Severance Package means:
Severance Package means your right to receive, and the Company's obligation to pay and/or perform on, the following:
Severance Package means your right to receive, and the Company’s obligation to pay and/or perform the following:
Examples of Severance Package in a sentence
If the Company terminates the Executive’s employment without Cause, then the Severance Package provisions of Section 5 shall apply, and this Agreement shall otherwise terminate and the Executive shall have no further rights or obligations hereunder except for the surviving provisions of this Agreement as described at Section 7.15.
The Company has the right to cease making the payments provided as part of the Severance Package in the event of a material breach of any of the Restrictive Covenants that, if capable of cure and not willful, is not cured within thirty (30) days after receipt of notice thereof from the Company.
Employee acknowledges and agrees that this Severance Package constitutes adequate legal consideration for the promises and representations made by Employee in this Agreement.
Employee acknowledges and agrees that the Severance Package provided pursuant to this Agreement is in lieu of any other severance benefits to which Employee may be eligible under any other agreement and/or Entropic severance plan or practice.
In addition, Executive will not be entitled to receive the Severance Package described in subsection 7.2 above.
More Definitions of Severance Package
Severance Package means your right to receive, and the Company’s obligation to pay and/or perform, the following:
Severance Package has the meaning ascribed to it in each of sections "3.2", "3.3", "3.5", "3.7" and "3.8" hereinbelow;
Severance Package is defined as follows:
(a) Continuation of Executive’s ending Base Salary for a twelve (12) month period following the Termination Date, payable pursuant to ParkerVision’s customary payroll schedule.
(b) Payment of the bonus described in subparagraph 8(c) above, prorated by the number of weeks Executive worked in the fiscal year divided by fifty two (52), determined and payable when bonuses for those Similarly Situated Executives who worked through the fiscal year are determined and paid.
(c) If Executive timely elects group health insurance continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act (COBRA), payment of the premiums for such coverage for the period of time during which the Executive would be entitled (or would, but for such plan, be entitled) to continuation coverage under a group health plan of ParkerVision under section 4980B of the Internal Revenue Code if Executive elected such coverage and paid the applicable premiums.
(d) If the Termination Date occurs within two (2) years after a Change in Control (as defined below) while this Agreement is in effect, in lieu of the severance component in subparagraph 14(a) above, 300% of his greatest final annual Base Salary over the term of this Agreement, plus an amount equal to the greater of:
(i) the bonus or annual incentive compensation earned by Executive during the prior full fiscal year before a Change in Control,
(ii) the average of the bonus or annual incentive compensation earned by Executive during the three (3) full fiscal years, or that number of full fiscal years Executive was employed by ParkerVision if less, before a Change in Control based on the years in which Executive was eligible to receive such compensation; or
(iii) if not entitled to any bonus or annual incentive compensation during any of the three (3) years before the Change in Control, the amount set forth in subparagraph 14(b) above as if no Change in Control had occurred.
(e) If Executive qualifies as a “specified employee” under regulations pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and the Executive experiences a “separation from service”, as defined in the regulations under Section 409A the foregoing provisions shall be subject to the following modifications:
(i) Payments due within six (6) months of the Termination Date shall not exceed two times the lesser of: (1) the sum of Executive's annualized compensation based upon the annual rate of p...
Severance Package has the meaning ascribed to it in section "3.2" hereinbelow;
Severance Package means:
(i) The Company shall provide the Consultant with a payment equal to one times his annual compensation (based on the Consultant's annual compensation at the time of his termination of employment), structured and paid in accordance with the Consultant's instructions, subject to the Company's statutory obligations;
Severance Package has the meaning set forth in Section 5.14.
Severance Package. (i) a “Severance Payment” equivalent to the Base Salary Employee would have received for the remainder of the Term, had Employee remained employed (e.g., if six months remains in the Term, Employee shall receive a Severance Payment equivalent to six months of Employee’s Base Salary)(the total length of time remaining on the Term from the date of Termination, the “Severance Period”), payable over time during the Severance Period in equal installments, with the first installment payment made on the first payday following the 30th day after Employee’s termination of employment; and (ii) to the extent Employee participates in any medical, prescription drug, dental, vision and any other “group health plan” of the Company immediately prior to the date of termination, the Company shall pay to Employee in a lump sum a fully taxable cash payment in an amount equal to the monthly premium cost to Employee of continued coverage for Employee (and for Employee’s spouse and dependents to the extent participating in such plans immediately prior to the Separation Date) that would be incurred for continuation coverage under such plans in accordance with Section 4980B of the Internal Revenue Code of 1986, as amended (“Code”), and Part 6 of Title 1 of the Employee Retirement Income Security Act of 1986, as amended, through the Severance Period, less applicable tax withholding, with such payment paid on the first Company payday following the 30th day after Employee’s termination of employment. The Severance Package shall be paid provided Employee executes a full general release in a form acceptable to Company, releasing all claims, known or unknown, that Employee may have against Company arising out of or any way related to Employee’s employment or termination of employment with Company, and such release has become effective in accordance with its terms prior to the 30th day following the termination date. Except for the Severance Package (if applicable), all other Company obligations to Employee under this Agreement will be automatically terminated and completely extinguished.