Common use of Definition of "Severance Payment Clause in Contracts

Definition of "Severance Payment. For purposes of the Agreement, the term "Severance Payment" shall mean an amount equal to the sum of (i) the Base Salary otherwise payable to Officer during the remainder of the Term had such early termination of the Agreement not occurred ("Severance Period") and (ii) for each full or partial year remaining in the Severance Period, the average of the annual bonuses earned by Officer in the two (2) years immediately preceding the date of termination (or if there are less than two (2) years immediately preceding such date, an amount equal to the immediately preceding bonus earned) ("Average Bonus"); provided, however, that in the event that, following a Change in Control (as defined in Paragraph 4.4(e) below), the Company terminates the Agreement without Cause pursuant to Paragraph 4.1(a) above or Officer terminates the Agreement for Good Reason pursuant to Paragraph 4.2(c) above, the term "Severance Payment" shall mean an amount equal to no less than three (3) times the sum of the Base Salary then in effect and the Average Bonus which Average Bonus shall not be less than 50% of Base Salary).

Definition of "Severance Payment. For purposes of the Agreement, the term "Severance Payment" shall mean an amount equal to the sum of (i) the Base Salary otherwise payable to Officer during the remainder of the Term had such early termination of the Agreement not occurred ("Severance Period") and (ii) for each full or partial year remaining in the Severance Period, the average of the annual bonuses earned by Officer in the two (2) years immediately preceding the date of termination (or if there are less than two (2) years immediately preceding such date, an amount equal to the immediately preceding bonus earned) ("Average Bonus"); provided, however, that in the event that, following a Change in Control (as defined in Paragraph 4.4(e) below), the Company terminates the Agreement without Cause pursuant to Paragraph 4.1(a) above or Officer terminates the Agreement for Good Reason pursuant to Paragraph 4.2(c) above, the term "Severance Payment" shall mean an amount equal to no less than three (3) times the sum of the Base Salary then in effect and the Average Bonus (which Average Bonus shall not be less than 50% of Base Salary).

Definition of "Severance Payment. For purposes of the Agreement, the term "Severance Payment" shall mean an amount equal to the sum of (i) the Base Salary otherwise payable to Officer during the remainder of the Term had such early termination of the Agreement not occurred ("Severance Period") and (ii) for each full or partial year remaining in the Severance Period, the average of the annual bonuses earned by Officer in the two (2) years immediately preceding the date of termination (or if there are less than two (2) years immediately preceding such date, an amount equal to the immediately preceding bonus earned) ("Average Bonus"); provided, however, that in the event that, following a Change in Control (as defined in Paragraph 4.4(e) below), the Company terminates the Agreement without Cause pursuant to Paragraph 4.1(a4.1 (a) above or Officer terminates the Agreement for Good Reason pursuant to Paragraph 4.2(c) above, the term "Severance Payment" shall mean an amount equal to no less than three (3) times the sum of the Base Salary then in effect and the Average Bonus which Average Bonus shall not be less than 50% of Base Salary).