Amount of Severance Compensation Sample Clauses

Amount of Severance Compensation a. The amount of severance compensation (the "Severance Compensation") to which the Executive is entitled pursuant to Section 2.1 shall be equal to 2 (two) times the sum of (i) the Executive's annual base salary for the year in which the Involuntary Termination occurs plus (ii) the higher of (x) the Executive's targeted annual bonus established for the fiscal period in which the Involuntary Termination occurs or (y) the actual bonus paid or payable to the Executive in respect of the most recent full fiscal year of the Company; provided, that in the event of an Involuntary Termination for Good Reason under Section 1(d)(i)(A) and/or (B) above, the annual base salary and targeted bonus amounts used for the foregoing calculation shall be those annual base salary and targeted bonus amounts in effect immediately prior to any reduction thereof. Payment of the Severance Compensation shall be conditioned upon receipt of a written release by the Executive of any claims against the Company or its subsidiaries, except those arising under this Agreement or any other written plan or agreement, which shall be specifically noted in such release. Such release shall be substantially in the form attached hereto as Annex A. Payment of the Severance Compensation shall be made within ten (10) days following the effective date of such written release. Such Severance Compensation shall be in lieu of any other payments or benefits in the nature of severance pay or benefits which the Executive has received or will receive from the Company or any of its affiliates. Any other arrangement, plan or program providing severance benefits shall be deemed to be amended to eliminate any obligation for benefits to be provided thereunder. If the Executive is entitled to any notice or payment in lieu of any notice of termination of employment required by Federal, state or local law, including but not limited to the Worker Adjustment and Retraining Notification Act, the Severance Compensation to which the Executive would otherwise be entitled under this Agreement shall be reduced by the amount of any such payment, in lieu of notice. b. The Executive shall not be entitled to Severance Compensation hereunder for more than one position with the Company and its affiliates, therefore, there shall be no duplication of severance benefits in this regard. c. The Executive's Severance Compensation under this Agreement shall not be reduced by the amount of any salary or bonus paid or payable by any employe...
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Amount of Severance Compensation. If during the Term the Company terminates your employment without Cause, except as provided for in Section 7(b), or you resign with Good Reason, the Company will pay you two times your annual Base and Bonus Compensation and benefits as provided below ("Severance Compensation"). To receive such payments you must within forty-five (45) days of your Termination Date sign a release of any and all claims in the form provided by the Company. Such payments shall begin at the later of (a) the first pay period following your Termination Date or (b) ten (10) days after you deliver the signed release to the Company.
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Amount of Severance Compensation. Subject to the terms and conditions of this Section 9, in the event of the termination of the Employee's employment and provided that the Employee is not in default of any provision of Section 10 or Section 11 of this Agreement, the Employee shall be entitled to receive severance compensation ("Severance Compensation") from the Company as follows: (i) No Severance Compensation shall be payable at any time pursuant to this Agreement if (A) the Employee's employment hereunder is terminated by the Company for Cause pursuant to Section 8(b)(ii) hereof (ii) If the Employee's employment hereunder is terminated pursuant to Section 8(a) or 8(c), the Employee shall be paid an amount equal to five times the Employee's gross annual base salary (inclusive of bonus or incentive compensation) at the rate in effect on the date of termination (it being understood and agreed that the Company may purchase insurance to fund all or a portion of any payment required in the event of termination pursuant to Section 8(a)) and Company shall continue to pay for Employee's automobile(s) (as set forth in Section 5) for sixty months and pay for continued coverage under the Company medical and dental plans, or other such substantially equivalent plans, for sixty months, or, in the event of Employee's death or disability, the Company shall pay for Employee's continued coverage under the Company medical and dental plans, or such other substantially equivalent plans, for thirty-six months. (iii) If either (A) the Employee's employment hereunder is voluntarily terminated by the Employee and the Employee provides the required notice in accordance with Section 8(d) or (B) the Employee's employment is terminated by the Company for Cause pursuant to Section 8(b)(i), the Employee shall be paid an amount equal to the Employee's gross annual base salary (inclusive of bonus or incentive compensation) at the rate in effect on the date of termination and the Company shall pay for Employee's continued coverage under the Company medical and dental plans, or such other substantially equivalent plans, for twelve months. The Company may purchase insurance to pay for this payment or any severance payment and the Employee agrees to cooperate with the purchase of such insurance.
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Amount of Severance Compensation. Subject to the tem1s and conditions of this Section 9. in the event of the termination of the Employee's employment and provided that the Employee is not in default of any provision of Section I 0 or Section 11 of this Agreement, the Employee shall be entitled to receive severance compensation ("Severance Compensation") from the Company as follows: (i) No Severance Compensation shall be payable at any time pursuant to this Agreement if the Employee's employment hereunder is terminated by the Company for Cause pursuant to Section 8(b)(i) or Section 8(b)(ii) hereof (ii) If the Employee's employment hereunder is terminated pursuant to Section 8(c), the Employee shall be paid an amount equal to two times the Employee's gross annual base salary (inclusive of bonus or incentive compensation) at the rate in effect on the date of termination (it being understood and agreed that the Company may purchase insurance to fund all or a portion of any payment required) and pay for continued coverage under the Company medical and dental plans, or other such substantially equivalent plans, for twenty-four months. (iii) If the Employee's employment hereunder is voluntarily terminated by the Employee and the Employee provides the required notice in accordance with Section 8(d), the Company shall pay for Employee's continued coverage under the Company medical and dental plans, or such other substantially equivalent plans, for six months. The Company may purchase insurance to pay for this payment or any severance payment and the Employee agrees to cooperate with the purchase of such insurance.
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Amount of Severance Compensation. Subject to the terms and conditions of this Section 9, in the event of the termination of the Executive’s employment and provided that the Executive is not in default of any provision of Section 10 or Section 11 of this Agreement, the Executive shall be entitled to receive severance compensation (“Severance Compensation”) from the Company as follows: (i) No Severance Compensation shall be payable at any time pursuant to this Agreement if the Executive’s employment hereunder is terminated due to moral turpitude, death or disability of Executive pursuant to Section 8(a) or by the Company for Cause pursuant to Section 8(b)(i) or Section 8(b)(ii) hereof. (ii) If the Executive’s employment hereunder is terminated pursuant to Section 8(c), the Executive shall be paid: · An amount equal to (six) 6 times the Executive’s gross monthly base salary at the rate in effect on the date of termination (it being understood and agreed that the Company may purchase insurance to fund all or a portion of any payment required) and pay for continued coverage under the Company medical and dental plans, or other such substantially equivalent plans, for the duration of the severance period.. After the first year of employment, the Executive will earn additional severance benefits at a rate of one month for every 4 months of service to a limit of 12 months severance. · The pro-rata value of the annual performance bonus which shall become fully vested. · Full pay out of remaining vacation pay and personal time. · Accelerated full vesting of any and all equity awards.
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Related to Amount of Severance Compensation

