Common use of Transitional Compensation Clause in Contracts

Transitional Compensation. Employee will receive the greater of (i) one month of Transitional Compensation for every month (full or partial) from the date of Employee's Severance Event through the last day of Employee's Transitional Period; or (ii) the amount described in Section 7(b) of the Agreement. One month of Transitional Compensation is equal to Employee's base monthly salary determined as of Employee's Severance Event. This will be the greater of Employee's annual salary as of the Severance Event, or as of the Change in Control Date, divided by 12. Solely for purposes of determining the amount payable upon the occurrence of a Severance Event, the base salary under Section 7(b) of the Agreement shall be the greater of Employee's annual salary as of the Severance Event, or as of the Change in Control Date. Employee's Transitional Compensation will not be subject to reduction for any earnings Employee may have from other employment following Employee's Severance Event. However, Transitional Compensation is subject to all applicable federal and state deductions and withholding. 10

Appears in 3 contracts

Samples: Employment Agreement (Orthologic Corp), Employment Agreement (Orthologic Corp), Employment Agreement (Orthologic Corp)

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Transitional Compensation. Employee will receive the greater of (i) one month of Transitional Compensation for every month (full or partial) from the date of Employee's Severance Event through the last day of Employee's Transitional Period; or (ii) the amount described in Section 7(b) of the Agreement. One month of Transitional Compensation is equal to Employee's base monthly salary determined as of Employee's Severance Event. This will be the greater of Employee's annual salary as of the Severance Event, or as of the Change in Control Date, divided by 12. Solely for purposes of determining the amount payable upon the occurrence of a Severance Event, the base salary under Section 7(b) of the Agreement shall be the greater of Employee's annual salary as of the Severance Event, or as of the Change in Control Date. Employee's Transitional Compensation will not be subject to reduction for any earnings Employee may have from other employment following Employee's Severance Event. However, Transitional Compensation is subject to all applicable federal and state deductions and withholding. 1010 OrthoLogic Corp. Employment Agreement Exhibit A Transitional Compensation

Appears in 2 contracts

Samples: Employment Agreement (Orthologic Corp), Employment Agreement (Orthologic Corp)

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Transitional Compensation. Employee will receive the greater of (i) one month of Transitional Compensation for every month (full or partial) from the date of Employee's Severance Event through the last day of Employee's Transitional Period; or (ii) the amount described in Section 7(b) of the Agreement. One month of Transitional Compensation is equal to Employee's base monthly salary determined as of Employee's Severance Event. This will be the greater of Employee's annual salary as of the Severance Event, or as of the Change in Control Date, divided by 12. Solely for purposes of determining the amount payable upon the occurrence of a Severance Event, the base salary under Section 7(b) of the Agreement shall be the greater of Employee's annual salary as of the Severance Event, or as of the Change in Control Date. Employee's Transitional Compensation will not be subject to reduction for any earnings Employee may have from other employment following Employee's Severance Event. However, 10 OrthoLogic Corp. Employment Agreement Exhibit A Transitional Compensation Transitional Compensation is subject to all applicable federal and state deductions and withholding. 10.

Appears in 1 contract

Samples: Employment Agreement (Orthologic Corp)

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