Common use of Change in Control Protection Period Clause in Contracts

Change in Control Protection Period. If, during a Change in Control Protection Period, the Company terminates Executive’s employment without Cause or Executive terminates employment for Good Reason, then the Company shall pay or provide the following amounts and benefits to Executive, in addition to the Accrued Obligations: (a) Severance Payment. Executive will be paid an amount equal to two (2) times the sum of Executive’s Annual Salary and Target Bonus in effect immediately prior to the Date of Termination. Such severance shall be paid in a lump sum within sixty (60) days following the Date of Termination.

Change in Control Protection Period. If, during a Change in Control Protection Period, the Company terminates Executive’s employment without Cause or Executive terminates his employment for Good Reason, then the Company shall pay or provide the following amounts and benefits to Executive, in addition to the Accrued Obligations: (a) Severance Payment. Executive will be paid an amount equal to two twelve (212) times the sum of months Executive’s Annual Salary and plus Executive’s Target Bonus in effect immediately prior to the Date of Termination. Such severance shall be paid , in a lump sum within sixty (60) days following the Date of Termination.