Base Severance Payments Sample Clauses

Base Severance Payments. Provided that Executive delivers to the Company a fully executed and complete release, without revocation, in favor of the Company and its Affiliates, and in form and substance satisfactory to the Company (the “Release”) within sixty (60) days of Executive’s Termination Date (the “Execution Deadline”), the Company will provide to Executive an amount equal to six (6) months of Executive’s then-current Base (“Base Severance Payments”). The Base Severance Payments will be payable in equal installment payments over the six (6) month period starting retroactively from the Termination Date in accordance with the Company’s regular bi-weekly paydays, or if different, in accordance with the Company’s customary payroll practices.

Base Severance Payments. Severance pay in the form of continuation of your base salary at the time of your Covered Termination (but ignoring any decrease that forms the basis of your resignation for Good Reason, if applicable) for a period of nine (9) months (increased to a total of twelve (12) months if your Covered Termination occurs during the CIC Period, described in Section 8(b)), subject to required payroll deductions and tax withholdings (such applicable payments, the “Base Severance Payments”). Subject to Section 9, the Severance Payments shall be made on the Company’s regular payroll schedule in effect following your termination date, provided, however, that any such payments that are otherwise scheduled to be made prior to the Release Effective Date (as defined below) shall instead accrue and be made on the first regular payroll date following the Release Effective Date; and

Base Severance Payments. Provided that Executive delivers to ESL a fully executed and complete release, without revocation, in favor of the Company and its subsidiaries and affiliates (including ESL), and in form and substance satisfactory to the Company (the “Release”) within sixty (60) days of Executive’s Termination Date (the “Execution Deadline”), ESL shall provide to Executive an amount equal to (a) twelve (12) months of Executive’s then-current Base Salary and (b) one hundred percent (100%) of the amount of the incentive Bonus target (excluding any commission targets) for the calendar year in which the Termination Date occurs and (c) the Termination Commission Amount (collectively the “Base Severance Payments”). The Base Severance Payments shall be payable in twelve (12) installment payments in accordance with ESL’s customary payroll practices.

Base Severance Payments. The Company will pay, and Executive accepts payment of, an amount equal to $1,275,000 (the “Total Base Severance Payment”). The Total Base Severance Payment will satisfy in full the Company’s obligations under Section 4.5(a)(i) of the Employment Agreement and will be paid as follows: (i) $530,000 or such lesser amount as reasonably determined by the Company to be permitted under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the rules and regulations thereunder (the “Lump Sum Severance”) will be paid in a lump sum on the first administratively practicable payroll date following the later of the expiration of the revocation period described in Section 8.h of this Agreement without revocation by Executive and the Separation Date, but in no event earlier than March 31, 2015 or later than June 1, 2015. (ii) The remainder will be paid in substantially equal monthly installment payments of $85,000 (each a “Monthly Installment”) beginning on the fifteenth day of the seventh month following the date of Executive’s “separation from service” (as defined in Section 409A of the Code) from the Company; provided that the last Monthly Installment will be in an amount equal to the remainder derived when dividing the excess of the Total Severance Payment over the Lump Sum Severance Payment by $85,000. As an example, if the Lump Sum Severance equals $530,000, then Executive would be paid Monthly Installments in the amount of $85,000 from October 15, 2015 through May 15, 2016, and on June 15, 2016 would be paid a final Monthly Installment in the amount of $65,000 ($1,275,000-$530,000 = $745,000 = ($85,000*8) + $65,000). Each Monthly Installment will be treated as a separate payment for purposes of Section 409A of the Code. (iii) All payments made to Executive pursuant to this Section 3.b will be reduced by any applicable withholdings.

Base Severance Payments. Severance pay in the form of continuation of your base salary at the time of your Covered Termination (but ignoring any decrease that forms the basis of your resignation for Good Reason, if applicable) for a period of twelve (12) months, subject to required payroll deductions and tax withholdings (the “Base Severance Payments”). Subject to Section 10, the Severance Payments shall be made on the Company’s regular payroll schedule in effect following your termination date, provided, however, that any such payments that are otherwise scheduled to be made prior to the Release Effective Date (as defined below) shall instead accrue and be made on the first regular payroll date following the Release Effective Date; and