Common use of Severance Payment and Target Incentive Payment Clause in Contracts

Severance Payment and Target Incentive Payment. (i) The Company shall pay to the Executive an amount equal to 12 months of Base Salary, at the highest rate in effect during the 24 months preceding the date of the Notice of Termination (the “Severance Computation Period”) in 12 substantially equal monthly installment payments beginning with the first calendar month which begins at least 60 days after the Termination Date. Each monthly installment shall be treated as a separate payment for purposes of Section 409A of the Code. (ii) The Executive shall be entitled to receive a prorated Target Incentive Payment for the calendar year in which the Executive’s Termination Date occurs, in an amount equal to the highest Target Incentive Payment that the Executive could have earned in such year multiplied by a fraction, the numerator of which is the number of days from the first day of such calendar year through the Executive’s Termination Date and the denominator of which is 365. This prorated Target Incentive Payment shall be paid in a single lump sum no later than March 15 of the calendar year following the calendar year in which the Termination Date occurs. (iii) The Executive shall be entitled to receive an additional severance payment in an amount equal to 1 (the “Multiplier”) multiplied by the greater of: (A) the highest Target Incentive Payment that could have been earned for the calendar year in which the Termination Date occurred or (B) the highest Target Incentive Payment actually paid to the Executive for any of the three calendar years ending prior to the Termination Date. This additional severance payment shall be paid in a single lump sum between January 1 and March 15 of the year following the calendar year in which the Termination Date occurs.

Severance Payment and Target Incentive Payment. (i) The Company shall pay to the Executive an amount equal to 12 24 months of Base Salary, at the highest rate in effect during the 24 months preceding the date of the Notice of Termination (the “Severance Computation Period”) in 12 24 substantially equal monthly installment payments beginning with the first calendar month which begins at least 60 days after the Termination Date. Each monthly installment shall be treated as a separate payment for purposes of Section 409A of the Code. (ii) The Executive shall be entitled to receive a prorated Target Incentive Payment for the calendar year in which the Executive’s Termination Date occurs, in an amount equal to the highest Target Incentive Payment that the Executive could have earned in such year multiplied by a fraction, the numerator of which is the number of days from the first day of such calendar year through the Executive’s Termination Date and the denominator of which is 365. This prorated Target Incentive Payment shall be paid in a single lump sum no later than March 15 of the calendar year following the calendar year in which the Termination Date occurs. (iii) The Executive shall be entitled to receive an additional severance payment in an amount equal to 1 (the “Multiplier”) Multiplier multiplied by the greater of: (A) the highest Target Incentive Payment that could have been earned for the calendar year in which the Termination Date occurred or (B) the highest Target Incentive Payment actually paid to the Executive for any of the three calendar years ending prior to the Termination Date. This additional severance payment shall be paid in a single lump sum between January 1 and March 15 of the year following the calendar year in which the Termination Date occurs.