  • Severance Compensation In the event (i) Employee terminates this Agreement for Good Reason in accordance with Paragraph 11.3 hereof; (ii) Employee is terminated for any reason (except death or disability) upon, or within six months following, a "Change in Management or Control (as such term is defined in Paragraph 11.5 hereof);" or (iii) Employee is terminated without Cause, the Company shall be obligated to pay severance compensation to Employee in an amount equal to his salary compensation (at the rate payable at the time of such termination) for a period of six (6) months from the date of termination. Notwithstanding the foregoing, if Employee is employed by a new employer, or as a consultant after the termination of this Agreement, the severance compensation payable to Employee hereunder shall be reduced by the amount of compensation that Employee actually receives from the new employer, or as a consultant. However, Employee shall have a duty to inform the Company that he has obtained such new employment, and the failure to do so is a material breach of this Agreement. In such event, the Company shall be entitled to (i) cease all payments to Employee under this Paragraph 11.4; and (ii) recover any unauthorized payments to Employee in an action for breach of contract. Notwithstanding anything else in this Agreement to the contrary, solely in the event of a termination upon or following a Change in Management or Control, the amount of severance compensation paid to Employee hereunder shall not include any amount that the Company is prohibited from deducting for federal income tax purposes by virtue of Section 280G of the Internal Revenue Code of 1986, as amended, or any successor provision. In addition to the foregoing severance compensation, the Company shall pay Employee (i) all compensation for services rendered hereunder and not previously paid; (ii) accrued vacation pay; and (iii) any appropriate business expenses incurred by Employee in connection with his duties hereunder and approved pursuant to Section 4 hereof, all through the date of termination. Employee shall not be entitled to any bonus compensation, whether vested or unvested; or any other compensation, benefits or reimbursement of any kind.

  • Amount of Compensation City shall pay Contractor for performance of all Services rendered in accordance with this Contract in an amount not to exceed $3,000,000.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Total Compensation Contractor shall include Total Compensation in XXX for each of its five most highly compensated Executives for the preceding fiscal year if: 4.1. The total Federal funding authorized to date under the Award is $25,000 or more; and 4.2. In the preceding fiscal year, Contractor received:

  • Annual Compensation The Executive's "Annual Compensation" for purposes of this Agreement shall be deemed to mean the highest level of base salary paid to the Executive by the Employers or any subsidiary thereof during any of the three calendar years ending during the calendar year in which the Date of Termination occurs.

  • Final Compensation Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS prior to January 15, 2011, is based on the highest average monthly pay rate during twelve (12) consecutive months of employment. Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS on or after January 15, 2011, is based on the highest average monthly pay rate during thirty-six (36) consecutive months of employment.

  • Accrued Compensation On any termination of the Executive’s employment with the Company Group, the Executive will be entitled to receive all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to the Executive under any Company-provided plans, policies, and arrangements.

  • Payment of Compensation Consultant shall submit to City a monthly itemized statement which indicates work completed and hours of Services rendered by Consultant. The statement shall describe the amount of Services and supplies provided since the initial commencement date, or since the start of the subsequent billing periods, as appropriate, through the date of the statement. City shall, within 30 days of receiving such statement, review the statement and pay all approved charges thereon.

  • Retirement Bonus 22:01 Employees retiring in accordance with the following:‌ (a) Retire at age sixty-five (65) years; or (b) Retire after age sixty-five (65) years; or (c) Have completed at least ten (10) years continuous employment and retire after age fifty-five (55) years but before age sixty-five (65) years; (d) Employees who have completed at least ten (10) years continuous service with the Employer, whose age plus years of that service equal eighty (80); shall be granted retirement bonus on the basis of four (4) days per year of employment.

  • Severance Pay Notwithstanding the provisions of Article 62 (Severance Pay) of this Agreement, where the period of continuous employment in respect of which severance benefit is to be paid consists of both full and part-time employment or varying levels of part-time employment, the benefit shall be calculated as follows: the period of continuous employment eligible for severance pay shall be established and the part-time portions shall be consolidated to equivalent full-time. The equivalent full-time period in years shall be multiplied by the full-time weekly pay rate for the appropriate group and level to produce the severance pay benefit.

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