Incentive Compensation Severance Sample Clauses

Incentive Compensation Severance. Section 9(b)(ii) of the Addendum is hereby deleted and replaced in its entirety with the following:

Incentive Compensation Severance. In addition to any and all other obligations of Anworth under the Agreement (as modified herein) and Section 7(d) herein, in the event that the Executive’s employment is terminated pursuant to Sections 5(a)(v) or 5(a)(vi) of the Agreement or not renewed pursuant to Section 7 of the Agreement, on the Termination Date (except as otherwise set forth under subsection (ii) below), Anworth shall also pay to the Executive or his representatives: (i) all incentive bonus compensation as is due pursuant to Section 7(b) herein prorated through the Termination Date; and (ii) an amount equal to one hundred fifty percent (150%) of the greater of (A) the highest amount paid or payable to all Anworth employees under the 2002 Incentive Plan during any one of the three (3) fiscal years prior to the Termination Date, or (B) the highest amount paid or payable to all Anworth employees under the 2002 Incentive Plan during any one of the three (3) fiscal years following the Termination Date (the “Subsequent Payment Period”), assuming for purposes of this Addendum that the 2002 Incentive Plan remains in full force and effect without modification during such Subsequent Payment Period. On the Termination Date, Anworth shall pay the Executive the amount set forth under subsection (A) above. On the final day of the Subsequent Payment Period, Anworth shall pay the Executive the amount, if any, by which the amount set forth under subsection (B) above exceeds the amount set forth under subsection (A) above, without regard to whether or not the time period set forth under subsection (A) above is shorter than the Subsequent Payment Period. In the event Anworth disputes the Executive’s right to the payment of compensation upon resignation for “Good Reason” as described in Section 6 of the Agreement, Anworth shall, in addition to its obligation to make the compensation payments as described therein, continue to pay the Executive amounts payable under this Section 9. In addition, Anworth shall take all appropriate action to cause the immediate vesting of the Executive’s options to purchase equity interests in Anworth and any other equity awards in Anworth, and the term of such options and awards and any other options and awards shall be extended to the maximum allowable term under the equity incentive plan under which such options and awards were granted. The provisions of this Section 9 shall constitute an amendment to any existing stock option and stock award agreements of Anworth as of th...

Incentive Compensation Severance. The Company shall pay to the Executive an amount equal to his three (3)-year average annual cash incentive award based on annual cash incentives earned by the Executive in respect of calendar years 2015, 2016 and 2017 (the “Incentive Award Severance”), payable in substantially equal installments on the Company’s regularly scheduled payroll dates during the period commencing on the Separation Date and ending July 31, 2019 (and subject to reduction as provided below), except that no such installments shall be paid prior to the First Payroll Date and any such amounts otherwise payable prior to the First Payroll Date shall instead be paid in a lump-sum (without interest) on the First Payroll Date;