive’s annual base salary or target bonus has been reduced during the sixty (60) day period prior to the Date of Termination, then, for purposes of this severance payment calculation, the higher figure will be used (the “Post-Change in Control Severance Payment”). The Post-Change in Control Severance Payment shall be made in a lump sum but shall not be made until the later of: (a) fifteen (15) days after the Date of Termination; or (ii) fifteen (15) days after the date the executed Release required in Section 13 becomes non-revocable by the Executive in accordance with applicable law, subject to any applicable required timing to the contrary set forth in Section 13 or 19.8. The lump sum payment is specifically designated as consideration for execution of the Release required in Section 13 and compliance with the terms of the CNDA Agreement referred to in Section 12.