Common use of Amount of Severance Payment Clause in Contracts

Amount of Severance Payment. (a) If you become entitled to a Severance Payment within 183 calendar days following the Change in Control, you shall receive a lump-sum payment equal to two times one year's Annualized Compensation. If you become entitled to a Severance Payment after 183 calendar days following the Change in Control, your Severance Payment shall be an amount equal to (a) two times one year's Annualized Compensation less (b) two times one year's Annualized Compensation times a fraction having a numerator equal to the number of calendar days that have elapsed since the six- month anniversary of the Change of Control and a denominator equal to 548 calendar days. (b) The Severance Payment otherwise calculated under this Section 2.2 shall be reduced by the amount of cash severance-type benefits to which you may be entitled pursuant to any other severance plan, employment or other agreement, or policy or program of the Company or any of its subsidiaries; PROVIDED, that if the amount of cash severance benefits payable under such other severance plan, employment or other agreement, policy or program is greater then the amount payable pursuant to this Agreement, you will be entitled to receive the amounts payable under such other plan, employment or other agreement, policy or program. 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).