Common use of Enhanced Severance Pay Clause in Contracts

Enhanced Severance Pay. As soon as practicable following the Termination Date, Xxxxxxx will pay Executive, in lieu of benefits otherwise described in the Xxxxxxx Xxxxxxxxx Benefits Plan, severance pay in the following amount: (1) If Executive's last day of employment occurs outside a Control Termination Period, the severance pay amount will be equal to the sum of (i) Executive's annual base salary at the highest rate in effect during the three (3) years immediately preceding the last day of employment and (ii) the higher of either Executive's target bonus for the period in which the last day of employment occurs or Executive's average annual bonus award for the three annual bonus periods immediately preceding the last day of employment. (2) If Executive's last day of employment occurs during a Control Termination Period, the severance pay amount will be equal to [three (3) for Xxxxx X. Xxxxx] [two (2) for all other Executives] times the amount determined under (c)(1) above.

Enhanced Severance Pay. As soon as practicable following the Termination Date, Xxxxxxx will pay Executive, in lieu of benefits otherwise described in the Xxxxxxx Xxxxxxxxx Benefits Plan, severance pay in the following amount: (1) If Executive's last day of employment occurs outside a Control Termination Period, the severance pay amount will be equal to the sum of (i) Executive's annual base salary at the highest rate in effect during the three (3) years immediately preceding the last day of employment and (ii) the higher of either Executive's target bonus for the period in which the last day of employment occurs or Executive's average annual bonus award for the three annual bonus periods immediately preceding the last day of employment. (2) If Executive's last day of employment occurs during a Control Termination Period, the severance pay amount will be equal to [three (3) for Xxxxx X. Xxxxx] [two (2) for all other Executives] times the amount determined under (c)(1) above.

Enhanced Severance Pay. As soon as practicable following the Termination Date, Xxxxxxx will pay Executive, in lieu of benefits otherwise described in the Xxxxxxx Xxxxxxxxx Benefits Plan, severance pay in the following amount: (1) If Executive's last day of employment occurs outside a Control Termination Period, the severance pay amount will be equal to the sum of (i) Executive's annual base salary at the highest rate in effect during the three (3) years immediately preceding the last day of employment and (ii) the higher of either Executive's target bonus for the period in which the last day of employment occurs or Executive's average annual bonus award for the three annual bonus periods immediately preceding the last day of employment. (2) If Executive's last day of employment occurs during a Control Termination Period, the severance pay amount will be equal to [three (3) for Xxxxx X. Xxxxx] [two (2) for all other Executives_____________] times the amount determined under (c)(1) above.