Calculation of Severance Payment. The "Severance Payment" hereunder shall be a lump sum equal to three (3) times the sum of (i) the Executive's annual base salary and (ii) the Executive's target bonus as provided in the Company's Management Incentive Plan, as said salary and target bonus are in effect immediately prior to the termination of Executive's employment or in effect immediately prior to the Change in Control, whichever is higher.
Appears in 3 contracts
Samples: Severance Compensation Agreement (Gaylord Container Corp /De/), Severance Compensation Agreement (Gaylord Container Corp /De/), Severance Compensation Agreement (Gaylord Container Corp /De/)
Calculation of Severance Payment. The "Severance Payment" hereunder shall be a lump sum equal to three two (32) times the sum of (i) the Executive's annual base salary and (ii) the Executive's target bonus as provided in the Company's Management Incentive Plan, as said salary and target bonus are in effect immediately prior to the termination of Executive's employment or in effect immediately prior to the Change in Control, whichever is higher.
Appears in 1 contract
Samples: Severance Compensation Agreement (Gaylord Container Corp /De/)
