Common use of Termination By Executive for Good Reason Following a Change of Control Clause in Contracts

Termination By Executive for Good Reason Following a Change of Control. If Executive voluntarily terminates his employment with the Company for Good Reason for a period of twelve (12) months following a “Change of Control” (as defined herein), then, subject to Executive signing and not revoking a standard release of claims with the Company and Section 11, Executive shall be entitled to (i) receive continuing payments of severance pay at a rate equal to the Base Salary rate, as then in effect for a period of eighteen (18) months from the date of such termination, to be paid periodically in accordance with the Company’s normal payroll policies; (ii) a lump-sum payment equal to 100% of Executive’s Target Bonus for the year of termination; and (iii) continued payment by the Company of the group health continuation coverage premiums for Executive and Executive’s eligible dependents under COBRA as in effect through the lesser of (x) eighteen (18) months from the effective date of such termination, (y) the date upon which Executive and Executive’s eligible dependents become covered under similar plans, or (z) the date Executive no longer constitutes a Qualified Beneficiary; provided, however, that Executive will be solely responsible for electing such coverage within the required time periods.