Amount of Severance Payment. Except as provided in Section 11(b) below the Company shall pay the Executive the "Severance Payments" equal to the sum of the following:
Amount of Severance Payment. (a) If you become entitled to a Severance Payment under this Agreement, the Company shall pay to you a lump sum payment equal to [two (2)] [three (3)] times one year’s Annualized Compensation.
Amount of Severance Payment. If a Change in Control occurs after the date of this Agreement and Executive subsequently ceases to be employed by the Company prior to the second anniversary of the Change in Control, then the Company shall pay Executive a lump sum severance payment equal to twenty-four (24) months of Executive’s base salary which was in effect immediately prior to the Change in Control. The Company shall be entitled to deduct from the lump sum severance payment any amounts which the Company is required by law to withhold from such a payment. Payment due under this Agreement shall be made on the 60th day after Executive’s termination of employment, except that if Executive is then a “key employee” of the Company, as defined in Section 409A of the Internal Revenue Code, payment shall be made on the date which is six months after termination of employment, or to his heirs upon his death if earlier; provided, however, that no payment shall be made unless Executive has first delivered to the Company the Release described in Section 11, and the Release has not been rescinded during any applicable rescission period.
Amount of Severance Payment. The Severance Payment shall equal three times the sum of (i) Executive's highest monthly base salary as in effect at any time in the 6 month period immediately prior to Termination, plus (ii) Executive's Historical Bonus, subject to the maximum payment provisions of Section 2.7 below. In addition to the cash payment, the Bank shall provide all pay and benefits to which Executive has already become vested before Termination of Employment, and which are payable upon such Termination of Employment under the terms and practices of the plans or arrangements under which such benefits are provided. Such Severance Payment shall be in lieu of any other severance payment provided for by the Bank in accordance with its standard of practice and operations at the time of payment of this Severance Payment.
Amount of Severance Payment. Except as provided in Section 11(b) below, within 30 days following the Termination Date, the Company shall pay the Executive a single lump sum cash payment (the "Severance Payment") equal to the sum of the following:
Amount of Severance Payment. Subject to the provisions of this Section 3, in addition to any Base Salary and unreimbursed expenses accrued but unpaid as of the Termination Date (which shall be paid in accordance with the customary payroll practices of the Company), the Company shall pay Employee (the “Severance Payment”) the following:
Amount of Severance Payment. If a Change in Control occurs after the date of this Agreement and Executive subsequently ceases to be employed by the Company prior to the second anniversary of the Change in Control, then the Company shall pay Executive a lump sum severance payment equal to twenty-four (24) months of Executive's gross base salary which was in effect immediately prior to the Change in Control. The Company shall be entitled to deduct from the lump sum severance payment any amounts which the Company is required by law to withhold from such a payment, and the net amount shall be paid to Executive not later than the ten days after employment ceases.
Amount of Severance Payment. If a Change in Control occurs after the date of this Agreement and Executive subsequently ceases to be employed by the Company prior to the second anniversary of the Change in Control, then the Company shall pay Executive a lump sum severance payment equal to twenty-four (24) months of Executive’s base salary which was in effect immediately prior to the Change in Control, if (a) the Change in Control is a “hostile takeover” and the Executive ceases to be employed for any reason (including voluntary resignation) other than death or cause (as defined below), or (b) the Change in Control is not a “hostile takeover” and the Executive ceases to be employed due to a reason not precluding payment under Section 4. The Company shall be entitled to deduct from the lump sum severance payment any amounts which the Company is required by law to withhold from such a payment. For purposes of this Section 3 a “hostile takeover” means a Change in Control (a) that is not approved in advance of a public announcement by the Company’s Board of Directors or a committee of the Board of Directors authorized by the Board to consider the Change in Control, or (b) in which the acquiring entity is a direct competitor of the Company. Payment due under this Agreement shall be made on the 60th day after Executive’s termination of employment, except that if Executive is then a “key employee” of the Company, as defined in Section 409A of the Internal Revenue Code, payment shall be made on the date which is six months after termination of employment, or to his heirs upon his death if earlier; provided, however, that no payment shall be made unless Executive has first delivered to the Company the Release described in Section 11, and the Release has not been rescinded during any applicable rescission period.
Amount of Severance Payment. If a Change in Control occurs after the date of this Agreement and Executive subsequently ceases to be employed by the Company prior to the second anniversary of the Change in Control, then the Company shall pay Executive a lump sum severance payment equal to twenty-four (24) months of Executive’s gross base salary which was in effect immediately prior to the Change in Control. The Company shall be entitled to deduct from the lump sum severance payment any amounts which the Company is required by law to withhold from such a payment. Payment due under this Agreement shall be made immediately after Executive’s termination of employment, except that if Executive is then a “key employee” of the Company, as defined in Section 409A of the Internal Revenue Code, payment shall be made on the date which is six months after termination of employment, or to his heirs upon his death if earlier.
Amount of Severance Payment. The amount of the Severance Payment payable to Executive pursuant to this Agreement shall be determined in accordance with the following formula: 2.99 times the average annual compensation (including, without limitation, base salary, bonuses, gains on stock option exercises etc.) includable on Executive's Form W-2 as a result of services performed for the Company (or its subsidiaries) during the sixty-month period ending immediately preceding the calendar year in which the event giving rise to the requirement to pay such Severance Payment to Executive occurs; provided , however, that if Executive was not employed by the Company (or its subsidiaries) for all of such sixty-month period, the Severance Payment payable to Executive pursuant to this Agreement shall be 2.99 times the average annual compensation includable on Executive's Form W-2 as a result of services performed for the Company (or its subsidiaries) during his or her actual period of employment; provided, further, that if Executive's period of employment with the Company includes a partial year, Executive's compensation for that partial year shall be annualized (for purposes of the calculations required by this Section 2). Notwithstanding the foregoing, the Severance Payment and, if necessary, the value of any option acceleration and any other benefits pursuant to Section 3 or otherwise shall be reduced by such amount as is necessary, in the opinion of tax counsel or other appropriate tax advisor selected in good faith by the Company, so that no portion of the foregoing will be subject to excise taxes for an "excess parachute payment" under Internal Revenue Code Section 280(g).
