Common use of Severance and Other Termination Payments Clause in Contracts

Severance and Other Termination Payments. The Company shall pay the Executive the following: (A) the Executive's Earned Salary; and (B) an amount (the Pro-Rated Annual Incentive) equal to the average of the annual bonuses payable to the Executive for the two fiscal years of the Company ended prior to the Effective Date for which bonuses have been determined (the "Average Annual Bonus") multiplied by a fraction, the numerator of which is the number of months in such fiscal year which have elapsed on or before (and including) the last day of the month in which the Date of Termination occurs and the denominator of which is 12; and (C) an aggregate amount (the Book Value Award Amount) equal to the sum of the amounts payable to the Executive in respect of each outstanding incentive award related to the Company's adjusted book value, determined as of the end of the month in which the Date of Termination occurs; and (D) the Accrued Obligations; and (E) a cash amount (the "Severance Amount") equal to three times the sum of (1) the Executive's annual Base Salary; (2) an amount equal to the Average Annual Bonus; The Earned Salary, Pro-Rated Annual Incentive and Severance Amount shall be paid in cash in a single lump sum as soon as practicable, but in no event more than 10 days (or at such earlier date required by law), following the Date of Termination. The Book Value Award Amounts shall be paid in cash as soon as practicable after the amount of each such payment can be determined. Accrued Obligations shall be paid in accordance with the terms of the applicable plan, program or arrangement.