CIC Severance Benefits

Example Definitions of "CIC Severance Benefits"
CIC Severance Benefits. The severance payments and benefits to which a Participant may become entitled pursuant to Section 4 of the Plan and Exhibit A attached hereto.
CIC Severance Benefits. (i) A lump sum severance payment in an amount equal to the Participant's Severance Multiplier times the sum of (A) the Participant's Base Pay and (B) the Participant's target annual bonus for the year in which the Termination Date occurs, payable within 60 days following the date the Release becomes effective and irrevocable; provided, that if the period during which the Release could become effective and irrevocable spans two calendar years, payment shall occur in the second calendar year; ... (ii) Subject to the Participant's timely election of continuation coverage under COBRA and subject to the Participant's copayment of premium amounts at the active employees' rate, reimbursement for the amount of the remainder of the premiums for the Participant's and his or her covered dependents' participation in the Company's group health plans pursuant to COBRA for a period ending on the earliest of (A) the end of the Participant's Severance Period, (B) the Participant becoming eligible for other employer-sponsored group health benefits or Medicare, and (C) the expiration of the Participant's rights under COBRA; and (iii) Payment of any earned but unpaid annual bonus for the fiscal year preceding the fiscal year in which the Termination Date occurs, payable on the date when bonuses for such fiscal year are otherwise paid to the Company's executives for such fiscal year. View More
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