Common use of Payment of Severance Payments Clause in Contracts

Payment of Severance Payments. Pursuant to this Agreement, Employee is eligible for the following Severance Payments: a. A cash payment, which is equivalent to Employee’s target 2023 annual cash bonus (the amount at target being $465,370 or 75% of Employee’s base salary), prorated to reflect the six months Employee was employed by ▇▇▇▇▇ during 2023 through the Separation Date and subject to actual performance, and such payment shall be paid out in February 2024; b. A cash payment, which is equivalent to Employee’s target 2023 annual restricted stock unit grant (the amount at target being $465,370 or 75% of Employee’s base salary), prorated to reflect the six months Employee was employed by ▇▇▇▇▇ during 2023 through the Separation Date and subject to actual performance, and such payment shall be paid out in February 2024; c. A share award under each of the long-term incentive programs (“LTIPs”) (the 2021-2023 LTIP, 2022-2024 LTIP and 2023-2025 LTIP) in which Employee participates, prorated to reflect the number of months Employee was employed by Masco during the applicable performance period through the Separation Date; such share award shall be calculated based on the target opportunity and base salary set forth in each LTIP agreement; provided that such awards shall be subject to achievement of the established performance goals for each LTIP. LTIP awards, if any, shall be made in February 2024, February 2025 and February 2026, respectively; d. An extension of the exercise period any outstanding stock options granted to Employee prior to 2020 under the 2014 Masco Corporation Long Term Stock Incentive Plan, from 30 days from the Separation Date to 90 days from the Separation Date; and e. Accelerated vesting of 2,072 unvested shares of restricted stock held by Employee. Such vesting shall occur within fifteen (15) days of the Effective Date of this Agreement; provided that Employee does not revoke this Agreement pursuant to Paragraph 3.c. and continues to comply with Paragraph 2 below. Masco will pay Employee the Severance Payments consistent with this Agreement.

Payment of Severance Payments. Pursuant to this Agreement, Employee is eligible for the following Severance Payments: a. A cash payment, which is equivalent to Employee’s target 2023 annual cash bonus (the amount at target being $465,370 601,238 or 75% of Employee’s base salary), prorated to reflect the six five months Employee was employed by ▇▇▇▇▇ during 2023 through the Separation Date and subject to actual performance, and such payment shall be paid out in February 2024; b. A cash payment, which is equivalent to Employee’s target 2023 annual restricted stock unit grant (the amount at target being $465,370 721,486 or 7590% of Employee’s base salary), prorated to reflect the six five months Employee was employed by ▇▇▇▇▇ during 2023 through the Separation Date and subject to actual performance, and such payment shall be paid out in February 2024; c. A share award under each of the long-term incentive programs (“LTIPs”) (the 2021-2023 LTIP, 2022-2024 LTIP and 2023-2025 LTIP) in which Employee participates, prorated to reflect the number of months Employee was employed by Masco during the applicable performance period through the Separation Date; such share award shall be calculated based on the target opportunity and base salary set DM: 377975 forth in each LTIP agreement; provided that such awards shall be subject to achievement of the established performance goals for each LTIP. LTIP awards, if any, shall be made in February 2024, February 2025 and February 2026, respectively; d. An extension of the exercise period any for Employee’s outstanding stock options granted to Employee prior to 2020 under the 2014 Masco Corporation Long Term Stock Incentive Plan, from 30 days from the Separation Date to 90 days from the Separation Date; and e. Accelerated vesting of 2,072 2,644 unvested shares of restricted stock held by Employee. Such vesting shall occur within fifteen (15) days of the Effective Date of this Agreement; provided that Employee does not revoke this Agreement pursuant to Paragraph 3.c. and continues to comply with Paragraph 2 below. Masco will pay Employee the Severance Payments consistent with this Agreement.

Payment of Severance Payments. Pursuant to this Agreement, Employee is eligible for the following Severance Payments: a. A cash payment, which is equivalent to Employee’s target 2023 annual cash bonus (the amount at target being $465,370 601,238 or 75% of Employee’s base salary), prorated to reflect the six five months Employee was employed by ▇▇▇▇▇ during 2023 through the Separation Date and subject to actual performance, and such payment shall be paid out in February 2024; b. A cash payment, which is equivalent to Employee’s target 2023 annual restricted stock unit grant (the amount at target being $465,370 721,486 or 7590% of Employee’s base salary), prorated to reflect the six five months Employee was employed by ▇▇▇▇▇ during 2023 through the Separation Date and subject to actual performance, and such payment shall be paid out in February 2024; c. A share award under each of the long-term incentive programs (“LTIPs”) (the 2021-2023 LTIP, 2022-2024 LTIP and 2023-2025 LTIP) in which Employee participates, prorated to reflect the number of months Employee was employed by Masco during the applicable performance period through the Separation Date; such share award shall be calculated based on the target opportunity and base salary set forth in each LTIP agreement; provided that such awards shall be subject to achievement of the established performance goals for each LTIP. LTIP awards, if any, shall be made in February 2024, February 2025 and February 2026, respectively; d. An extension of the exercise period any for Employee’s outstanding stock options granted to Employee prior to 2020 under the 2014 Masco Corporation Long Term Stock Incentive Plan, from 30 days from the Separation Date to 90 days from the Separation Date; and e. Accelerated vesting of 2,072 2,644 unvested shares of restricted stock held by Employee. Such vesting shall occur within fifteen (15) days of the Effective Date of this Agreement; provided that Employee does not revoke this Agreement pursuant to Paragraph 3.c. and continues to comply with Paragraph 2 below. Masco will pay Employee the Severance Payments consistent with this Agreement.