Common use of Amount of Severance Pay Clause in Contracts

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 sum of: (a) The Employee’s '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 '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 's bonuses for the remaining years (if any) shall be used. Such amount, as determined in accordance with Sections 7(a) and 7(b), amount shall be paid at periodic intervals in accordance with the Company’s '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 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 yearsyears for reasons other than related to Employee’s performance, 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), amount shall be paid at periodic intervals in accordance with the Company’s standard payroll procedures.