Severance Benefit Clause Example with 5 Variations from Business Contracts

Severance Benefit. (a) Severance Benefits upon a Termination in Connection with or Following a Change in Control. If Executive's employment is terminated by the Company without Cause (as defined below, and other than as a result of death or disability), or Executive resigns his or her employment with the Company for Good Reason (as defined below), in either case within three (3) months prior to (and contingent upon the consummation of the Change in Control), in connection with, or within twelve (12) 12 months foll...owing the effective date of a Change in Control (a "CIC Termination"), and provided such termination constitutes a "separation from service" (within the meaning of Treasury Regulation Section 1.409A-1(h), a "Separation from Service"), and further provided that Executive delivers an effective release of claims as required under Section 3 below, then Executive shall be entitled to the following severance benefits (the "CIC Benefits"): (i) The Company shall pay Executive an a lump sum amount in cash equal to twelve (12) months of Executive's then current base salary, paid over ignoring any decrease in base salary that forms the twelve (12) month period following Executive's Separation from Service, in accordance with the Company's regular payroll schedule, basis for Good Reason, at the time specified in Section 3 below. (ii) The Company shall pay Executive a lump sum amount in cash equal to 100% of Executive's target bonus for the year in which the Separation from Service occurs, at the time specified in Section 3 below; (iii) Subject to Section 9(c), the Company shall pay Executive's expenses for continuing his or her health care coverage and that of any dependents who are covered at the time of the Executive's Separation from Service (the "COBRA Premiums") under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA") for a period ending on the earlier of the twelve (12) month anniversary of the Separation from Service or the date on which Executive becomes eligible to be covered by the health care plans of another employer (the "CIC COBRA Period"), so long as Executive timely elects such COBRA continuation coverage. (iii) (iv) All outstanding stock awards then held by Executive Executive, including but not limited to stock options and restricted stock units, shall become fully vested with respect to all of the shares subject thereto, effective immediately prior to Executive's Separation from Service under this Section 2(a). (b) Severance Benefits upon a Termination that is not a CIC Termination. If Executive's employment is terminated by the Company without Cause (other than as a result of death or disability), or Executive resigns his or her employment with the Company for Good Reason, and such termination is not a CIC Termination, and provided such termination constitutes a Separation from Service and that Executive delivers an effective release of claims as required under Section 3 below, then Executive shall be entitled to the following severance benefits (the "Severance Benefits"): (i) The Company shall pay Executive an a lump sum amount in cash equal to [twelve (12) OR six (6) (6)] months of Executive's then current base salary, paid over ignoring any decrease in base salary that forms the six (6) month period following basis for Good Reason, at the time specified in Section 3 below. (ii) The Company shall pay Executive a lump sum amount in cash equal to [100% OR 50%] of Executive's target bonus for the year in which the Separation from Service, in accordance with the Company's regular payroll schedule, Service occurs, at the time specified in Section 3 below; and (i) [and] (iii) Subject to Section 9(c), the Company shall pay Executive's COBRA Premiums for a period ending on the earlier of the [twelve (12) OR six (6) (6)] month anniversary of the Separation from Service or the date on which Executive becomes eligible to be covered by the health care plans of another employer (the "Severance COBRA Period"), so long as Executive timely elects such COBRA continuation coverage. 2 (c) Accrued Wages, Bonus coverage[; and Vacation, Expenses. Without regard (iv) All outstanding stock awards then held by Executive, including but not limited to stock options and restricted stock units, shall become vested with respect to 50% of the reason for, or the timing of, Executive's termination of employment, the Company shall pay (or provide reimbursement to) Executive for (i) any unpaid base salary due for periods then unvested shares subject thereto, effective immediately prior to and including the date of Executive's Separation from Service; (ii) all accrued and unused vacation through the date of Separation from Service, if applicable; (iii) any earned (as determined and approved by the Board prior Service under this Section 2(b).1 1 Note to the Separation from Service) but not yet paid incentive bonus from the prior fiscal year, which bonus shall draft: subsection (iv) to be paid in accordance with the Company's regular bonus payment process and in any event by no later than two and one-half months after the end of such subsequent year; and (iv) following submission of proper expense reports by Executive, all expenses reasonably and necessarily incurred by Executive in connection with the business of the Company prior to the Separation from Service. These payments shall be made promptly upon or following termination and within the period of time mandated by law (or included only in the case of an earned bonus, within the time period set forth in the Company's bonus plan and in any event by no later than two and one-half months after the end of the fiscal year following the year in which the bonus was earned). CEO's agreement. View More

