Severance Payment Calculation Clause Samples

Severance Payment Calculation. Section 5(d) of the Agreement is hereby amended by deleting the text of clause (A) of such Section in its entirety and replacing such text with the following: (A) the Company shall make a lump sum payment equal to a multiple of the highest annual compensation (as reportable on Executive's IRS W-2 form) received by Executive from Company during any of the most recent two (2) years ending on or prior to the date on which the termination occurs, which multiple shall be equal to one (1) times such highest compensation if the per-share price of the Company's common stock is less than $3.00 per share as of the close of business on the date that termination occurs, two (2) times such highest compensation if the price of the Company's common stock is between $3.00 per share and $4.50 per share as of the close of business on the date that termination occurs, and two and 99/100ths (2.99) times such highest compensation if the price of the Company's common stock is more than $4.50 per share as of the close of business on the date that termination occurs;..