Common use of Amount of Severance Payment Clause in Contracts

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. (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 '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).