Common use of Cash Severance Benefits Clause in Contracts

Cash Severance Benefits. The Company shall make a cash severance payment in a lump sum to Executive in an amount equal to the product of (i) Executive’s Base Salary, and (ii) the quotient obtained by dividing twenty-six (26) by twelve (12), less applicable tax withholdings. This lump sum will be paid on the sixtieth (60th) day following the date of the Covered Termination, but in no event later than as provided in Section 3.4 below.

Cash Severance Benefits. The Company shall make a cash severance payment in a lump sum to Executive in an amount equal to the product of (i) the sum of (a) Executive’s Base SalarySalary and (b) Executive’s Target Bonus, and (ii) the quotient obtained by dividing twenty-six (26) by twelve (12), less applicable tax withholdings. This lump sum will be paid on the sixtieth (60th) day following the date of the Covered Termination, but in no event later than as provided in Section 3.4 below.”