Xxxxxxxxx Amount. The Company shall pay the Executive an amount (the “Disability Severance Amount”) equal to three-quarters (0.75) times the average amount of the Executive’s combined Base Salary during the shorter of (A) three (3) fiscal years immediately preceding the year in which the termination of the Executive’s employment occurs or (B) the period of time beginning on the date of this Agreement and ending on the termination date of Executive’s employment with the Company. The Disability Severance Amount shall be payable in 12 equal monthly installments, commencing with the month immediately following the termination of the Executive’s employment by reason of Disability.
Xxxxxxxxx Amount. A retired teacher who has otherwise satisfied the applicable vesting requirements described in Section 2 above shall be entitled to payments and/or contributions for sick leave days that are unused and accumulated as of the end of the school year in which retirement occurs equal to the product of the following (the “Severance Amount”):
a. If the retiring teacher’s total number of accumulated, unused sick leave days as of the end of the school year of the teacher’s retirement is twenty (20) or less, the retiring teacher shall not be entitled to any payment for accumulated sick leave.
b. The severance amount shall be calculated by multiplying two hundred twenty-five dollars ($225) by the lesser of …
i. the total number of the retiring teacher’s accumulated, unused sick leave days; or
ii. one hundred twenty (120).
Xxxxxxxxx Amount. Rackspace will pay you Nine Hundred Sixty Two Thousand Five Hundred Dollars ($962,500), less applicable withholdings and other ordinary payroll deductions (the “Severance Amount”). This Severance Amount does not include any unpaid wages or earned commissions, or the other payments outlined below, which will be paid separately. The Severance Amount will be paid in 24 equal, biweekly installments, beginning on the first Company payroll date that is at least 60 days after the Employment End Date These installment payments will continue until all payments have been made unless you are in breach of or do not comply with any of the restrictive covenants set forth in sections 8, 9 and 10, as determined by the Company.
Xxxxxxxxx Amount. (i) Upon the occurrence of a Triggering Event, Employee shall be entitled to receive the Severance Amount, as defined below. Employee shall receive an amount equal to two (2) years of his Base Salary (as determined on the date of the Triggering Event) as the Severance Amount, which shall be payable in equal installments beginning on the date of termination of employment, and shall continue to be paid for an additional twenty-three (23) month period thereafter according to the Company's payroll practices and procedures in effect at the time of the Triggering Event, but at least on a monthly basis. The obligation of the Company under this Subsection 5E(i) shall be the sole and exclusive obligation of the Company to Employee upon the occurrence of a Triggering Event.
(ii) If the aggregate present value (determined as of the date of a change of control in accordance with the provisions of Section 280G of the Internal Revenue Code of 1986, as amended, or any successor section thereof, and the regulations and rulings thereunder ("Section 280G")) of any payments to Employee in the nature of compensation which are contingent on a change in ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company (the "Aggregate Severance") would result in a parachute payment (as determined under Section 280G), then the Aggregate Severance paid to Employee shall not be greater than an amount equal to 2.99 multiplied by Employee's base amount (as determined under Section 280G) for the base period (as determined under Section 280G). In the event the Aggregate Severance is required to be reduced pursuant to this Section 5E(ii), Employee shall be entitled to determine which portions of the Aggregate Severance are to be reduced so that the Aggregate Severance satisfies the limit in the preceding sentence. Any controversy or claim between the Company and Employee over any aspect of the determination of the amount of Aggregate Severance, whether the Aggregate Severance results in a parachute payment (as determined under Section 280G), or which portions of the Aggregate Severance need to be reduced so that the above limit is satisfied shall be determined by arbitration in accordance with Section 5F herein. Notwithstanding the provisions of this Subsection 5E(ii), in no event shall the Severance Amount received by Employee be less than Five Hundred Fifty Thousand Dollars ($550,000).