Severance Benefit. (a) Severance Benefits upon a Termination in Connection with or Following a Change in Control. If Executive's employment is terminated by the Company without Cause (as defined below, and other than as a result of death or disability), or Executive resigns his or her employment with the Company for Good Reason (as defined below), in either case within three (3) months prior to (and contingent upon the consummation of the Change in Control), in connection with, or within twelve (12) months followi...ng the effective date of a Change in Control (a "CIC Termination"), and provided such termination constitutes a "separation from service" (within the meaning of Treasury Regulation Section 1.409A-1(h), a "Separation from Service"), and further provided that Executive delivers an effective release of claims as required under Section 3 below, then Executive shall be entitled to the following severance benefits (the "CIC Benefits"): (i) The (ii)The Company shall pay Executive an a lump sum amount in cash equal to twelve (12) months 80% of Executive's then current base salary, paid over target bonus, pro-rated based on the twelve (12) month period following number of full months in the year in which the Separation from Service occurs prior to Executive's Separation from Service, in accordance with the Company's regular payroll schedule, at the time specified in Section 3 below. (ii) Subject below, provided that the CIC Termination occurs on or after March 31 in a calendar year. (iii)Subject to Section 9(c), the Company shall pay Executive's expenses for continuing his or her health care coverage and that of any dependents who are covered at the time of the Executive's Separation from Service (the "COBRA Premiums") under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA") for a period ending on the earlier of the twelve (12) month anniversary of the Separation from Service or the date on which Executive becomes eligible to be covered by the health care plans of another employer (the "CIC COBRA Period"), so long as Executive timely elects such COBRA continuation coverage. (iii) All (iv)All outstanding stock awards then held by Executive shall become fully vested with respect to all of the shares subject thereto, effective immediately prior to Executive's Separation from Service under this Section 2(a). (b) Severance (c)Severance Benefits upon a Termination that is not a CIC Termination. If Executive's employment is terminated by the Company without Cause (other than as a result of death or disability), or Executive resigns his or her employment with the Company for Good Reason, and such termination is not a CIC Termination, and provided such termination constitutes a Separation from Service and that Executive delivers an effective release of claims as required under Section 3 below, then Executive shall be entitled to the following severance benefits (the "Severance Benefits"): (i) The (i)The Company shall pay Executive an amount in cash equal to six (6) months of Executive's then current base salary, paid over the six (6) month period following Executive's Separation from Service, in accordance with the Company's regular payroll schedule, at the time specified in Section 3 below; and (i) Subject 2. DocuSign Envelope ID: 9D93CBF8-C033-4EF4-AA3E-BA3E6C2346C5 (ii)Subject to Section 9(c), the Company shall pay Executive's COBRA Premiums for a period ending on the earlier of the six (6) month anniversary of the Separation from Service or the date on which Executive becomes eligible to be covered by the health care plans of another employer (the "Severance COBRA Period"), so long as Executive timely elects such COBRA continuation coverage. 2 (c) Accrued (d)Accrued Wages, Bonus and Vacation, Expenses. Without regard to the reason for, or the timing of, Executive's termination of employment, the Company shall pay (or provide reimbursement to) Executive for (i) any unpaid base salary due for periods prior to and including the date of Separation from Service; (ii) all accrued and unused vacation through the date of Separation from Service, if applicable; (iii) any earned (as determined and approved by the Board prior to the Separation from Service) but not yet paid incentive bonus from the prior fiscal year, which bonus shall be paid in accordance with the Company's regular bonus payment process and in any event by no later than two and one-half months after the end of such subsequent year; and (iv) following submission of proper expense reports by Executive, all expenses reasonably and necessarily incurred by Executive in connection with the business of the Company prior to the Separation from Service. These payments shall be made promptly upon or following termination and within the period of time mandated by law (or in the case of an earned bonus, within the time period set forth in the Company's bonus plan and in any event by no later than two and one-half months after the end of the fiscal year following the year in which the bonus was earned). View More

