Additional Severance Payments Clause Samples

Additional Severance Payments. (a) In addition to the Initial Severance Payment, you will be entitled to receive cash severance payments in an aggregate amount of $73,333 (the “Additional Severance Payment”). The Additional Severance Payment shall be subject to the Company’s collection of all applicable withholding taxes, and you will only be paid the amount remaining after such withholding taxes have been collected. Fifty percent (50%) of the Additional Severance Payment will be paid on May 19, 2006, and the remaining 50% of the Additional Severance Payment will be paid in two equal installments on June 19, 2006 and July 19, 2006, respectively. (b) You will not be entitled to receive any unpaid portion of the Additional Severance Payment in the event you begin Employment with a Competitor prior to the applicable payment date. The term “Employment” means providing services of any kind for compensation, either as an employee or a consultant.

Additional Severance Payments. As consideration for Executive’s voluntary resignation from the Company’s Board of Directors, the Company shall also pay Executive one lump sum cash payment in the amount of $100,000.00) (“Additional Separation Benefit”), less all required withholdings, including federal and state withholding taxes and other deductions Company is required by law to make from the Additional Separation Benefit. The Additional Separation Benefit will be paid on the date that is thirty (30) days after separation from service (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended).

Additional Severance Payments. RMS has a severance policy ----------------------------- as set forth on Schedule 2.11(c)(i) attached hereto for employees who are ------------------- terminated by the Company without cause. Purchaser hereby agrees that any of the employees of the Company set forth on Schedule 6.11 (which schedule shall be ------------- provided to Purchaser no later than one week prior to the Closing Date) whose employment is terminated without cause by the Company or Purchaser within six months after the Closing Date shall be paid as severance in addition to the amount they would be entitled to under the Company's severance policy set forth on Schedule 2.11(c)(i), the additional amount set forth opposite their ------------------- respective name on such schedule (the aggregate of such amounts, plus applicable taxes payable by the Company or ▇▇▇▇▇▇ with respect thereto, the "Maximum Severance Amount"), less applicable taxes. The aggregate amount of all such additional severance payments actually paid by the Company or ▇▇▇▇▇▇, plus the applicable taxes with respect thereto paid by the Company or ▇▇▇▇▇▇, are referred to herein as the "Additional Severance Amount."

Additional Severance Payments. With respect to the Annual Incentive Compensation Plan of Bankshares and its affiliates ("AICP"), ▇▇. ▇▇▇▇▇ shall be entitled to receive an incentive award for the 2002 Award Year in accordance with and subject to the terms of the AICP, based on his 2002 annual salary of $400,000 and his designation as a Class I participant for that year. The amount of such award is $184,600 and will be payable no later than March 31, 2003, and shall be subject to all lawful deductions. The Companies agree that ▇▇. ▇▇▇▇▇ will be eligible to receive bonus payments for the 2003 Award Year (payable in 2004) and 2004 Award Year (payable in 2005) to be calculated in accordance with and subject to the terms of the AICP as if he were still a Class I participant and based on his base annual salary of $400,000; provided, however, that such bonus payments shall be made only if and to the same extent that the Companies make incentive awards generally under the AICP to Class I participants for the 2003 and 2004 Award Years, and the parties expressly agree that if the AICP changes for Class I participants generally for the 2003 or 2004 Award Years, the calculation of any bonus payments to ▇▇. ▇▇▇▇▇ for such Award Years will change in a like manner. The obligations set forth in this paragraph 2 shall survive in the event of ▇▇. ▇▇▇▇▇'▇ death prior to December 31, 2004, in which event any remaining payments due under this paragraph 2 shall be due and payable to ▇▇. ▇▇▇▇▇'▇ estate or such other beneficiary designated by ▇▇. ▇▇▇▇▇ in a written notice delivered to the Companies.

Additional Severance Payments. Company shall pay Employee additional severance payments, in the manner specified below, totaling an aggregate of $375,000.00 (Three Hundred Seventy-Five Thousand Dollars), less all applicable withholdings and deductions required by law ("Severance Payments"). The first Severance Payment shall be $125,000.00 (One Hundred Twenty-Five Thousand Dollars), less all applicable withholdings and deductions required by law, and shall be paid to Employee in a lump sum on March 31, 2003. The remaining Severance Payments totaling $250,000.00 (Two Hundred Fifty Thousand Dollars) shall be paid in bi-weekly installments of $9,615.38 (Nine Thousand Six Hundred Fifteen Dollars and 38/100), less all applicable withholdings and deductions required by law, on normal Company paydays for the 26 pay periods commencing on the next Company payday following the CEO Termination Date. The Severance Payments are in addition to the Transition Salary, the Bonus and any other amounts payable to Employee pursuant to paragraph 2 above.

Additional Severance Payments. Beginning September 13, 2006, Employer will pay to ▇▇. ▇▇▇▇ an amount equal to fifty percent (50%) of her base monthly salary less deductions for applicable federal and state taxes and withholdings for a period of three (3) months, ending December 12, 2006. ▇▇. ▇▇▇▇ will receive these payments in accordance with Employer’s normal payroll practices. The parties agree that if ▇▇. ▇▇▇▇ is employed on September 12, 2006, or obtains employment thereafter, at any time prior to December 12, 2006, she will be ineligible for the severance payments described in this Section 3a that accrue after the date she obtains such employment.

Additional Severance Payments. The Parties acknowledge that they are entering into, or have entered into, a Consulting Agreement contemporaneously with this Agreement. Provided that Employee (a) re-executes this Agreement on the last day of the Term of the Consulting Agreement (as defined therein) and does not revoke it, and (b) complies fully with the terms of this Agreement and of the Consulting Agreement, then: a. The Company shall pay Employee the total gross amount of $10,000 for transition expenses, including, without limitation, Employee’s lease payments from the Separation Date through December 31, 2019 on an apartment he rents in Philadelphia, inclusive of parking fees (“Additional Severance”); and b. Provided that Employee has earned less than $100,000 in Consulting Fees (as defined in the Consulting Agreement) but has provided requested services to the Company through the end of the Term of the Consulting Agreement, the Company shall pay to Employee an amount equal to the difference between $100,000 and Employee’s earned Consulting Fees (“Consulting Fee Guarantee”). The Additional Severance and, if applicable, the Consulting Fee Guarantee, shall be paid in one lump sum within thirty (30) days after the end of the Term of the Consulting Agreement.