Common use of Severance Compensation upon Termination of Employment Clause in Contracts

Severance Compensation upon Termination of Employment. (a) If pursuant to Section 3(a) above the Executive is entitled to the compensation provided in this Section 4, then the Company shall pay to the Executive in a lump sum cash payment within five days after the Date of Termination the following: (i) the Severance Amount as defined in Section 4(b) below; plus (ii) his earned but unpaid base salary through his Date of Termination; plus (iii) a quarterly incentive award for the current fiscal quarter prorated through the Date of Termination equal to the greater of (A) the quarterly incentive award (whether paid or payable in cash or in securities of the Company) awarded to the Executive with respect to the Company’s most recent fiscal quarter ending prior to the Date of Termination or (B) the average quarterly incentive award (whether paid or payable in cash or in securities of the Company) made to the Executive with respect to the Company’s most recent three fiscal years ending prior to the Date of Termination; plus (iv) interest on the amounts payable pursuant to clauses (i), (ii) and (iii) above calculated from the Date of Termination until paid at a rate equal to the prime rate as published in The Wall Street Journal on the Date of Termination plus three percentage points, compounded annually.

Severance Compensation upon Termination of Employment. (a) If pursuant to Section 3(a) above the Executive is entitled to the compensation provided in this Section 4, then the Company shall pay to the Executive in a lump sum cash payment within five days after the Date of Termination the following: (i) the Severance Amount as defined in Section 4(b) below; plus (ii) his earned but unpaid base salary through his Date of Termination; plus (iii) a quarterly incentive award for the current fiscal quarter prorated through the Date of Termination equal to the greater of (A) the quarterly incentive award (whether paid or payable in cash or in securities of the Company) awarded to the Executive with respect to the Company’s 's most recent fiscal quarter ending prior to the Date of Termination or (B) the average quarterly incentive award (whether paid or payable in cash or in securities of the Company) made to the Executive with respect to the Company’s 's most recent three fiscal years ending prior to the Date of Termination; plus (iv) interest on the amounts payable pursuant to clauses (i), (ii) and (iii) above calculated from the Date of Termination until paid at a rate equal to the prime rate as published in The Wall Street Journal on the Date of Termination plus three percentage points, compounded annually.

Severance Compensation upon Termination of Employment. (a) If pursuant to Section 3(a) above the Executive is entitled to the compensation provided in this Section 4, then the Company shall pay to the Executive in a lump sum cash payment within five days after the Date of Termination the following: (i) the Severance Amount as defined in Section 4(b) below; plus (ii) his earned but unpaid base salary through his Date of Termination; plus (iii) a quarterly an annual incentive award for the current fiscal quarter year prorated through the Date of Termination equal to the greater of (A) the quarterly annual incentive award (whether paid or payable in cash or in securities of the Company) awarded to the Executive with respect to the Company’s 's most recent fiscal quarter year ending prior to the Date of Termination or (B) the average quarterly annual incentive award (whether paid or payable in cash or in securities of the Company) made to the Executive with respect to the Company’s 's most recent three fiscal years ending prior to the Date of Termination; plus (iv) interest on the amounts payable pursuant to clauses (i), (ii) and (iii) above calculated from the Date of Termination until paid at a rate equal to the prime rate as published in The Wall Street Journal on the Date of Termination plus three percentage points, compounded annually.