Severance Benefit. (a) Severance Benefits upon a Termination in Connection with or Following a Change in Control. If Executive's employment is terminated by the Company without Cause (as defined below, and other than as a result of death or disability), or Executive resigns his or her from employment with the Company for Good Reason (as defined below), in either case within three (3) months prior to (and contingent upon the consummation of the Change in Control), in connection with, with or within twelve (12) mont...hs following the effective date of a Change in Control (a "CIC Termination"), Control, and provided such termination constitutes a "separation from service" (within the meaning of Treasury Regulation Section 1.409A-1(h), a "Separation from Service"), and further provided that Executive delivers an effective release of claims as required under Section 3 below, then Executive shall be entitled to the following severance benefits (the "CIC Benefits"): (i) The Company shall pay Executive an a lump sum amount in cash equal to twelve (12) [ ] months of Executive's then current base salary, paid over ignoring any decrease in base salary that forms the twelve (12) month period following Executive's Separation from Service, in accordance with the Company's regular payroll schedule, basis for Good Reason, at the time specified in Section 3 below. (ii) Subject to Section 9(c), the Company shall pay Executive's expenses for continuing his or her Executive's health care coverage and that of any dependents who are covered at the time of the Executive's Separation from Service (the "COBRA Premiums") under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA") for a period ending on the earlier of the twelve (12) [ ] month anniversary of the Separation from Service or the date on which Executive becomes eligible to be covered by the group health care plans of another employer (the "CIC COBRA Period"), so long as provided Executive timely elects such COBRA continuation coverage. (iii) All outstanding stock awards then held by Executive shall become fully vested and exercisable with respect to all of the shares subject thereto, effective immediately prior to Executive's Separation from Service under this Section 2(a). (b) Severance Benefits upon a Termination that is not Not in Connection with or Following a CIC Termination. Change in Control. If Executive's employment is terminated by the Company without Cause (other than as a result of death or disability), or Executive resigns his or her employment with the Company for Good Reason, and such termination is not in connection with or within twelve (12) months following the effective date of a CIC Termination, Change in Control, and provided such termination constitutes a Separation from Service and that Executive delivers an effective release of claims as required under Section 3 below, then Executive shall be entitled to the following severance benefits (the "Severance Benefits"): (i) The Company shall pay Executive an amount in cash equal to six (6) [ ] months of Executive's then current base salary, paid over the six (6) [ ] month period following Executive's Separation from Service, in accordance with the Company's regular payroll schedule, at the time specified in Section 3 below; and (i) below. (ii) Subject to Section 9(c), the Company shall pay Executive's COBRA Premiums for a period ending on the earlier of the six (6) [ ] month anniversary of the Separation from Service or the date on which Executive becomes eligible to be covered by the group health care plans of another employer (the "Severance COBRA Period"), so long as provided Executive timely elects such COBRA continuation coverage. 2 (c) Accrued Wages, Bonus and Vacation, Expenses. Without regard to the reason for, or the timing of, Executive's termination of employment, the Company shall pay (or provide reimbursement to) Executive for (i) any unpaid base salary due for periods prior to and including the date of Separation from Service; (ii) all accrued and unused vacation through the date of Separation from Service, if applicable; (iii) any earned (as determined and approved by the Board prior to the Separation from Service) but not yet paid incentive bonus from the prior fiscal year, which bonus shall be paid in accordance with the Company's regular bonus payment process and in any event by no later than two and one-half (2 1⁄2) months after the end of such subsequent year; and (iv) following submission of proper expense reports by Executive, all expenses reasonably and necessarily incurred by Executive in connection with the business of the Company prior to the Separation from Service. These payments shall be made promptly upon or following termination and within the period of time mandated by law (or in the case of an earned bonus, within the time period set forth in the Company's bonus plan and in any event by no later than two and one-half (2 1⁄2) months after the end of the fiscal year following the year in which the bonus was earned). earned), and in all cases within the period of time mandated by law. View More

