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:
(A) the continuation, for a period of twelve (12) months following the Termination Date, of the Executive's Base Salary at the rate in effect on the Termination Date, payable in accordance with the customary payroll practices of the Company; and
(B) an immediate single lump sum cash payment of any Base Salary, Bonus Plan bonuses, allowable vacation and unreimbursed expenses accrued but unpaid as of the Termination Date.
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unless Executive has first delivered to the Company the Release described in Section 11, and the Release has not been rescinded during any applicable rescission period.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. 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. 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:
(A) payment of the full amount of Base Salary for the days remaining of the contract for the full ten (10) year period of the contract, paid in full on the six-month anniversary of the Termination Date;
(B) any bonus amount that would otherwise have been payable to Employee, payable on the next date on which a bonus amount would have otherwise been payable to Employee following the Termination Date, prorated through the Termination Date;
(C) grant Employee the option, for the thirty (30) days following the Termination Date, to sell to the Company up to 100% of the Employee’s common stock, stock options and warrants, at a per share price equal to the 10-day average closing price of CornerWorld’s common stock for the ten (10) trading days immediately preceding the date of Employee’s exercise of such option.
(D) any vacation pay accrued but unpaid as of the Termination Date, payable in a single lump sum payment on the Termination Date; and
(E) the lump sum payment of five million dollars ($5,000,000) paid in full on the six-month anniversary of the Termination Date.
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 [2][3] times one year’s Annualized Compensation.
(b) The Severance Payment otherwise calculated under this Section 2.2 shall be reduced (but not below zero) by the amount of cash severance-type benefits to which you may be entitled pursuant to any other severance plan, agreement, policy or program of the Company or any of its Subsidiaries or Affiliates. Without limiting other payments which would not constitute “cash severance-type benefits” hereunder, any cash settlement of stock options, accelerated vesting of stock options and retirement, pension and other similar benefits shall not constitute “cash severance-type benefits” for purposes of this Section 2.2(b).
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 total cash compensation (including base salary, bonuses and other incentive compensation other than stock options) paid to Executive by the Company (and its subsidiaries) during the twelve-month period ending immediately preceding the event giving rise to the requirement to pay such Severance Payment to Executive, less such amount as is necessary, in the opinion of tax counsel or other appropriate tax advisor selected in good faith by the Company, to reduce the Severance Payment to the maximum amount permitted to be paid without incurring excise taxes for an "excess parachute payment" under Internal Revenue Code Section 280(g).
Amount of Severance Payment. (a) If you become entitled to a Severance Payment under this Agreement, you shall receive a payment equal to the sum of the amounts provided below:
(i) The Company shall pay you your full base salary through the date of the termination of your employment at the rate in effect immediately prior to the time your employment is terminated; and
(ii) In lieu of any further payments to you for periods subsequent to the date you become entitled to a Severance Payment as provided in Section 2.1, the Company shall pay as severance to you a severance payment (the "Severance Payment") equal to one (1) times your annual base salary in effect immediately prior to such date.
