Lump Sum Cash Payment. On the tenth (10th) business day after the Date of Termination, Executive shall receive a lump sum cash payment in an amount equal to the sum of the following:
(1) Executive’s unpaid base salary from the Company through the Date of Termination at the rate in effect (without taking into account any reduction of base salary constituting Good Reason), just prior to the time a Notice of Termination is given plus any benefit awards (including both the cash and stock components) and bonus payments which pursuant to the terms of any plans have been earned and become payable, to the extent not theretofore paid.
(2) A bonus will be paid under the Company’s Annual Incentive Plan or any successor plan (“Annual Plan”) for the time Executive was employed by the Company in the fiscal year of termination, in an amount equal to the product of (i) the number of days Executive was employed by the Company prior to the Date of Termination in the year of termination divided by the number of days in the year, multiplied by (ii) 100% of the Executive’s current year target bonus (with such calculations to be made as though the target level has been achieved for each Performance Goal (as defined in the Annual Plan)).
(3) [If the Date of Termination occurs before November 19, 2015, an amount equal to one (1) times the sum of (i) and (ii) as follows, or if the Date of Termination occurs on or after November 19, 2015,]1 an amount equal to two (2) times the sum of [(i) and (ii) as follows]1 : (i) the higher of the Executive’s annual rate of base salary from the Company in effect on the Date of Termination or in effect on the day before the Change in Control; and (ii) the higher of (A) the Executive’s current year target bonus under the Annual Plan (with such calculations to be made as though the target level has been achieved for each performance goal (as defined in the Annual Plan)), or (B) the current‑year forecasted bonus under the Annual Plan as of the Date of Termination. 1 This text appears only in Mx. Xxxxxxx’x agreement.
(4) If Executive’s target bonus under the Annual Plan for the fiscal year in which the Date of Termination occurs has not been established by the Date of Termination, then the bonus amount under Section 3(a)(2)(ii) and the bonus amount under Section 3(a)(3)(ii) shall be the Executive’s target bonus under the Annual Plan for the fiscal year immediately preceding that in which the Date of Termination occurs (with such calculations to be made as though the target...
Lump Sum Cash Payment. Within thirty (30) days following the date of Executive's Covered Termination, Executive shall receive a lump sum cash payment equal to fifty percent (50%) of the sum of Base Pay plus Deemed Bonus, subject to applicable tax withholding.
Lump Sum Cash Payment. On or before the Executive's last day of employment with the Company or its subsidiaries, or as soon thereafter as possible, the Company will pay to the Executive as compensation for services rendered, a lump sum cash amount (subject to the usual withholding taxes) equal to (A) three times the sum of (1) the Executive's annual salary at the rate in effect immediately prior to the change of control and (2) the maximum annual incentive bonus opportunity provided by the Plan and any discretionary bonus declared for the year in which the change of control occurred, or the preceding year if not established plus (B) an amount equal to the compensation (at the Executive's rate of pay in effect immediately prior to the change of control) payable for any period for which the Executive could have, immediately prior to the date of his termination of employment, been on vacation and received such compensation, for unused and accrued vacation benefits determined under the Company's vacation pay plan or program covering the Executive immediately prior to the change of control. If the time from the Executive's last day of employment with the Company or its subsidiaries to the Executive's 65th birthday is less than 36 months, there shall be a proportionate reduction of the payment computed under clause (A) of the preceding sentence.
Lump Sum Cash Payment. On or before the Executive's last day of employment with the Company or its subsidiaries, or as soon thereafter as possible, the Company will pay to the Executive as compensation for services rendered, a lump sum cash amount (subject to the usual withholding taxes) equal to (A) three times the sum of (1) the Executive's annual salary at the rate in effect immediately prior to the change of control and (2) the then-current maximum cash bonus opportunity established under the annual incentive plan for the bonus plan year in which termination occurs (but in no event shall such maximum cash bonus be less than that in effect for the period immediately prior to the change of control) plus (B) an amount equal to the compensation (at the Executive's rate of pay in effect immediately prior to the change of control) payable for any period for which the Executive could have, immediately prior to the date of his termination of employment, been on vacation and received such compensation, for unused and accrued vacation benefits determined under the Company's vacation pay plan or program covering the Executive immediately prior to the change of control.
Lump Sum Cash Payment. An Employee may elect to receive all or a portion of the Vacation Cash Option in a single lump sum cash payment. An Employee must designate the number of hours to be distributed in this form at the time the Vacation Cash Option is elected. Such payment shall be paid as of the first payroll period on or after April 1 of the payment year. If an Employee fails to elect a payment option, the Employee will be deemed to have elected the Lump Sum Cash Payment option.
Lump Sum Cash Payment. An Employee may elect to receive all or a portion of the PTO Cash Option in a single lump sum cash payment. An Employee must designate the number of hours to be distributed in this form at the time the PTO Cash Option is elected. Such payment shall be paid as of the first payroll period on or after April 1 of the payment year. If an Employee fails to elect a payment option, the Employee will be deemed to have elected the Lump Sum Cash Payment option.
Lump Sum Cash Payment. Following the Date of Termination, EXECUTIVE shall receive a lump sum cash payment in amount equal to the sum of the following:
(i) EXECUTIVE’s unpaid Base Salary from WORLDSPACE and/or its Affiliates through the Date of Termination at the rate in effect (without taking into account any reduction of base salary constituting Good Reason), just prior to the time a Notice of Termination is given) plus any benefit awards (including both the cash and stock components), bonus payments and incentive awards which pursuant to the terms of any plans have been earned or become payable, to the extent not theretofore paid; and
(ii) any amounts owed for accrued but unused vacation as of the Date of Termination.
Lump Sum Cash Payment. Five million dollars ($5,000,000) is ----------------------- due and payable thirty days following the termination of this contract.
Lump Sum Cash Payment. On or before the Executive's last day of employment with the Company, the Company will pay the Executive an amount equal to the Executive's unpaid Base Salary for the year in which the Termination of Employment occurs and a pro rata Bonus through the date of Termination of Employment determined in accordance with Section 6.1. Also, on or before the Executive's last day of employment with the Company, the Company will pay the Executive a lump sum cash payment equal to three (3) times the highest Annual Compensation (as defined below) paid to the Executive in any of the three (3) calendar years immediately preceding the date of Termination of Employment.
Lump Sum Cash Payment. (a) Effective upon the date of ratification of this agreement by the respective unions, a lump sum cash payment in the amount of $800 shall be paid to full-time employees in active pay status on the date of ratification. The eligibility to receive a lump sum cash payment shall be extended to employees on active Military Duty pursuant to “Operation Enduring Freedom.” It is understood that employees who were terminated for cause or who resigned shall not be eligible for the lump sum cash payment.
(b) Part-time per annum, part-time per diem (including seasonal employees), per session and hourly paid employees and employees whose work year is less than a full calendar year, shall receive a pro-rata portion of the lump sum cash payment set forth in Section 7. a. above on the following basis:
i). Based on the calculation of the total number of hours worked in the preceding 12-months ending on the date of ratification of the respective union’s agreement, so long as the hourly employee was on active pay status on the date of said ratification.
ii). The pro-rata portion of the lump sum payment shall not exceed $800.
(c) The lump sum cash payment provided in Section 7.a. shall be pensionable consistent with applicable law, and shall be paid as soon as practicable upon ratification of the 2002-2006 Memorandum of Agreement.
(d) The lump sum cash payment provided for in this section shall not become part of the employee’s basic salary rate nor be added to the employee’s basic salary for the calculation of any salary based benefits including calculation of future collective bargaining increases.
