Common use of Computation and Payment of Severance Amount Clause in Contracts

Computation and Payment of Severance Amount. For purposes of this Agreement, the term “Severance Amount” shall mean an amount equal to three (3) times the sum of the following: (i) the Base Salary of Officer as in effect on the date Officer’s employment terminates, plus (ii) the average of bonus awarded to Officer for the three fiscal years of the Corporation immediately preceding the fiscal year in which Officer’s employment is terminated (or, if the average bonus is greater, for the last three fiscal years of the Corporation including the fiscal year in which Officer’s employment is terminated). The Severance Amount shall be payable in approximately equal installments in accordance with the Company’s customary payroll practices over the six (6) years following the termination of Officer’s employment hereunder.”

Computation and Payment of Severance Amount. For purposes of this Agreement, the term “Severance Amount” shall mean an amount equal to three two (32) times the sum of the following: (i) the Base Salary of Officer as in effect on the date Officer’s employment terminates, plus (ii) the average of bonus awarded to Officer for the three fiscal years of the Corporation immediately preceding the fiscal year in which Officer’s employment is terminated (or, if the average bonus is greater, for the last three fiscal years of the Corporation including the fiscal year in which Officer’s employment is terminated). The Severance Amount shall be payable in approximately equal installments in accordance with the Company’s customary payroll practices over the six two (62) years following the termination of Officer’s employment hereunder.”

Computation and Payment of Severance Amount. For purposes of this Agreement, the term “"Severance Amount” " shall mean an amount equal to three two (32) times the sum of the following: (i) the Base Salary of Officer as in effect on the date Officer’s 's employment terminates, plus (ii) the average of bonus awarded to Officer for the three fiscal years of the Corporation immediately preceding the fiscal year in which Officer’s 's employment is terminated (or, if the average bonus is greater, for the last three fiscal years of the Corporation including the fiscal year in which Officer’s 's employment is terminated). The Severance Amount shall be payable in approximately equal installments in accordance with the Company’s 's customary payroll practices over the six two (62) years following the termination of Officer’s 's employment hereunder.”

Computation and Payment of Severance Amount. For purposes of this Agreement, the term “"Severance Amount” " shall mean an amount equal to three (3) times the sum of the following: (i) the Base Salary of Officer as in effect on the date Officer’s 's employment terminates, plus (ii) the average of bonus awarded to Officer for the three fiscal years of the Corporation immediately preceding the fiscal year in which Officer’s 's employment is terminated (or, if the average bonus is greater, for the last three fiscal years of the Corporation including the fiscal year in which Officer’s 's employment is terminated). The Severance Amount shall be payable in approximately equal installments in accordance with the Company’s 's customary payroll practices over the six (6) years following the termination of Officer’s 's employment hereunder, provided if the Severance Amount is payable under Section 2.7 hereof, then it shall be payable in approximately equal installments in accordance with the Company's customary payroll practices over the three (3) years following the termination of Officer's employment hereunder.”