Grouped Into 2 Collections of Similar Clauses From Business Contracts
This page contains CIC Qualifying Termination clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
CIC Qualifying Termination. Upon your CIC Qualifying Termination, subject to the terms and conditions of the Plan, you will receive: (a) Cash Severance Benefits. A lump-sum payment equal to (i) 12 months of your Base Salary (less applicable withholding taxes), plus (ii) 100% of your target annual bonus as in effect for the fiscal year in which your CIC Qualifying Termination occurs (the "Target Bonus"), plus (iii) a pro-rata portion of the Target Bonus (based on the number of days you have worked during the fiscal year in ...which your CIC Qualifying Termination occurs divided by the total number of days in such fiscal year), which will be paid on the later of (A) the Severance Start Date or (B) on or as soon as administratively practicable following the closing date of the applicable Change in Control. (b) Continued Medical Benefits. Your reimbursement of continued health coverage under COBRA or a taxable lump sum payment in lieu of reimbursement, as applicable, and as described in Section 4(b) of the Plan, will be provided for a period of 12 months following the date of your Qualifying Termination. (c) Equity Award Vesting Acceleration. 100% of your then-outstanding and unvested Equity Awards will become vested in full and, to the extent applicable, become immediately exercisable (it being understood that forfeiture of any equity awards due to termination of employment will be tolled to the extent necessary to implement this section (c)). If, however, an outstanding Equity Award is to vest and/or the amount of the award to vest is to be determined based on the achievement of performance criteria, then, unless otherwise determined by the applicable agreement governing the Equity Award, the Equity Award will vest as to 100% of the amount of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s).View More
CIC Qualifying Termination. Upon your CIC Qualifying Termination, subject to the terms and conditions of the Plan, you will receive: (a) Cash Severance Benefits. A lump-sum lump sum payment equal to (i) 12 months of your Base Salary base salary (less applicable withholding taxes), plus (ii) 100% of your target annual bonus as in effect for the fiscal year in which your CIC Qualifying Termination occurs (the "Target Bonus"), plus (iii) a pro-rata portion of the Target Bonus (based on the number of days you have worked durin...g the fiscal year in which your CIC Qualifying Termination occurs divided by the total number of days in such fiscal year), which will be paid on the later of (A) the Severance Start Date or (B) on or as soon as administratively practicable following the closing date of the applicable Change in Control. taxes). (b) Continued Medical Benefits. Your reimbursement A lump sum payment equal to, on an after-tax basis, the cost of continued health coverage under COBRA or a taxable lump sum payment in lieu of reimbursement, as applicable, and COBRA, as described in Section 4(b) of the Plan, will be provided for a period of multiplied by 12 months following the date of your Qualifying Termination. months. (c) Equity Award Vesting Acceleration. 100% of your then-outstanding and unvested Equity Awards will become vested in full and, to the extent applicable, become immediately exercisable (it being understood that forfeiture of any equity awards due to termination of employment will be tolled to the extent necessary to implement this section (c)). If, however, an outstanding Equity Award is to vest and/or the amount of the award to vest is to be determined based on the achievement of performance criteria, then, unless otherwise determined by the applicable agreement governing the Equity Award, then the Equity Award will vest as to 100% of the amount of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s). View More
CIC Qualifying Termination. Upon your CIC Qualifying Termination, subject to the terms and conditions of the Plan, you will receive: (a) Cash Severance Benefits. A lump-sum payment equal to the sum of: (i) 12 [CEO: 18; C-team: 12; SVP/VP: 6] months of your Base Salary (less applicable withholding taxes), base salary plus (ii) [CEO: 150%; C-team: 100% of your target bonus in effective for the year of the CIC Qualifying Termination] [SVP/VP: a pro-rated portion reflecting the number of months within the calendar year of your... CIC Qualifying Termination that you were employed of your target annual bonus as in effect for the fiscal year in which your of the CIC Qualifying Termination occurs (the "Target Bonus"), plus (iii) a pro-rata portion of the Target Bonus (based on the number of days you have worked during the fiscal year in which your CIC Qualifying Termination occurs divided by the total number of days in such fiscal year), which will be paid on the later of (A) the Severance Start Date or (B) on or as soon as administratively practicable following the closing date of the Termination] (less applicable Change in Control. withholding taxes). (b) Continued Medical Benefits. Your reimbursement of continued health coverage under COBRA or a taxable lump sum payment in lieu of reimbursement, as applicable, and as described in Section 4(b) of the Plan, will be provided for a period of 12 [CEO: 18; C-team: 12; SVP/VP: 6] months following the date of your Qualifying Termination. (c) Equity Award Vesting Acceleration. 100% of your then-outstanding and unvested Equity Awards will become vested in full and, to the extent applicable, become immediately exercisable (it being understood that forfeiture of any equity awards due to termination of employment will be tolled to the extent necessary to implement this section (c)). If, however, an outstanding Equity Award is to vest and/or the amount of the award to vest is to be determined based on the achievement of performance criteria, then, unless otherwise determined by the applicable agreement governing the Equity Award, then the Equity Award will vest as to 100% of the amount of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s). View More
