right to cancel or change the employee benefit plans and programs it offers to its employees at any time.
(e) Equity Plans. The Executive shall be eligible to participate in any stock option, restricted stock, stock appreciation rights, or any other equity compensation plan or program sponsored by the Company or another member of the Company Group on the terms and conditions determined by the Board in its sole discretion.
(f) Expenses. Subject to Section 7(d)(v), the Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive in the furtherance of or in connection with the performance of the Executives duties hereunder, in accordance with the applicable policy of the Company, as in effect from time to time.
(g) Paid Time Off. The Executive shall be entitled to paid time off in accordance with the Companys paid time off policy, as in effect from time to time.
4. At-Will Employment. The parties agree that the Executives employment with the Company will be at-will employment and may be terminated at any time with or without cause or notice. The Executive understands and agrees that neither the Executives job performance nor promotions, commendations, bonuses, or the like from the Company give rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of the Executives employment with the Company. However, as described in this Agreement, the Executive may be entitled to severance benefits depending on the circumstances of the termination of the Executives employment with the Company.
5. Severance Benefits.
(a) Qualifying Non-CIC Termination. On a Qualifying Non-CIC Termination (as defined below), the Executive will be eligible to receive the following payments and benefits from the Company:
(i) Salary Severance. A single, lump sum payment equal to nine (9) months of the Executives Annual Base Salary, less applicable withholdings (if applicable, such total number of months, the Severance Period).
(ii) COBRA Coverage. Subject to Section 5(d), the Company will pay the premiums for coverage under COBRA for the Executive and the Executives eligible dependents, if any, at the rates then in effect, subject to any subsequent changes in rates that are generally applicable to the Companys active employees (the COBRA Coverage), beginning with the first month to begin after the date of the Executives Qualifying Termination and ending with the month including the earlier of: (A) the nine (9) month anniversary of the Executives Qualifying Termination, (B) the date upon which the Executive (and the Executives eligible dependents, as applicable) becomes covered under similar plans, or (C) the date upon which the Executive ceases to be eligible for coverage under COBRA.
(b) Qualifying CIC Termination. On a Qualifying CIC Termination, the Executive will be eligible to receive the following payments and benefits from the Company: