Change in Control Severance Payment. The Executive shall be provided with a lump-sum cash payment equal to three times the sum of (A) the Executive's then-current Base Salary plus (B) the Executive's average annual bonus for the three years preceding the date of termination. Any payments pursuant to this Section 5(b)(i) shall be in lieu of any other severance benefits to which the Executive is entitled pursuant to any other severance plans, programs, arrangements, or policies of the Company.
Appears in 2 contracts
Sources: Employment Agreement (National Atlantic Holdings Corp), Employment Agreement (National Atlantic Holdings Corp)