CIC Qualifying Termination. Upon your CIC Qualifying Termination, subject to the terms and conditions of the Plan, you will receive: (a) (b) Cash Severance Benefits. A lump-sum payment equal to (i) 12 months [CEO: 100%] [EVP: 50%] of your Base Salary (less applicable withholding taxes), plus (ii) 100% [CEO: 100%] [EVP: 50%] of your target annual bonus as in effect for the fiscal year in which your CIC Qualifying Termination occurs (the "Target Bonus"), plus (iii) a pro-rata portion of the Target Bonus (based on the number ...of days you have worked during the fiscal year in which your CIC Qualifying Termination occurs divided by the total number of days in such fiscal year), Bonus, which will be paid on the later of (A) the Severance Start Date or (B) on or as soon as administratively practicable following the closing date of the applicable Change in Control. (b) (c) Continued Medical Benefits. Your reimbursement Reimbursement of continued health coverage under COBRA or a taxable lump sum payment in lieu of reimbursement, as applicable, and as described in Section 4(b) of the Plan, will be provided for a period of 12 months following the date of your Qualifying Termination. (c) (d) Equity Award Vesting Acceleration. 100% of your then-outstanding and unvested Equity Awards will become vested in full and, to the extent applicable, become immediately exercisable (it being understood that forfeiture of any equity awards due to termination of employment will be tolled to the extent necessary to implement this section (c)). If, however, an outstanding Equity Award is to vest and/or the amount of the award to vest is to be determined based on the achievement of performance criteria, criteria (other than the Liquidity Event Trigger (as defined in Section 4 below)), then, unless otherwise determined by the applicable agreement governing the Equity Award, the Equity Award will vest as to 100% of the amount of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s). View More
CIC Qualifying Termination. Upon your CIC Qualifying Termination, subject to the terms and conditions of the Plan, you will receive: (a) Cash Severance Benefits. A lump-sum payment equal to [CEO: 24 months; Other C-Suite: 18 months] of your base salary and [CEO: 200%; Other C-Suite: 150%] of your target annual bonus (less applicable withholding taxes). (b) Continued Medical Benefits. Your reimbursement of continued health coverage under COBRA or a taxable lump sum payment in lieu of reimbursement, as applicable, and as des...cribed in Section 4(b) of the Plan, will be provided for a period of [CEO: 24 months; Other C-Suite: 18 months] following the date of your Qualifying Termination. (c) Equity Award Vesting Acceleration. 100% of your then-outstanding and unvested Equity Awards will become vested in full and, to the extent applicable, become immediately exercisable (it being understood that forfeiture of any equity awards due to termination of employment will be tolled to the extent necessary to implement this section (c)). If, however, an outstanding Equity Award is to vest and/or the amount of the award to vest is to be determined based on the achievement of performance criteria, then the Equity Award will vest as to 100% of the amount of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s). [Legacy Benefits.] -2- 3. Non-Duplication of Payment or Benefits. If (a) your Qualifying Termination occurs prior to a Change in Control that qualifies you for Severance Benefits under Section 1 of this Participation Agreement and (b) a Change in Control occurs within the 3-month period following your Qualifying Termination that qualifies you for the superior Severance Benefits under Section 2 of this Participation Agreement, then (i) you will cease receiving any further payments or benefits under Section 1 of this Participation Agreement and (ii) the Cash Severance Benefits, Continued Medical Benefits, and Equity Award Vesting Acceleration, as applicable, otherwise payable under Section 2 of this Participation Agreement each will be offset by the corresponding payments or benefits you already received under Section 1 of this Participation Agreement in connection your Qualifying Termination (if any).View More
CIC Qualifying Termination. Upon your CIC Qualifying Termination, subject to the terms and conditions of the Plan, you will receive: (a) Cash Severance Benefits. A lump-sum payment equal to [CEO: 24 months; Other C-Suite: 18 months] (i) 12 months of your annual base salary and [CEO: 200%; Other C-Suite: 150%] plus (ii) 100% of your target annual bonus for the year in which your CIC Qualifying Termination occurs] [Tier 2: 12; Tier 3: 9] months of your annual base salary (less applicable withholding taxes). (b) Continued Med...ical Benefits. Your reimbursement of continued health coverage under COBRA or a taxable lump sum payment in lieu of reimbursement, as applicable, and as described in Section 4(b) of the Plan, will be provided for a period of [CEO: 24 months; Other C-Suite: 18 months] 12; Tier 2: 12; Tier 3: 9] months following the date of your Qualifying Termination. (c) Equity Award Vesting Acceleration. 100% of your then-outstanding and unvested Equity Awards will become vested in full and, to the extent applicable, become immediately exercisable [CEO ONLY: (it being understood that forfeiture of any equity awards due to termination of employment will be tolled to the extent necessary to implement this section (c)). (c))]. If, however, an outstanding Equity Award is to vest and/or the amount of the award to vest is to be determined based on the achievement of performance criteria, then then, unless otherwise set forth in the award agreement governing the Equity Award, the Equity Award will vest as to 100% of the amount of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s). [Legacy Benefits.] -2- 3. [CEO ONLY: Non-Duplication of Payment or Benefits. If (a) your Qualifying Termination occurs prior to a Change in Control that qualifies you for Severance Benefits under Section 1 of this Participation Agreement and (b) a Change in Control occurs within the 3-month period following your Qualifying Termination that qualifies you for the superior Severance Benefits under Section 2 of this Participation Agreement, then (i) you will cease receiving any further payments or benefits under Section 1 of this Participation Agreement and (ii) the Cash Severance Benefits, Continued Medical Benefits, and Equity Award Vesting Acceleration, as applicable, otherwise payable under Section 2 of this Participation Agreement each will be offset by the corresponding payments or benefits you already received under Section 1 of this Participation Agreement in connection your Qualifying Termination (if any). any).] View More
