Amount of Severance Pay a. The amount of severance pay to which the Executive is entitled pursuant to Section 2.1 shall be equal to the Severance Compensation. Payment shall be conditioned upon delivery by the Executive to the Company of a written release in the form attached hereto as Exhibit A (subject to such changes as may be necessary to reflect changes in applicable law). Payment shall be made in the form of a lump sum cash payment within ten (10) days following the effectiveness of such 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 (including without limitation, payments under the Hughes Employment Transition Assistance Plan or otxxx xxverance pay plan, or any severance agreements between the Company and the Executive, but excluding any benefits arising out of options granted under the Company's Retention Option Programs or any other Company plan or program designated as a "retention plan" or "retention program"). Any other arrangement 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. There shall be no duplication of severance benefits in any manner. In this regard, the Executive shall not be entitled to Severance Compensation hereunder for more than one position with the Company and its affiliates. Options and other stock based awards granted under the Company's stock award plans, including without limitation the Company's Retention Option Programs, shall not be considered severance benefits for purposes of this Section b.
c. The Executive's Severance Compensation under this Agreement shall not be reduced by the amount of any regular salary paid or payable by any employer of the Executive. The Executive shall not be obligated to secure new employment (except to the extent that he/she is offered a Comparable Position), but shall be obligated to report promptly to the Company any actual employment obtained during the period for wh...
Amount of Severance Pay. During the Continuation Period, the Company shall pay the Employee Severance Pay at an annual rate equal to the sum of:
(a) The Employee’s base compensation at the annual rate in effect on the date 30 days prior to the date when the termination of his employment with the Company is effective; plus
(b) The arithmetic mean of the Employee’s annual bonuses for the last three calendar years completed prior to the date when the termination of his employment with the Company is effective. In the event that the Employee received no bonus from the Company for one or more of such calendar years, the years in which no bonus was paid shall be disregarded and the arithmetic mean of the Employee’s bonuses for the remaining years (if any) shall be used. Such amount, as determined in accordance with Sections 7(a) and 7(b), shall be paid at periodic intervals in accordance with the Company’s standard payroll procedures.
Amount of Severance Pay. During the Continuation Period, the Company shall pay the Employee Severance Pay at an annual rate equal to the Employee's base compensation at the annual rate in effect on the date when the termination of his employment with the Company is effective. Such amount shall be paid pro-rata at periodic intervals in accordance with the Company's standard procedures.
Amount of Severance Pay. (a) The amount of severance pay (“Severance Pay”) to which the Participant is entitled under the Plan shall be the product of the amount described in (i) multiplied by the percentage described in (ii), with such product reduced by the amount described in (iii):
(i) if a Vice President, Senior Vice President, Executive Vice President or Group Vice President, the sum of the Participant’s Annual Salary and Annual Target Bonus or if an Other Key Executive, Annual Salary;
(ii) the applicable percentage set forth below opposite the Participant’s employment classification at the time of Separation from Service (disregarding any adverse change in employment classification during an Imminent Change in Control Period or after a Change in Control);
(iii) the sum of (A) severance or similar payments made pursuant to any Federal, state or local law, including but not limited to payments under the Federal Worker Adjustment and Retraining Notification Act (WARN), and (B) any termination or severance payments under any other termination or severance plans, policies or programs of the Company or any of its subsidiaries and affiliates that the Participant receives notwithstanding subsection (c) below.
(iv) In the event the Participant’s Eligible Separation from Service occurs outside an Imminent Change in Control Period or outside the thirty-six month period following a Change in Control, the applicable percentage shall be the percentage set forth in column (A) below and the applicable severance period (“Severance Period”) shall be the period set forth in column (B) below. In the event the Participant’s Eligible Separation from Service occurs within an Imminent Change in Control Period, provided the contemplated Change in Control occurs within one year of the Participant’s Eligible Separation from Service, or within the thirty-six month period following a Change in Control, the applicable percentage shall be the percentage set forth in column (C) below and the applicable Severance Period shall be the period set forth in column (D) below.
(A) (B) (C) (D)
(b) There shall be no duplication of severance benefits in any manner. Severance Pay under this Plan shall be in lieu of any termination or severance payments to which the Participant may be entitled under any other termination or severance plans, policies or programs of the Company or any of its subsidiaries and affiliates. No Participant shall be entitled to Severance Pay hereunder for more than one position with the Compa...
