Lump Sum Severance Payment definition

Lump Sum Severance Payment means an amount in cash equal to the result of multiplying (i) the Monthly Severance by (ii) the Severance Period.
View Source
Lump Sum Severance Payment means a lump sum payment in the amount equal to $3,223,560 minus the sum of (i) the aggregate amount of Salary Payments and severance payments previously paid to the Executive (calculated without giving effect to any reduction provided for in the proviso to the first sentence of Section 4.1) or then payable to the Executive pursuant to Sections 4.1(a)(i) or 4.1(b)(i), and (ii) an amount equal to interest at the rate of 6% per annum on the remaining Salary Payments that would otherwise be made through March 31, 2007, such interest to be calculated on each such payment from the date of termination of the Executive’s employment to the date on which the payment in question would otherwise be made.
View Source

Examples of Lump Sum Severance Payment in a sentence

  • The sum of the Salary Continuation Severance Payments and the Lump Sum Severance Payment shall be referred to as the “Severance Amount.” The Severance Amount shall not be taken into account for purposes of determining the Executive’s rights under any other employee benefit or compensation plans, agreements, arrangements or policies established, maintained or contributed to by the Company or its subsidiaries or affiliates.

  • The Lump Sum Severance Payment shall be paid to the Executive on a date that is six months and a day after the Qualifying Termination.

  • The Lump Sum Severance Payment, benefits under the Retirement Plans and Exhibit B Benefits pursuant to this Section II are in lieu of any other payments or benefits (and, except as specifically provided under the Retirement Plans and the Exhibit B Benefit Programs, none shall accrue) after the Separation Date.

  • In that event, Employee shall not be eligible for either the Lump Sum Severance Payment, the Continuing Base Salary Payments, immediate vesting of stock options, or, except as required by law, the Welfare Benefits.

  • The Company shall pay as severance pay to Employee a lump sum amount of Two Million Four Hundred Sixty-Five Thousand One Hundred Thirty-Nine Dollars and No Cents ($2,465,139.00), less applicable withholding and authorized deductions, within ten days after his return of this executed Agreement to AMC ("Lump Sum Severance Payment"), provided this Separation Agreement has not sooner been revoked, in whole or in part, by Employee.

  • The Company shall pay the Executive the Lump Sum Severance Payment within five days of the date of termination.

  • All payments pursuant to this Section 4.1 (except the Lump Sum Severance Payment) will be paid semi-monthly in accordance with the Company’s normal payroll practices, and all payments under this Agreement will be reduced by all amounts customarily withheld in accordance with such practices, including all tax or other amounts required to be withheld under applicable law.

  • Employee shall be paid $323.95 for each share of Company common stock sold pursuant to the put right, at the same time that the Lump Sum Severance Payment is made.

  • The Lump Sum Severance Payment shall be an amount equal to the number of years, including fractional years, remaining until this Agreement would expire but for such termination multiplied by the Executive's Base Salary rate as in effect as of the date of termination.

  • The Lump Sum Severance Payment, as described in Exhibit I, will be made in a single cash payment within ten (10) business days after the end of the revocation period specified in Section 17 following the Termination Date (as defined in Section 3).