Special Severance Payment means: (X) payment equal to the sum of (i) the product of two (2) and the annual base salary in effect immediately prior to a change in the Associate’s Circumstances of Employment or the termination other than for Cause of the Associate’s employment by the Corporation, as the case may be, and (ii) the product of two (2) and the targeted bonus for the Associate in effect immediately prior to a change in Associate Circumstances of Employment or termination other than for Cause, as the case may be, such payment to be made in installments in accordance with the Corporation’s regular payroll policies (but not less than frequently than biweekly), and the first installment being made on the fifth (5th) business day following the six (6) months’ anniversary of termination of employment, and then the balance being paid in equal installments over the remainder of the two-year period contemplated by the Associate Confidentiality, Non-Solicitation and Non-Competition Agreement referred in Article THIRD hereof and attached as Exhibit B hereto; (Y) payment of a pro rata portion of the Associate’s targeted bonus in effect immediately prior to the date such change in Associate’s Circumstances of Employment or termination of employment other than for Cause occurs (the “In Year Bonus”), calculated as the product of (a) the In Year Bonus multiplied by (b) a fraction the numerator of which is the number of whole months elapsed in the fiscal year up to the date such change in Associate’s Circumstances of Employment or termination occurs, and the denominator of which is twelve (12), such payment to be made on the fifth (5th) business day following the six (6) months’ anniversary of termination of employment; and (Z) for the two (2) year period or the remaining term of the automobile lease at issue, whichever is less following Associate’s date of termination of employment (other than termination for Cause), the Corporation shall, at Associate’s option, (a) pay Associate a monthly automobile allowance in amounts equal to those in effect immediately prior to such termination, if applicable, or (b) continue to make the monthly lease payments under the automobile lease in effect for the benefit of Associate immediately prior to such termination.
Special Severance Payment means an amount equal to eighteen (18), multiplied by the amount of the Executive’s monthly base salary in effect immediately prior to the date the Executive incurs a Termination of employment, plus interest on such amount at a rate per annum equal to the Prime Rate plus three percent (3%), with such interest accruing from the date of Termination of employment until the date of payment of the Special Severance Payment.
Special Severance Payment means a lump sum payment equal to the difference between (a) the sum of (i) the product of five and the annual base salary in effect immediately prior to a change in the Executive’s Circumstances of Employment or the termination other than for Cause of the Executive’s employment by the Corporation, as the case may be, and (ii) the product of five and the largest annual bonus paid to or accrued with respect to the Executive by the Corporation during the three fiscal years immediately preceding the termination of the Executive’s employment and (b) the aggregate of all base salary and bonus amounts paid to the Executive by the Corporation during the period commencing upon a Change in Control and ending on the date of termination of the Executive’s employment.
Examples of Special Severance Payment in a sentence
Executive may, but is not obligated to, use such Special Severance Payment toward the cost of COBRA premiums.
Such Special Severance Payment shall end upon expiration of the COBRA Payment Period.
You may, but are not obligated to, use such Special Severance Payment toward the cost of COBRA premiums.
On the first payroll date following the effectiveness of the Separation Agreement, the Company will make the first payment to the insurer under this clause (and, in the case of the Special Severance Payment, such payment will be to you, in a lump sum) equal to the aggregate amount of payments that the Company would have paid through such date had such payments instead commenced on the Separation Date, with the balance of the payments paid thereafter on the schedule described above.
Executive is not obligated to use such Special Severance Payment for COBRA premiums.
More Definitions of Special Severance Payment
Special Severance Payment means a lump sum payment equal to the sum of:
(a) the product of three times the Fixed Salary;
(b) the product of three times the largest Bonus paid to or accrued with respect to the Executive by the Company for the three fiscal years immediately preceding the termination of the Executive's employment; and
(c) any other compensation owed to the Executive pursuant to this Agreement at the time of such termination.
Special Severance Payment means a lump sum payment equal to the sum of (i) the product of two and the total base salary paid to or accrued with respect to Cardin by the Company pursuant to Subparagraph 3.a. hereof during the 12-month period immediately preceding the termination of Cardin's employment, (ii) the greater of (a) the product of two and the annual bonus paid to or accrued with respect to Cardin by the Company pursuant to Subparagraph 3.b. hereof with respect to the fiscal year of the Company immediately preceding the fiscal year in which Cardin's employment shall have been terminated and (b) the product of three and the total base salary paid to or accrued with respect to Cardin by the Company pursuant to Subparagraph 3.a. hereof during the 12-month period immediately preceding the termination of Cardin's employment, and (iii) any other compensation owed to Cardin pursuant to this Agreement at the time of such termination.
Special Severance Payment means the lump sum payment an Eligible Employee who becomes a Participant will receive under this Plan. If the Eligible Employee is serving in an officer position as of the Termination Date, the Special Severance Payment will be in an amount equal to four (4) weeks of Base Salary for each Year of Service, subject to a minimum payment equal to thirteen (13) weeks of Base Salary and a maximum payment equal to twenty-six (26) weeks of Base Salary; If the Eligible Employee is a Director (or the equivalent) as of the Termination Date, the Special Severance Payment will be in an amount equal to two (2) weeks of Base Salary for each Year of Service, subject to a minimum payment equal to eight (8) weeks of Base Salary and a maximum payment equal to twenty-six (26) weeks of Base Salary; If the Eligible Employee is in a position below Director, the Special Severance Payment will be in an amount equal to two (2) weeks of Base Salary for each Year of Service, subject to a minimum payment equal to two (2) weeks of Base Salary and a maximum of twenty-six (26) weeks of Base Salary.”
Special Severance Payment means an amount equal to two times Executive’s Base Salary, payable in accordance to the terms of Section 3.
Special Severance Payment means, with respect to a Participant:
Special Severance Payment means an aggregate amount equal to the sum of (i) the amount of the Base Salary as of the Termination Date for one (1) full calendar year, plus (ii) $750,000.