Bonus Severance Amount means an amount equal to the average of all annual bonuses earned by the Employee from Employer in the two (2) fiscal years ending immediately prior to Employee’s termination; provided, however, that if Employee’s termination occurs during fiscal 2006, the “Bonus Severance Amount” shall be the higher of Employee’s annual bonus amount for the 2006 fiscal year or Employee’s annual target bonus for 2006 (the Severance Amount shall be payable in a lump sum within thirty (30) days of such termination) and (B) Employee shall become fully vested in any stock options granted to Employee by the Board. In the event of a termination pursuant to Section 7(a), 7(c) or 7(d) hereof, Employee (his spouse and his dependents, if applicable) shall also be entitled to continue to participate in the medical, dental, hospitalization and life insurance programs existing on the date of termination (or any replacement plans for any such plans) with regard to senior executive officers of a similar level (or their cash equivalents, and, if Employer provides a cash payment in lieu of such benefits, it shall be calculated on a grossed-up tax basis as if Employee had remained an employee) for three (3) years from the date of termination; provided, that Employee shall be obligated to make all employee contributions required to receive such benefits under Employer’s programs and that such continued benefits shall terminate on the date or dates Employee receives equivalent coverage and benefits, without waiting period or pre-existing conditions limitations, under the plans and programs of a subsequent employer (such coverage and benefits to be determined on a coverage-by-coverage or benefit-by-benefit, basis). Employee shall not be entitled to any compensation or benefits pursuant to this Section 7(g)(ii) if his employment hereunder is terminated pursuant to Section 7(b) or as a result of Employee’s voluntary termination pursuant to Section 7(e). Notwithstanding anything herein to the contrary no Severance Amount payable to Employee under this section shall exceed the aggregate sum of $3,300,000.
Bonus Severance Amount means an amount equal to the Target Bonus multiplied by (A) 2.0 if such Involuntary Termination occurs before the second Anniversary, (B) 1.5 if such Involuntary Termination occurs on or after the second Anniversary but
Examples of Bonus Severance Amount in a sentence
Such amounts payable in the preceding sentence shall be payable either as a lump-sum or in the form of salary continuation (with amounts attributable to the Bonus Severance Amount prorated monthly), whichever the Company shall determine in its sole discretion.
In addition, the Company shall pay to Executive’s estate the sum of (i) an amount equal to that number of months of Executive’s then current base salary equal to the Severance Months, and (ii) the Bonus Severance Amount, less all applicable standard deductions and withholdings.
Such amounts payable in the preceding sentence shall be payable in the form of salary continuation (with amounts attributable to the Bonus Severance Amount prorated monthly).
In addition, the Company shall pay to Executive, or to Executive’s beneficiaries or estate, as appropriate, the sum of (i) an amount equal to that number of months of Executive’s then current base salary equal to the Severance Months and, (ii) the Bonus Severance Amount, less all applicable standard deductions and withholdings and any disability payment otherwise payable by or pursuant to plans provided by the Company and actually paid to Executive.
The Bonus Severance Amount shall be paid in a lump-sum installment on a date which is no later than thirty days after the last day of the applicable fiscal quarter.
More Definitions of Bonus Severance Amount
Bonus Severance Amount means an amount equal to the Target Bonus multiplied by (A) 2.0 if such Involuntary Termination occurs before the Second Anniversary, (B) 1.5 if such Involuntary Termination occurs on or after the Second Anniversary but before the Third Anniversary or (C) 1.0 if such Involuntary Termination occurs on or after the Third Anniversary. “Target Bonus” means the target bonus payable under Section 1.2(b) for the year in which an Involuntary Termination occurs, calculated as if Executive had remained employed by the Company through the end of such year and had fully earned and been awarded such bonus;
Bonus Severance Amount means an amount equal to the average of all annual bonuses earned by the Executive from the Company in the two (2) fiscal years ending immediately prior to Executive's termination; provided, however, that if Executive's termination occurs prior to the end of fiscal 1997, the "Bonus Severance Amount" shall mean an amount equal to Executive's annual target bonus for 1997 and if it occurs during fiscal 1998, the "Bonus Severance Amount" shall be the higher of Executive's annual bonus amount for the 1997 fiscal year or Executive's annual target bonus for 1998. The Severance Amount shall be payable in a lump sum within thirty (30) days of such termination. In the event of a termination pursuant to Section 4(a), 4(c) or 4(d) hereof, Executive (his spouse and his dependents, if applicable) shall also be entitled to continue to participate in the medical, dental, hospitalization and life insurance programs existing on the date of termination (or any replacement plans for any such plans) with regard to senior executive officers of a similar level and in the noncontributory wrap-around medical and dental plan referred to in Section 2(c) (or their cash equivalents, and, if the Company provides a cash payment in lieu of such benefits, it shall be calculated on a grossed-up tax basis as if Executive had remained an employee) for three (3) years from the date of termination; provided, that Executive shall be obligated to make all employee contributions required to receive such benefits under the Company's programs (other than the noncontributory wrap-around medical and dental
