Common use of Monthly Severance Payments Clause in Contracts

Monthly Severance Payments. The Company shall pay the Executive the aggregate severance payments equal to 130% of the Executive’s annual base salary (notwithstanding any deferral of compensation) as of the date of the Change in Control or as of the Date of Termination, whichever is greater. The 130% figure in this Section shall be appropriately increased or decreased as the Executive’s target bonus amount (which is expressed as a percentage of his annual base salary and is currently 30%) is increased or decreased. Thus, for example, if Executive’s target bonus is later increased to 40%, the 130% figure would be increased to 140%. The severance payments in this Section 3.4 shall be made in 12 equal, consecutive monthly installments, with the first installment to be on the first day of the first month immediately following the Date of Termination.

Monthly Severance Payments. The Company shall pay the Executive the aggregate severance payments equal to 130140% of the Executive’s annual base salary (notwithstanding any deferral of compensation) as of the date of the Change in Control or as of the Date of Termination, whichever is greater. The 130140% figure in this Section shall be appropriately increased or decreased as the Executive’s target bonus amount (which is expressed as a percentage of his annual base salary and is currently 3040%) is increased or decreased. Thus, for example, if Executive’s target bonus is later increased to 4050%, the 130140% figure would be increased to 140150%. The severance payments in this Section 3.4 shall be made in 12 equal, consecutive monthly installments, with the first installment to be on the first day of the first month immediately following the Date of Termination.

Monthly Severance Payments. The Company shall pay the Executive the aggregate severance payments equal to 130(i) 170% of the Executive’s annual base salary (notwithstanding any deferral of compensation) as of the date of the Change in Control or as of the Date of Termination, whichever is greater, multiplied by (ii) 2.5. The 130170% figure in this Section shall be appropriately increased or decreased as the Executive’s target bonus amount (which is expressed as a percentage of his annual base salary and is currently 3070%) is increased or decreased. Thus, for example, if Executive’s target bonus is later increased to 4080%, the 130170% figure would be increased to 140180%. The severance payments in this Section 3.4 shall be made in 12 30 equal, consecutive monthly installments, with the first installment to be on the first day of the first month immediately following the Date of Termination.

Monthly Severance Payments. The Company shall pay the Executive the aggregate severance payments equal to 130(i) 180% of the Executive’s annual base salary (notwithstanding any deferral of compensation) as of the date of the Change in Control or as of the Date of Termination, whichever is greater, multiplied by (ii) three. The 130180% figure in this Section shall be appropriately increased or decreased as the Executive’s target bonus amount (which is expressed as a percentage of his annual base salary and is currently 3080%) is increased or decreased. Thus, for example, if Executive’s target bonus is later increased to 4085%, the 130180% figure would be increased to 140185%. The severance payments in this Section 3.4 shall be made in 12 36 equal, consecutive monthly installments, with the first installment to be on the first day of the first month immediately following the Date of Termination.