CIC Qualifying Termination. In the event of a CIC Qualifying Termination (as defined below), Executive will receive the following payments and benefits from the Company, subject to the requirements of this Agreement: (i) Salary Severance. A single, lump sum, cash payment equal to twelve (12) or months of Executive’s Salary. (ii) Bonus Severance. A single, lump sum, cash payment equal to the sum of (x) one hundred percent (100%) Executive’s Target Bonus, plus (y) a pro-rated portion of Executive’s Target Bonus for the year in which the Change in Control occurs, based on the number of days in such year for which Executive was employed by, or provided service to, the Company.
Appears in 2 contracts
Sources: Change in Control and Severance Agreement (Kinnate Biopharma Inc.), Change in Control and Severance Agreement (Kinnate Biopharma Inc.)
CIC Qualifying Termination. In the event of a CIC Qualifying Termination (as defined below), Executive will receive the following payments and benefits from the Company, subject to the requirements of this Agreement:
(i) Salary Severance. A single, lump sum, cash payment equal to twelve (12) or months of Executive’s Salary.
(ii) Bonus Severance. A single, lump sum, cash payment equal to the sum of (x) one hundred percent (100%) Executive’s Target Bonus, plus (y) a pro-rated portion of Executive’s Target Bonus for the year in which the Change in Control occurs, based on the number of days in such year for which Executive was employed by, or provided service to, the Company.
Appears in 1 contract
Sources: Change in Control and Severance Agreement (Kinnate Biopharma Inc.)