Executive will receive a lump-sum payment equal to the sum of (A) 12 months of Executive’s annual base salary as then in-effect immediately prior to Executive’s termination date or, if greater, at the level in-effect immediately prior to the Change in Control, plus (B) the greater of (x) 100% of Executive’s most recent annual bonus actually paid, or (y) 100% of Executive’s on-target annual bonus for the year of termination.
severance payments