Bonus Severance Amount means an amount equal to Executive's annual target bonus for 1997 and if it occurs during fiscal 1998, the "Bonus Severance Amount" shall be the higher of Executive's annual bonus amount for the 1997 fiscal year or Executive's annual target bonus for 1998. The Severance Amount shall be payable in a lump sum within thirty (30) days of such termination. In the event of a termination pursuant to Section 4(a), 4(c) or 4(d) hereof, Executive (his spouse and his dependents, if applicable) shall also be entitled to continue to participate in the medical, dental, hospitalization and life insurance programs existing on the date of termination (or any replacement plans for any such plans) with regard to senior executive officers of a similar level and in the noncontributory wrap-around medical and dental plan referred to in Section 2(c) (or their cash equivalents, and, if the Company provides a cash payment in lieu of such benefits, it shall be calculated on a grossed-up tax basis as if Executive had remained an employee) for three (3) years from the date of termination; provided, that Executive shall be obligated to make all employee contributions required to receive such benefits under the Company's programs (other than the noncontributory wrap-around medical and dental
Bonus Severance Amount means an amount equal to the average of all annual bonuses earned by the Employee from Employer in the two (2) fiscal years ending immediately prior to Employee’s termination (the Severance Amount shall be payable in a lump sum within thirty (30) days of such termination, subject to Section 7(i) hereof) and
Bonus Severance Amount means an amount equal to the average of all annual bonuses earned by the Employee from Employer in the two (2) fiscal years ending immediately prior to Employee's termination; provided, however, that if Employee's termination occurs during fiscal 1998, the "Bonus Severance Amount" shall be the higher of Employee's annual bonus amount for the 1997 fiscal year or Employee's annual target bonus for 1998 (the Severance Amount shall be payable in a lump sum within thirty (30) days of such termination) and (B) Employee shall become fully vested in any stock options granted to Employee by the Board. In the event of a termination pursuant to Section 7(a), 7(c) or 7(d) hereof, Employee (his spouse and his dependents, if applicable) shall also be entitled to continue to participate in the medical, dental, hospitalization and life insurance programs existing on the date of termination (or any replacement plans for any such plans) with regard to senior executive officers of a similar level
Bonus Severance Amount means an amount equal to the average Annual Bonus paid to Executive for the three years immediately preceding Executive’s employment termination; provided, however, in the event the Annual Bonus paid in March 2006 is used to calculate the average bonus amount hereunder, the March 2006 bonus shall be deemed $450,000.00 for purposes of such an average bonus calculation. If Executive has received only two Annual Bonus payments prior to Executive’s employment termination, then the average of such two Annual Bonus payments (i.e. $600,000.00) shall be used to determine the Bonus Severance Amount.
Bonus Severance Amount means an amount equal to the average of all annual bonuses earned by the Executive from the Company in the two (2) fiscal years ending immediately prior to Executive’s termination. The Severance Amount shall be payable in a lump sum within thirty (30) days of such termination, subject to Section 4(i) hereof. In the event of a termination pursuant to Section 4(a), 4(c) or 4(d) hereof, the Company shall maintain in full force and effect, for the continued benefit of Executive, his spouse and his dependants for a period of three (3) years following the date of termination of Executive’s employment (the “Date of Termination”), the medical, dental and hospitalization programs (the “Health Programs”) and the life insurance programs (including, without limitation, the life insurance policy set forth in Section 2(c), but for no longer than the five year term of such policy) (the “Life Insurance Programs”) in which Executive, his spouse and his dependants were participating immediately prior to the Date of Termination at the level in effect and upon substantially the same terms and conditions (including, without limitation, contributions required by Executive for such benefits) as existed immediately prior to the Date of Termination. If Executive, his spouse or his dependants cannot continue to participate in the Company Health Programs, the Company shall: (a) in the event Executive is eligible to, and elects to continue receiving such benefits from the Company pursuant to the requirements of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), waive the premium cost of such benefits (to the extent such premiums exceed the premium costs charged to active employees of the Company from time to time) for the period during which Executive (and his spouse and dependents) is/are entitled to continuation coverage under COBRA (the “COBRA Period”) and (b) commencing with the month after the month in which the COBRA Period ends, pay to Executive an amount equal to the quotient determined by dividing (x) the cost to Executive of acquiring medical, dental and/or hospitalization coverage for Executive, his spouse and his dependants for such month (such coverage to be, on a benefit-by-benefit basis, at the same level of, but otherwise comparable to, the coverage in effect immediately prior to the Date of Termination), by (y) 0.55, with such payment to be made on the first business day of the month following the month to which such coverage relates. S...