Common use of Change of Control Termination Payment Clause in Contracts

Change of Control Termination Payment. equal to two (2) times the sum of (a) Executive's Annual Base Salary at the time of such termination and (b) the Executive's Target Annual Bonus for the fiscal year in which his employment is terminated (as if the applicable performance criteria have been met at the level that would result in payment of the Target Annual Bonus at the 100% level irrespective of whether or not that is the case); provided, however, a Qualifying Change of Control shall be deemed not to occur if such transaction results from a written agreement entered into between the Company and a Person described in Section 3(C)(i) or Section 3(C)(ii) within six months following the Execution Date (regardless as to when such transaction closes). The Change of Control Termination Payment shall be made within five (5) days after a Change of Control Termination.

Change of Control Termination Payment. equal to two one and one-half (21.5) times the sum aggregate of (ai) Executive's Annual Base Salary at the time of such termination Salary, and (bii) the Executive's Executives Target Annual Bonus for the fiscal year in which his employment is terminated (as if the applicable performance criteria have been met at the level that would result in payment of the Target Annual Bonus at the 100% level irrespective of whether or not that is the case); provided, however, a Qualifying Change of Control shall be deemed not to occur if such transaction results from a written agreement entered into between the Company and a Person described in Section 3(C)(i) or Section 3(C)(ii) within six months following the Execution Date (regardless as to when such transaction closes). The Change of Control Termination Payment shall be made within five (5) days after a Change of Control Termination.