Severance Benefit. (a) Severance Benefits upon a Termination in Connection with or Following a Change in Control. If Executive's employment is terminated by the Company without Cause (as defined below, and other than as a result of death or disability), or Executive resigns his or her employment with the Company for Good Reason (as defined below), in either case within three (3) months prior to (and contingent upon the consummation of the Change in Control), in connection with, or within twelve (12) months followi...ng the effective date of a Change in Control (a "CIC Termination"), and provided such termination constitutes a "separation from service" (within the meaning of Treasury Regulation Section 1.409A-1(h), a "Separation from Service"), and further provided that Executive delivers an effective release of claims as required under Section 3 below, then Executive shall be entitled to the following severance benefits (the "CIC Benefits"): (i) The Company shall pay Executive an amount in cash equal to twelve (12) nine (9) months of Executive's then current base salary, paid over the twelve (12) nine (9) month period following Executive's Separation from Service, in accordance with the Company's regular payroll schedule, at the time specified in Section 3 below. (ii) (iii) Subject to Section 9(c), the Company shall pay Executive's expenses for continuing his or her health care coverage and that of any dependents who are covered at the time of the Executive's Separation from Service (the "COBRA Premiums") under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA") for a period ending on the earlier of the twelve (12) nine (9) month anniversary of the Separation from Service or the date on which Executive becomes eligible to be covered by the health care plans of another employer (the "CIC COBRA Period"), so long as Executive timely elects such COBRA continuation coverage. (iii) (iv) All outstanding stock awards then held by Executive shall become fully vested with respect to all of the shares subject thereto, effective immediately prior to Executive's Separation from Service under this Section 2(a). (b) Severance Benefits upon a Termination that is not a CIC Termination. If Executive's employment is terminated by the Company without Cause (other than as a result of death or disability), or Executive resigns his or her employment with the Company for Good Reason, and such termination is not a CIC Termination, and provided such termination constitutes a Separation from Service and that Executive delivers an effective release of claims as required under Section 3 below, then Executive shall be entitled to the following severance benefits (the "Severance Benefits"): (i) The Company shall pay Executive an amount in cash equal to six (6) months of Executive's then current base salary, paid over the six (6) month period following Executive's Separation from Service, in accordance with the Company's regular payroll schedule, at the time specified in Section 3 below. (ii) The Company shall pay Executive a lump sum amount in cash equal to 80% of Executive's then current target bonus, pro-rated based on the number of full months in the year in which the Separation from Service occurs prior to Executive's Separation from Service, at the time specified in Section 3 below; and (i) (iii) Subject to Section 9(c), the Company shall pay Executive's COBRA Premiums for a period ending on the earlier of the six (6) month anniversary of the Separation from Service or the date on which Executive becomes eligible to be covered by the health care plans of another employer (the "Severance COBRA Period"), so long as Executive timely elects such COBRA continuation coverage. 2 (c) Accrued Wages, Bonus and Vacation, Expenses. Without regard to the reason for, or the timing of, Executive's termination of employment, the Company shall pay (or provide reimbursement to) Executive for (i) any unpaid base salary due for periods prior to and including the date of Separation from Service; (ii) all accrued and unused vacation through the date of Separation from Service, if applicable; (iii) any earned (as determined and approved by the Board prior to the Separation from Service) but not yet paid incentive bonus from the prior fiscal year, which bonus shall be paid in accordance with the Company's regular bonus payment process and in any event by no later than two and one-half months after the end of such subsequent year; and (iv) following submission of proper expense reports by Executive, all expenses reasonably and necessarily incurred by Executive in connection with the business of the Company prior to the Separation from Service. These payments shall be made promptly upon or following termination and within the period of time mandated by law (or in the case of an earned bonus, within the time period set forth in the Company's bonus plan and in any event by no later than two and one-half months after the end of the fiscal year following the year in which the bonus was earned). View More