Amount of Severance Pay. 4.1 Rates of severance pay
Amount of Severance Pay. Within thirty (30) business days after a Qualifying Termination of Employment, the Company shall pay the Employee as follows:
3.1 If the Qualifying Termination of Employment occurs within the first twenty-four (24) months after the occurrence of a Change in Control, a lump sum equal to the product of two (2) times the sum of:
a) The Employee's base salary at the greater of (1) the annual rate in effect on the date when the Qualifying Termination of Employment is effective, or (2) the annual rate in effect on the date of the Change in Control; plus
b) The Employee's annual target bonus amount for the most recent year completed prior to the date when the Qualifying Termination of Employment is effective.
3.2 If the Qualifying Termination of Employment does not meet the requirements of Section 3.1 above, a lump sum equal to the product of one (1) times the sum of:
a) The Employee's base salary at the annual rate in effect on the date when the Qualifying Termination of Employment is effective; plus
b) The Employee's annual target bonus amount for the most recent year completed prior to the date when the Qualifying Termination of Employment is effective. For purposes of determining the Employee's annual base salary and annual target bonus under Sections 3.1 and 3.2 above, any reduction in annual base salary or annual target bonus that would constitute Good Reason under this Agreement shall be deemed not to have occurred.
Amount of Severance Pay. If a Change in Control of the Company occurs and within two years thereafter your employment with the Company is terminated either by you for Good Reason or by the Company Without Cause, then in addition to all other benefits which you have earned prior to such termination or to which you are otherwise entitled, the Company shall pay to you the following amounts:
(i) your full base salary earned through the Date of Termination at the rate in effect ten days prior to the date Notice of Termination is given, to the extent not theretofore paid;
(ii) an amount equal to the product of (A) the higher of your annual base salary in effect prior to the Effective Date or your annual base salary at the highest rate in effect at any time since any Change in Control of the Company (including any annual base salary amounts deferred under any non-qualified deferred compensation program of the Company and any elective contributions of annual base salary that are made by or on behalf of you under any plan maintained by the Company that are not includible in gross income under Section 125 or 402(e) (3) of the Internal Revenue Code of 1986, as amended, but excluding moving or educational reimbursement expenses, amounts realized from the exercise of any stock options or stock appreciation rights (“SARs”) or the vesting of other equity awards, and imputed income attributable to any fringe benefit) and (B) the lesser of the number one-and-one-half (1½) or a fraction the numerator of which is the number of months from and including the month in which the Date of Termination occurs to and including the month in which you would attain the age sixty-five and the denominator of which is twelve;
(iii) in lieu of annual incentive compensation, commissions, and bonuses that would otherwise be payable, an amount equal to the product of (A) your target annual incentive compensation, commissions, and bonuses (excluding amounts realized from the exercise of any stock options or SARs or the vesting of other equity awards), based on the deemed achievement of performance goals at the 100% level, for the then-current fiscal year of the Company and (B) the lesser of the number one-and-one-half (1½) or a fraction the numerator of which is the number of months from and including the month in which the Date of Termination occurs to and including the month in which you would attain the age sixty-five and the denominator of which is twelve; and
(iv) in lieu of either shares of Common Stock of the Co...
Amount of Severance Pay. In the event of a Qualifying Termination of Employment (as that term is defined in Section 8 hereof), within thirty business days after the occurrence of such Qualifying Termination of Employment, the Company or its successor shall pay to the Employee a lump sum equal to the product of three times the sum of:
a) The Employee's annual base salary at the greater of (i) the annual rate in effect on the date when the termination of the Employee's employment with the Company is effective or (ii) the annual rate in effect on the date of the Change in Control; plus
b) The greater of (i) the Employee's annual bonus for the most recent year completed prior to the date when the termination of the Employee's employment with the Company is effective or (ii) an amount equal to 100% of the Employee's annual base salary, as determined under Section 9(a). For purposes of determining the Employee's annual base salary and target annual bonus under Sections 9(a) and (b) above, any reduction in annual base salary or target annual bonus that would constitute Good Reason under this Agreement shall be deemed not to have occurred.
Amount of Severance Pay. (i) Provided the conditions of clauses 30.10 (a) and 30.10 (b) have been met, an Employee shall be granted severance pay based upon one (1) week's salary for each year of service to a maximum of twenty-six (26) weeks subject to a maximum equivalent to forty percent (40%) of the top step of the salary scale at which the Employee’s position is classified.
(ii) The amount of severance pay provided herein shall be calculated by the formula: Bi-weekly Rate = 1 week
(iii) The entitlement of an Employee to severance pay shall be based on an Employee's total service as defined in Article 29: Service and Seniority.
