Change in Control Severance Amount definition

Change in Control Severance Amount means an amount equal to the sum of (i) two times the greater of (A) the Executive’s base annual salary in effect as of the Date of Termination or (B) the average of the Executive’s base annual salary paid for the five fiscal years ending prior to the Date of Termination, plus (ii) two times the greater of (A) the annual cash bonus awarded by the Board to the Executive with respect to the Company’s most recent fiscal year ending prior to the Date of Termination or (B) the average of the annual cash bonus amounts awarded by the Board to the Executive with respect to the Company’s most recent five fiscal years ending prior to the Date of Termination.

Change in Control Severance Amount means an amount equal to the sum of (A) Executive's annual base salary as of the Termination Date (as hereinafter defined) and (B) the greater of (1) the average Annual Bonus (as hereinafter defined) for the three fiscal years prior to the Termination Year (as hereinafter defined) or (2) the target Annual Bonus for the Termination Year.

Change in Control Severance Amount means an amount equal to 200% of the sum of (i) Executive's Annual Compensation plus (ii) his Bonus Target.

Examples of Change in Control Severance Amount in a sentence

• If the Release is not executed during the statutory time period specified by applicable law, the Company’s obligation to pay any Severance Amount, Change in Control Severance Amount, or Incentive Compensation and to provide any acceleration of vesting and continued health benefits provided for in Section 9(c) or Section 9(d) pursuant to this Agreement shall terminate.

• The amounts referred to in clauses (i) through (iv) above will collectively be referred to as the “Change in Control Severance Amount.” The Change in Control Severance Amount will be paid to the Executive in a lump sum no later than sixty (60) days following the Date of Termination, with the date of such payment determined by the Company in its sole discretion.

• If the Release is not executed during the statutory time period specified by applicable law, the Company’s obligation to pay any Severance Amount, Change in Control Severance Amount or Incentive Compensation and to provide any acceleration of vesting and continued health benefits provided for in Section 9(c) or Section 10(a) pursuant to this Agreement shall terminate.

• The Change in Control Severance Amount shall be paid in a lump sum, if the Change in Control event constitutes a “change in the ownership” or a “change in the effective control” of the Company or a “change in the ownership of a substantial portion of a corporation's assets” (each within the meaning of Section 409A), or in 48 substantially equal payments, if the Change in Control event does not so comply with Section 409A.

• In the event that all or any portion of the Change in Control Severance Amount paid to Executive is disallowed by the Internal Revenue Service as a deductible expense of the Company on grounds that it does not constitute a "reasonable allowance," Executive agrees to reimburse the Company to the extent of the disallowed amount within thirty (30) days after the Company has notified Executive of the disallowed amount.

More Definitions of Change in Control Severance Amount

Change in Control Severance Amount means an amount equal to the excess of (i) two (2) times the sum of (a) an amount equal to the Executive’s annual Base Salary at the rate in effect as of the Executive’s Termination Date, plus (b) an amount equal to the average cash bonuses paid to the Executive by the Employer during the two (2) years prior to the Executive’s Terminate Date, over (ii) the Pre-Merger Change in Control Payment Amount.

Change in Control Severance Amount means, in the event of termination of the Executive’s employment by the Company without Cause or by the Executive with Good Reason within one (1) year after the date of a Change in Control of the Company, an amount equal to one (1) times the sum of (A) the Executive’s annual Base Salary as in effect immediately prior to the Termination Date and (B) the Executive’s Target Bonus for the Bonus Period in which termination occurs.

Change in Control Severance Amount means the amount resulting from multiplying: (1) 1.5 times (2) the sum of (i) the Employee’s Base Salary and (ii) the dollar amount that would have been paid to Employee under the Company’s Annual Incentive Plan in the fiscal year of the Change in Control as such plan was in effect immediately prior to the Change in Control, and assuming that the one hundred percent (100%) of the target level of performance under such plan was achieved.

Change in Control Severance Amount shall equal three (3) times the sum of (a) an amount equal to the Executive’s annual Base Salary at the rate in effect as of the Executive’s Termination Date, plus (b) an amount equal to the highest annual bonus paid to the Executive by the Employer during the last three (3) years prior to the Executive’s Terminate Date.

Change in Control Severance Amount means an amount equal to the sum of (i) two times the greater of (A) the Executive’s base annual salary in effect as of the Date of Termination or (B) the average of the Executive’s base annual salary paid for the five full fiscal years ending prior to the Date of Termination (or, if less, the number of full fiscal years during which the Executive has been employed by the Company prior to the Date of Termination), plus (ii) two times the greater of (A) the annual cash bonus awarded by the Board to the Executive with respect to the Company’s most recent fiscal year ending prior to the Date of Termination or (B) the average of the annual cash bonus amounts awarded by the Board to the Executive with respect to the Company’s most recent five fiscal years ending prior to the Date of Termination (or, if less, the number of full fiscal years during which the Executive has been employed by the Company prior to the Date of Termination). 

Change in Control Severance Amount means an amount equal to the sum of: (A) Executive’s annual base salary as of the Termination Date (as hereinafter defined); and (B) the greater of (1) the average Annual Bonus (as hereinafter defined) for the three fiscal years prior to the Termination Year (as hereinafter defined), or, if less, the actual number of fiscal years, beginning with 2001, prior to the Termination Year in which Executive was eligible to receive an Annual Bonus, or (2) the target Annual Bonus for the Termination Year; and (C) the average of the dollar amounts awarded to Executive in the form of Incentive Compensation (as hereinafter defined) for the three fiscal years prior to the Termination Year, or, if less, the actual number of fiscal years, beginning with 2001, prior to the Termination Year in which Executive received Incentive Compensation.

Change in Control Severance Amount means an amount equal to the sum of (i) two times the greater of (A) the Executive’s base annual salary in effect as of the Date of Termination or (B) the average of the Executive’s base annual salary paid for the five full fiscal years ending prior to the Date of Termination (or, if less, the number of full fiscal years during which the Executive has been employed by the Company prior to the Date of Termination), plus (ii) two times the greater of (A) the annual cash bonus awarded by the Board to the Executive with respect to the Company’s most recent fiscal year ending prior to the Date of Termination or (B) the average of the annual cash bonus amounts awarded by the Board to the Executive with respect to the Company’s most recent five fiscal years ending prior to the Date of Termination (or, if less, the number of full fiscal years during which the Executive has been employed by the Company prior to the Date of Termination).