Severance Factor definition

Severance Factor means a number equal to (a) two, for an Executive with the title of Chief Executive Officer of the Company immediately prior to his or her Termination Date; (b) one and one-half, for an Executive in a Tier I position immediately prior to his or her Termination Date; (c) one, for an Executive in a Tier II position immediately prior to his or her Termination Date; (d) one-half, for an Executive in a Tier III position immediately prior to his or her Termination Date; and (e) one-third, for an Executive in a Tier IV position immediately prior to his or her Termination Date.

Severance Factor means, unless otherwise provided in the Employee’s effective employment agreement with the Company as of the Date of Termination, the multiple for each Employee as set forth in Annex I hereto.

Severance Factor means 12 plus the number of years of completed service for the Corporation up to a maximum of 18 and for purposes of this Agreement, the years of service shall be calculated from August 1, 2007;

Examples of Severance Factor in a sentence

• Severance Factor shall mean a fraction, the numerator of which is the number of days remaining in the then-current Term plus 365, and the denominator of which is 365.

• For purposes hereof, Severance Amount shall mean an amount equal to the sum of (i) the annual salary then in effect under Section 3.1 and (ii) the Average Bonus (as hereinafter defined), multiplied by the Severance Factor.

• For purposes hereof, the "Severance Factor" shall equal the greater of (x) two and (y) a fraction, the numerator of which is the number of whole or partial months remaining in the Term on the Date of Termination and the denominator of which is twelve; provided, however, that the Severance Factor shall not exceed three.

• The Company (or its Successor, as defined in Section 4.1(a)) agrees to reimburse Employee for the full cost of the COBRA continuation rate charged for employee and dependent coverage, through the EFRI Health and Welfare Plan on a monthly basis, for a period of months equal to twelve (12) times the Severance Factor (the "Coverage Period").

• Severance Period shall mean the whole and partial number of years ---------------- determined by multiplying (i) the Severance Factor by (ii) one (1) year.

More Definitions of Severance Factor

Severance Factor means, during the Term of Employment, 2.0.

Severance Factor means, (1) with respect to each Covered Employee who has been designated by the Employer as a Group A member, the product of his Years of Service multiplied by four, and (2) with respect to each other Covered Employee, the product of his Years of Service multiplied by three; provided, however, that in no event shall a Covered Employee’s Severance Factor be less than two or greater than 104.

Severance Factor means the number specified in a Participant's Participation Schedule used to determine the Severance Payment payable to a Participant pursuant to Section 6.1(b) hereof.

Severance Factor means a number equal to (a) two and one-half, for a Participant described in Section 4.1(a) with the title of Chief Executive Officer of the Company on his or her Termination Date; (b) two, for a Participant described in Section 4.1(a) in a Tier I position (as defined in the Company’s Management Incentive Plan) on his or her Termination Date; (c) one, for a Participant described in Section 4.1(a) in a Tier II position (as defined in the Company’s Management Incentive Plan) on his or her Termination Date; and (d) for a Participant described in Section 4.2, the number approved by the Committee at the time the Committee approved the Participant’s Plan participation.

Severance Factor means the number set forth on the signature page hereof.

Severance Factor means, unless otherwise provided in a written agreement between the Executive and the Company as of the Date of Termination, the multiple for each Executive as set forth in Annex I hereto.

Severance Factor means the quotient of (i) the Eligible Employee’s annual base salary (as reflected in the Company’s records) as of the Date of Termination, divided by (ii) $15,000, rounded up to the next whole number.