Cash Compensation Payment Sample Clauses
The Cash Compensation Payment clause establishes the obligation for one party to pay a specified amount of money to another party under certain conditions. Typically, this clause outlines the circumstances that trigger the payment, such as termination of employment, failure to deliver goods, or other contractual breaches, and details the calculation or fixed amount of compensation to be paid. Its core practical function is to provide a clear and enforceable remedy in the form of monetary compensation, ensuring that the affected party receives financial redress and reducing uncertainty in the event of a dispute or contract termination.
Cash Compensation Payment. (1) This payment will equal three times the Executive’s cash compensation. The Executive’s “cash compensation” is the sum of:
(A) The Executive’s adjusted salary as determined under paragraph (2) below; and
(B) The Executive’s average bonus as determined under paragraph (3) below.
(2) The Executive’s “adjusted salary” is the Executive’s annualized regular monthly salary in effect on the date of the Termination Event as reportable on IRS Form W- 2, adjusted by including and excluding the following items:
(A) Include any salary deferral contributions made under any employee benefit plan maintained by the Company, including Bancorp’s Executives’ Deferred Compensation Plan;
(B) Exclude:
(i) Bonus payments;
(ii) Bonus amounts deferred including any made under any employee benefit plan maintained by the Company, including Bancorp’s Executives’ Deferred Compensation Plan;
(iii) Reimbursements or other expense allowances, fringe benefits (cash and noncash), moving expenses, severance or disability pay and welfare benefits;
(iv) Employer contributions to a deferred compensation plan to the extent the contributions are not included in the Executive’s gross income for the calendar year in which contributed and any distributions from a deferred compensation plan, regardless of whether those amounts are includible in the Executive’s gross income when distributed;
(v) Amounts realized from the exercise of non-qualified stock options or when restricted stock (or property) becomes freely transferable or no longer subject to a substantial risk of forfeiture;
(vi) Amounts realized from the sale, exchange or other disposition of stock acquired under a qualified stock option;
(vii) The value of a non-qualified stock option included in income in the year in which granted;
(viii) Amounts includible in income upon making a Code § 83(b) election;
(ix) Taxable benefits, such as premiums for excess group term life insurance;
(x) Imputed income from any life insurance on the Executive’s life that is owned by or funded in whole or in part by the Company; and
(xi) Other similar recurring or non-recurring payments.
(3) The Executive’s “average bonus” is the average of:
(A) The actual bonus paid for the year before the year in which the Termination Event occurs; and
(B) The annualized amount of the bonus the Executive earned through the date of the Termination Event for the bonus computation year in which the Termination Event occurs.
Cash Compensation Payment. For the period from (and including) the Accounts Date until (and excluding) the Closing Date, Purchaser shall pay a cash compensation of EUR 2,250 for each calendar day (the "Cash Compensation Amount").
Cash Compensation Payment. (1) This payment will equal three times the Executive's cash compensation. The Executive's "cash compensation" is the sum of:
(A) The Executive's adjusted salary as determined under paragraph (2) below; and
(B) The Executive's average bonus as determined under paragraph (3) below.