Severance Policy for Executive Vice Presidents and General Counsel (Effective May 26, 2016)
This policy outlines the severance benefits for Executive Vice Presidents and the Senior Vice President and General Counsel if they are terminated by the company without cause. Eligible executives will receive a lump sum equal to 14 months of base salary, COBRA premiums, and target bonus, plus accelerated vesting of equity awards that would have vested in that period. To receive these benefits, the executive must sign a separation and release agreement. The policy expires 12 months after a new CEO is hired.
SEVERANCE POLICY – EXECUTIVE VICE PRESIDENTS; GENERAL COUNSELEXHIBIT 10.4
Effective on May 26, 2016 a severance package will be provided if an EVP, or the SVP and General Counsel, is terminated by the company other than for cause. This policy expires 12 months after a new CEO is hired.
Severance Package
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| • | Lump sum payment equal to fourteen (14) months base annual salary |
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| • | Lump sum payment equal to fourteen (14) months COBRA premiums for Medical, Dental and Vision |
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| • | One-hundred percent (100%) of the unvested portion of any outstanding equity-based awards which would have vested during the 14 month severance period |
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| • | Fourteen (14) months of annual target bonus at 100% for the fiscal year in which the termination occurs |
EVP or SVP must sign the Company’s Separation Agreement and General Release of all Claims document to receive a severance package
