Common use of Qualifying Termination — Severance Clause in Contracts

Qualifying Termination — Severance. If during the Termination Period the employment of Employee shall terminate pursuant to a Qualifying Termination, then the Company shall provide to Employee: (i) within ten (10) days following the Date of Termination a lump-sum cash amount equal to the sum of (A) Employee's base salary through the Date of Termination and any bonus amounts which have become payable, to the extent not theretofore paid; (B) a pro rata portion of Employee's annual bonus for the fiscal year in which Employee's Date of Termination occurs in an amount at least equal to (1) Employee's Bonus Amount, multiplied by (2) a fraction, the numerator of which is the number of days in the fiscal year in which the Date of Termination occurs through the Date of Termination and the denominator of which is three hundred sixty-five (365), and reduced by (3) any amounts paid from the Company's annual incentive plan for the fiscal year in which Employee's Date of Termination occurs; and (C) any accrued vacation pay, in each case to the extent not theretofore paid; plus (ii) within ten (10) days following the Date of Termination, a lump-sum cash amount equal to (i) two (2) years of the Employee's annual rate of base salary as of the Employee's Date of Termination, plus (ii) Employee's Bonus Amount multiplied by a factor of two (2).

Qualifying Termination — Severance. If during the Termination Period the employment of Employee shall terminate pursuant to a Qualifying Termination, then the Company shall provide to Employee: (i) within ten (10) days following the Date of Termination a lump-sum cash amount equal to the sum of (A) Employee's base salary through the Date of Termination and any bonus amounts which have become payable, to the extent not theretofore paid; (B) a pro rata portion of Employee's annual bonus for the fiscal year in which Employee's Date of Termination occurs in an amount at least equal to (1) Employee's Bonus Amount, multiplied by (2) a fraction, the numerator of which is the number of days in the fiscal year in which the Date of Termination occurs through the Date of Termination and the denominator of which is three hundred sixty-five (365), and reduced by (3) any amounts paid from the Company's annual incentive plan for the fiscal year in which Employee's Date of Termination occurs; and (C) any accrued vacation pay, in each case to the extent not theretofore paid; plus (ii) within ten (10) days following the Date of Termination, a lump-sum cash amount equal to the greater of (iA) $1,100,000, or (B) two (2) years of the Employee's annual rate of base salary as of the Employee's Date of Termination, plus (ii) Employee's Bonus Amount multiplied by a factor of two (2).