Xxxxxxxxx Amount. Except as set forth in the following sentence with respect to a Change of Control, the Severance Amount will be the product of (i) 2, multiplied by (ii) Executive’s annual base salary at the time of termination of Executive’s employment. If Executive is terminated without Cause or terminates his employment for Good Reason in accordance with terms hereof following a Change of Control (as that phrase is defined in the Severance Plan) and before the second anniversary of the Change of Control, then the Severance Amount will be the product of (i) 2, multiplied by (ii) the sum of Executive’s annual base salary at the time of termination of Executive’s employment and the target bonus amount that Executive was eligible to earn for the fiscal year in which termination occurred under the Corporation’s cash bonus plan then in effect, assuming 100% achievement against Corporation’s budgets. In either case, the Severance Amount shall be paid in approximately equal installments, as determined by the Corporation in its sole and absolute discretion, at regular payroll intervals over a period of twenty-four (24) months, beginning on the next regularly scheduled payday coinciding with or immediately following the 60th day after the termination of the Executive’s employment and continuing until the end of such twenty-four (24) month period.
Xxxxxxxxx Amount. The Company shall pay the Severance Amount as defined and set forth in Section 4(a) of the Employment Agreement. The Parties hereby amend Section 4(a) of the Employment Agreement so as to entitle Xxxxxx to payment of the Severance Amount. Whereas the Employment Agreement provides for payment of the Severance Amount in the event of a termination of employment without Cause by the Company or resignation by the Employee for Good Reason, that provision is hereby amended to provide for payment of the Severance Amount for Xxxxxx’x resignation under the terms provide herein. The Severance Amount shall be paid in equal monthly installments over a one (1) year period beginning on the Company’s first regularly scheduled pay date that is on or after the 60th day following the Separation Date.
Xxxxxxxxx Amount. The "Severance Amount" shall mean the lesser of (i) one year's Base Compensation in effect immediately prior to such termination or resignation; or (ii) the Base Compensation payable over the remainder of the Employment Term, but in no event less than six months. Severance Amount shall be paid as a salary continuation to be paid on the Company's regular pay days or on an accelerated basis as determined in the Board's sole discretion.
Xxxxxxxxx Amount. The Company shall pay to the Executive severance compensation in an aggregate amount equal to two and one half (2.5) times the Executive's Total Compensation (the "Severance Amount").
Xxxxxxxxx Amount. The Company shall pay to the Employee, as severance pay in connection with termination of employment, an aggregate amount of $1,170,000 (the “Severance Amount”). The Severance Amount shall be payable in eighteen (18) consecutive monthly installments of $65,000 each, the first payment to be made on or around August 15, 2016 and the other payments to be made on the fifteenth (or the last business day immediately preceding the fifteenth) of each succeeding month thereafter. Each such payment shall be subject to applicable tax withholding requirements. The Severance Amount shall be in lieu of any other Severance Amounts to which the Employee may be entitled under the Assurant, Inc. Change of Control Employment Agreement for Divisional Officers by and between the Company and the Employee dated January 1, 2009 and under any other severance plan, program or policy of the Company or any subsidiary.
Xxxxxxxxx Amount. Each of the Agreements contains the same severance pay provisions.
1. The Severance Amount payable upon termination under paragraphs relating to disability and to death, shall be equal to one year's Base Salary in effect at the time of such termination and Bonus computed using the last full-year Bonus, if any, paid to the Employee, pro-rated to the effective date of termination. The Bonus portion of the Severance Amount shall be considered earned notwithstanding any right of discretion in the Board not to grant such bonus.
2. The Severance Amount payable upon termination under paragraphs relating to termination by the Employee for cause and to termination by the Employer without "just cause" shall be an amount equal to Base Salary computed to the end of the Term and Bonus computed using the last full-year Bonus, if any, paid to the Employee, pro-rated to the effective date of termination. The Bonus portion of the Severance Amount shall be considered earned notwithstanding any right of discretion in the Board not to grant such bonus.
3. The Severance Amount payable at the option of the Employer upon termination for just cause or upon the voluntary resignation of the Employee without cause or reason, shall be equal to one half of one year's Base Salary as in effect for at least three (3) months prior to such termination. Bonus shall not be considered.
