Common use of Amount of Severance Compensation Clause in Contracts

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 employer of the Executive for any period after termination of Executive's employment with the Company. The Executive shall not be obligated to secure new employment, but shall be obligated to report promptly to the Company any actual employment obtained during the period for which employee benefits continue pursuant to Section 2.4.

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 2.0 (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 employer of the Executive for any period after termination of Executive's employment with the Company. The Executive shall not be obligated to secure new employment, but shall be obligated to report promptly to the Company any actual employment obtained during the period for which employee benefits continue pursuant to Section 2.4.

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 (two"2") 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 known or unknown 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 affiliatesaffiliates including, without limitation, payments under another severance plan or any severance agreement between the Company and the Executive. 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 employer of the Executive for any period after termination of Executive's employment with the Company. The Executive shall not be obligated to secure new employment, but shall be obligated to report promptly to the Company any actual employment obtained during the period for which employee benefits continue pursuant to Section 2.4.