Common use of Payment in lieu of notice Clause in Contracts

Payment in lieu of notice. In lieu of providing Notice of Termination of employment in accordance with Sections 6(d) and 6(e)(iii) hereof and remaining employed by the Company for any notice period specified within such Notice of Termination, the Company may, in its discretion, terminate the Executive’s employment immediately or upon such date as it determines appropriate (the “Section 6(f) Termination Date”) provided that the Company must then pay to the Executive, within a reasonable time period determined by the Board the sum of: (x) his Annual Base Salary and annual benefits as described in Schedule I ; and (y) an amount equal to the average of the Annual Incentive received by the Executive for the three fiscal years prior to the year of the Section 6(f) Termination Date or the target annual incentive for the current year, whichever is the greater, (the “Average Incentive Amount”) prorated based on the number of days elapsed in the current fiscal year as of the Section 6(f) Termination Date.

Payment in lieu of notice. In lieu of providing Notice of Termination of employment in accordance with Sections 6(d) and 6(e)(iii) hereof and remaining employed by the Company for any notice period specified within such Notice of Termination, the Company may, in its discretion, terminate the Executive’s employment immediately or upon such date as it determines appropriate (the “Section 6(f) Termination Date”) provided that the Company must then pay to the Executive, within a reasonable time period determined by the Board the sum of: (x) his Annual Base Salary and annual benefits as described in Schedule I ; and (y) an amount equal to the average of the Annual Incentive received by the Executive for the three fiscal years prior to the year (including the Capital Market Group Long Term Incentive Program (LTIP) for each pool year) of the Section 6(f) Termination Date or the target annual incentive for the current year, whichever is the greater, (the “Average Incentive Amount”) prorated based on the number of days elapsed in the current fiscal year as of the Section 6(f) Termination Date.

Payment in lieu of notice. In lieu of providing Notice of Termination of employment in accordance with Sections 6(d) and 6(e)(iii) hereof and remaining employed by the Company for any notice period specified within such Notice of Termination, the Company may, in its discretion, terminate the Executive’s employment immediately or upon such date as it determines appropriate (the “Section 6(f) Termination Date”) provided that the Company must then pay to the Executive, within a reasonable time period determined by the Board the sum of: (x) his Annual Base Salary and annual benefits as described in Schedule I I; and (y) an amount equal to the average of the Annual Incentive received by the Executive for the three fiscal years prior to the year of the Section 6(f) Termination Date or the target annual incentive for the current year, whichever is the greater, (the “Average Incentive Amount”) prorated based on the number of days elapsed in the current fiscal year as of the Section 6(f) Termination Date.

Payment in lieu of notice. In lieu of providing Notice of Termination of employment in accordance with Sections 6(d) and 6(e)(iii) hereof and remaining employed by the Company for any notice period specified within such Notice of Termination, the Company may, in its discretion, terminate the Executive’s employment immediately or upon such date as it determines appropriate (the “Section 6(f) Termination Date”) provided that the Company must then pay to the Executive, within a reasonable time period determined by the Board the sum of: (x) his Annual Base Salary and annual benefits as described in Schedule I I; and (y) an amount equal to the average of the Annual Incentive received by the Executive for the three fiscal years prior to the year (including the Capital Market Group Long Term Incentive Program (LTIP) for each pool year) of the Section 6(f) Termination Date or the target annual incentive for the current year, whichever is the greater, (the “Average Incentive Amount”) prorated based on the number of days elapsed in the current fiscal year as of the Section 6(f) Termination Date.

Payment in lieu of notice. In lieu of providing Notice of Termination of employment in accordance with Sections 6(d) and 6(e)(iii) hereof and remaining employed by the Company for any notice period specified within such Notice of Termination, the Company may, in its discretion, terminate the Executive’s employment immediately or upon such date as it determines appropriate (the “Section 6(f) Termination Date”) provided that the Company must then pay to the Executive, within a reasonable time period determined by the Board the sum of: (x) his her Annual Base Salary and annual benefits as described in Schedule I ; and (y) an amount equal to the average of the Annual Incentive received by the Executive for the three fiscal years prior to the year of the Section 6(f) Termination Date or the target annual incentive for the current year, whichever is the greater, (the “Average Incentive Amount”) prorated based on the number of days elapsed in the current fiscal year as of the Section 6(f) Termination Date.