Severance Benefit. (a) Severance Benefits upon a Termination in Connection with or Following a Change in Control. If Executive's employment is terminated by the Company without Cause (as defined below, and other than as a result of death or disability), or Executive resigns his or her employment with the Company for Good Reason (as defined below), in either case within three (3) months prior to (and contingent upon the consummation of the Change in Control), in connection with, with or within twelve (12) 12 months... following the effective date of a Change in Control (a "CIC Termination"), Control, and provided such termination constitutes a "separation from service" (within the meaning of Treasury Regulation Section 1.409A-1(h), a "Separation from Service"), and further provided that Executive delivers an effective release of claims as required under Section 3 below, then Executive shall be entitled to the following severance benefits (the "CIC Benefits"): (i) The Company shall pay Executive an a lump sum amount in cash equal to twelve (12) [ ] months of Executive's then current base salary, paid over ignoring any decrease in base salary that forms the twelve (12) month period following Executive's Separation from Service, in accordance with the Company's regular payroll schedule, basis for Good Reason, at the time specified in Section 3 below. (ii) Subject to Section 9(c), the Company shall pay Executive's expenses for continuing his or her health care coverage and that of any dependents who are covered at the time of the Executive's Separation from Service (the "COBRA Premiums") under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA") for a period ending on the earlier of the twelve (12) [ ] month anniversary of the Separation from Service or the date on which Executive becomes eligible to be covered by the health care plans of another employer (the "CIC COBRA Period"), so long as Executive timely elects such COBRA continuation coverage. (iii) All outstanding stock awards then held by Executive shall become fully vested and exercisable with respect to all of the shares subject thereto, effective immediately prior to Executive's Separation from Service under this Section 2(a). (b) Severance Benefits upon a Termination that is not Not in Connection with or Following a CIC Termination. Change in Control. If Executive's employment is terminated by the Company without Cause (other than as a result of death or disability), or Executive resigns his or her employment with the Company for Good Reason, and such termination is not in connection with or within 12 months following the effective date of a CIC Termination, Change in Control, and provided such termination constitutes a Separation from Service and that Executive delivers an effective release of claims as required under Section 3 below, then Executive shall be entitled to the following severance benefits (the "Severance Benefits"): (i) The Company shall pay Executive an amount in cash equal to six (6) [ ] months of Executive's then current base salary, paid over the six (6) [ ] month period following Executive's Execuctive's Separation from Service, in accordance with the Company's regular payroll schedule, at the time specified in Section 3 below; and (i) below. (ii) Subject to Section 9(c), the Company shall pay Executive's COBRA Premiums for a period ending on the earlier of the six (6) [ ] month anniversary of the Separation from Service or the date on which Executive becomes eligible to be covered by the health care plans of another employer (the "Severance COBRA Period"), so long as Executive timely elects such COBRA continuation coverage. 2 (c) Accrued Wages, Bonus and Vacation, Expenses. Without regard to the reason for, or the timing of, Executive's termination of employment, the Company shall pay (or provide reimbursement to) Executive for (i) any unpaid base salary due for periods prior to and including the date of Separation from Service; (ii) all accrued and unused vacation through the date of Separation from Service, if applicable; (iii) any earned (as determined and approved by the Board prior to the Separation from Service) but not yet paid incentive bonus from the prior fiscal year, which bonus shall be paid in accordance with the Company's regular bonus payment process and in any event by no later than two and one-half months after the end of such subsequent year; and (iv) following submission of proper expense reports by Executive, all expenses reasonably and necessarily incurred by Executive in connection with the business of the Company prior to the Separation from Service. These payments shall be made promptly upon or following termination and within the period of time mandated by law (or in the case of 2. an earned bonus, within the time period set forth in the Company's bonus plan and in any event by no later than two and one-half months after the end of the fiscal year following the year in which the bonus was earned). View More