Common use of Severance Protection Clause in Contracts

Severance Protection. Effective as of the date of this Agreement and provided that the Executive satisfies the conditions described in this Agreement, the Company agrees that should Executive’s employment subsequently be terminated or ended due to termination by the Company “Without Cause” (as defined in Section 4 below) or resignation by the Executive for “Good Reason” (as defined in Section 5 below), the Company shall pay Executive severance pay equal to years of Executive’s then-current annual base salary (such time period shall be referred to herein as the “Salary Continuation Period”), payable on a bi-weekly basis. In such event, the Company shall also pay Executive an amount equal to 100% of Executive’s then-current annual target incentive bonus (“Target Bonus”) for each year (or portion thereof) of the Salary Continuation Period. For example, if the Executive’s Target Bonus for the year in which the date of his termination of employment with the Company (“Date of Termination”) occurred is determined to be equal to $100,000 and the Salary Continuation Period is three (3) years in length, the Company shall pay Executive a total Target Bonus payment of $300,000. The Target Bonus payment shall be payable by the Company on a bi-weekly basis during the Salary Continuation Period. Notwithstanding the foregoing, effective two (2) years after the date of this Agreement, the Salary Continuation Period shall be reduced to , and the amount of severance and benefits payable pursuant to this Agreement shall be adjusted accordingly.

Severance Protection. Effective as of the date of this Agreement and provided that the Executive satisfies the conditions described in this Agreement, the Company agrees that should Executive’s 's employment subsequently be terminated or ended due to termination by the Company “Without Cause” (as defined in Section 4 below) or resignation by the Executive for “Good Reason” (as defined in Section 5 below), the Company shall pay Executive severance pay equal to years eighteen (18) months of Executive’s 's then-current annual base salary (such time period shall be referred to herein as the “Salary Continuation Period”), payable on a bi-weekly basis. In such event, the Company shall also pay Executive an amount equal to 100% of Executive’s then-'s then current annual target incentive bonus (“Target Bonus”) for each year (or portion thereof) of the Salary Continuation Period. Irrespective of any claim or potential claim Executive may have under any plan document or other agreement, Executive agrees that he/she expressly waives any and all rights to any Target Bonus they may have been eligible to receive for the months prior to the Date of Termination. For example, if the Executive’s 's Target Bonus for the year in which the date of his Executive's termination of employment with the Company (“Date of Termination”) occurred is determined to be equal to $100,000 and the Salary Continuation Period is three eighteen (318) years months in length, and the Executive's Date of Termination is June 30th, the Company shall pay Executive a total Target Bonus payment of $300,000150,000. The Target Bonus payment shall be payable by the Company on a bi-weekly basis during the Salary Continuation Period. Notwithstanding In addition, in the event Executive becomes entitled to salary continuation in accordance with the foregoing, effective two the Company shall also pay Executive an amount equivalent to that portion of the target monetary value of the unvested cash or equity incentive compensation (2the “Target Value”) years after granted to the date Executive by the Company under any ongoing performance periods that remain in effect as of this Agreementthe Date of Termination under the Company's Long-Term Incentive Program (the “LTIP”) calculated by subtracting the monetary value of any cash or equity incentive compensation that previously vested under each such performance period from the product obtained by multiplying the Target Value times a fraction, the numerator of which is the number of days during which Executive continuously served as an employee of the Company during such performance period and the denominator of which is the total number of days in such performance period, all as reasonably calculated by the Company and payable on a bi-weekly basis during the Salary Continuation Period Period. Except as otherwise provided in Section 3(d) below, the payments provided under this Section 1 shall be reduced to , and the amount commence within sixty (60) days of severance and benefits payable pursuant to this Agreement shall be adjusted accordinglyExecutive's termination of employment.

Severance Protection. Effective as of the date of this Agreement and provided that the Executive satisfies the conditions described in this Agreement, the Company agrees that should Executive’s employment subsequently be terminated or ended due to termination by the Company “Without Cause” (as defined in Section 4 below) or resignation by the Executive for “Good Reason” (as defined in Section 5 below), the Company shall pay Executive severance pay equal to years eighteen (18) months of Executive’s then-current annual base salary (such time period shall be referred to herein as the “Salary Continuation Period”), payable on a bi-weekly basis. In such event, the Company shall also pay Executive an amount equal to 100% of Executive’s then-then current annual target incentive bonus (“Target Bonus”) for each year (or portion thereof) of the Salary Continuation Period. Irrespective of any claim or potential claim Executive may have under any plan document or other agreement, Executive agrees that he/she expressly waives any and all rights to any Target Bonus they may have been eligible to receive for the months prior to the Date of Termination. For example, if the Executive’s Target Bonus for the year in which the date of his Executive’s termination of employment with the Company (“Date of Termination”) occurred is determined to be equal to $100,000 and the Salary Continuation Period is three eighteen (318) years months in length, and the Executive’s Date of Termination is June 30th, the Company shall pay Executive a total Target Bonus payment of $300,000150,000. The Target Bonus payment shall be payable by the Company on a bi-weekly basis during the Salary Continuation Period. Notwithstanding the foregoing, effective two (2Except as otherwise provided in Section 3(d) years after the date of this Agreementbelow, the Salary Continuation Period payments provided under this Section 1 shall be reduced to , and the amount commence within sixty (60) days of severance and benefits payable pursuant to this Agreement shall be adjusted accordinglyExecutive’s termination of employment.