Common use of PRIOR TO CHANGE IN CONTROL Clause in Contracts

PRIOR TO CHANGE IN CONTROL. If the Qualifying Termination occurs prior to a Change in Control, and the Employee executes the Release in accordance with Section 3.4 below, the Company shall: (a) Pay to Employee a severance payment equal to one times the sum of: (i) the Employee’s Base Salary, plus (ii) the Annual Bonus Amount. Such amount shall be paid in a lump sum on the sixtieth (60th) day after the Date of Termination. (b) In addition, all stock options, restricted stock, restricted stock units, and other equity incentive awards shall become vested as of the date of the Qualifying Termination. (c) In addition, provided Employee timely elects continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall pay for 12 months following the Date of Termination (or such shorter period as Employee is entitled to COBRA continuation coverage under the terms of the Company’s insurance policies or plans), the premiums for the coverage elected by Employee.