Common use of Lump Sum Severance Payment Clause in Contracts

Lump Sum Severance Payment. In lieu of any further -------------------------- salary payments to the Executive for periods subsequent to the Date of Termination, the Company shall pay to the Executive a lump sum severance payment, in cash, equal to two (2) (or, if less, the number of years, including fractions, from the Date of Termination until the Executive would have reached age sixty-five (65)) times the sum of (a) the Executive's Annual Base Salary and (b) the Executive's Annual Bonus. Notwithstanding the preceding sentence, the amount of the lump sum payment provided for therein shall be reduced by any lump sum cash severance payment which is actually paid by the Company to the Executive pursuant to any other plan or agreement on or prior to the date on which the payment pursuant to this Subsection 2.6(B)(i) is required to be paid.

Lump Sum Severance Payment. In lieu of any further -------------------------- salary payments to the Executive for periods subsequent to the Date of Termination, the Company shall pay to the Executive a lump sum severance payment, in cash, equal to two three (23) (or, if less, the number of years, including fractions, from the Date of Termination until the Executive would have reached age sixty-five (65)) times the sum of (a) the Executive's Annual Base Salary and (b) the Executive's Annual Bonus. Notwithstanding the preceding sentence, the amount of the lump sum payment provided for therein shall be reduced by any lump sum cash severance payment which is actually paid by the Company to the Executive pursuant to any other plan or agreement on or prior to the date on which the payment pursuant to this Subsection 2.6(B)(i) is required to be paid.

Lump Sum Severance Payment. In lieu of any further salary -------------------------- salary payments to the Executive for periods subsequent to the Date of Termination, the Company shall pay to the Executive a lump sum severance payment, in cash, equal to two (2) (or, if less, the number of years, including fractions, from the Date of Termination until the Executive would have reached age sixty-five (65)) times the sum of (a) the Executive's Annual Base Salary and (b) the Executive's Annual Bonus. Notwithstanding the preceding sentence, the amount of the lump sum payment provided for therein shall be reduced by any lump sum cash severance payment which is actually paid by the Company to the Executive pursuant to any other plan or agreement on or prior to the date on which the payment pursuant to this Subsection 2.6(B)(i) is required to be paid.