Common use of Cash Lump Sum Payment Clause in Contracts

Cash Lump Sum Payment. Subject to Sections 2.10, 2.11 and 4 hereof, each Tier 1 Employee who incurs a Severance during the Effective Period shall be entitled to a cash lump sum payment equal to two times (2x) the sum of (i) the Eligible Employee’s annual base salary as in effect immediately prior to the time that Notice of Termination is given or, if higher, in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason, and (ii) the target bonus for the year in which the Severance occurs (but not lower than the amount as determined in the ordinary course consistent with the Company’s past practice, not lower than the target bonus for the year in which occurs the Effective Date and, for the avoidance of doubt, excluding any supplemental and retention bonuses).

Cash Lump Sum Payment. Subject to Sections 2.10, 2.11 and 4 hereof, each Tier 1 2 Employee who incurs a Severance during the Effective Period shall be entitled to a cash lump sum payment equal to two one and three-quarter times (2x1.75x) the sum of (i) the Eligible Employee’s annual base salary as in effect immediately prior to the time that Notice of Termination is given or, if higher, in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason, and (ii) the target bonus for the year in which the Severance occurs (but not lower than the amount as determined in the ordinary course consistent with the Company’s past practice, not lower than the target bonus for the year in which occurs the Effective Date and, for the avoidance of doubt, excluding any supplemental and retention bonuses).

Cash Lump Sum Payment. Subject to Sections 2.10, 2.11 and 4 hereof, each Tier 1 3 Employee who incurs a Severance during the Effective Period shall be entitled to a cash lump sum payment equal to two one and one-half times (2x1.5x) the sum of (i) the Eligible Employee’s annual base salary as in effect immediately prior to the time that Notice of Termination is given or, if higher, in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason, and (ii) the target bonus for the year in which the Severance occurs (but not lower than the amount as determined in the ordinary course consistent with the Company’s past practice, not lower than the target bonus for the year in which occurs the Effective Date and, for the avoidance of doubt, excluding any supplemental and retention bonuses).