Amount and Payment of Cash Payment Clause Samples
Amount and Payment of Cash Payment. The Corporation will make a cash payment (the “Cash Payment”) to Executive in an amount equal to one times the sum of (A) Executive’s then-current Salary (disregarding any reduction in Salary that constitutes Good Reason) and (B) the sum of Executive’s cash bonuses under the Corporation’s [executive annual incentive plan] for each of the most recent three complete calendar years of Executive’s employment by the Corporation (or such lesser number of complete calendar years as Executive has been employed by the Corporation) divided by three (or the lesser number of complete calendar years for which Executive has been employed by the Corporation). The Cash Payment shall be paid to Executive in a single lump sum in the first payroll occurring on or after the tenth business day after the date Executive’s Employment terminates. If Executive dies after becoming entitled to the Cash Payment but before it has been paid in full, any remaining Cash Payments will be made to Executive’s designated beneficiary (or Executive’s estate if Executive fails to designate a beneficiary).
Amount and Payment of Cash Payment. Subject to the other provisions of this Section, the Cash Payment will be an amount equal to 2.99 times the Executive's Average Compensation (as defined below). The Cash Payment shall be paid to Executive in a single lump sum on the tenth business day after termination of the Employment, unless Executive gives Notice before the date on which the Employment terminates of Executive's election to defer all or part of the Cash Payment, in which case the Cash Payment shall be payable in such installments as directed by Executive in the Notice, with the unpaid balance to bear interest until paid at an annual rate equal to 120% of the Applicable Federal Rate in effect on the date that the Employment was terminated, provided that Executive's may not elect to defer all or any part of the Cash Payment for a period longer than three years after the date of termination of the Employment. If Executive dies after becoming entitled to the Cash Payment but before it has been paid in full any remaining portion of the Cash Payment will be made to Executive's designated beneficiary (or Executive's estate if Executive fails to designate a beneficiary). -6-
Amount and Payment of Cash Payment. The Corporation will make a cash payment (the "Cash Payment") to Executive in an amount equal to 2.99 times the Executive's Average Compensation (as defined below). The Cash Payment shall be paid to Executive in a single lump sum on the tenth business day after termination of the Employment. If Executive dies after becoming entitled to the Cash Payment but before it has been paid, the Cash Payment will be made to Executive's designated beneficiary (or Executive's estate if Executive fails to designate a beneficiary).
Amount and Payment of Cash Payment. The Corporation will (i) make a cash payment (the “Cash Payment”) to Executive in an amount equal to three times the Executive’s then-current Salary (disregarding any reduction in Salary that constitutes Good Reason); and (ii) a monthly payment equal to the monthly cost of health care continuation under the Corporation’s health plan based on the coverage (e.g., individual or family) in place for Executive immediately prior to the termination of his employment, until the earlier of (y) twelve (12) months after termination or (z) the date Executive has commenced new employment and has thereby become eligible for comparable benefits, subject to Executive’s rights under COBRA. The Cash Payment in (i) above shall be paid to Executive in a single lump sum in the first payroll occurring on or after the thirtieth (30th) business day after the date Executive’s Employment terminates. If Executive dies after becoming entitled to the Cash Payment but before it has been paid in full, the Cash Payment will be made to Executive’s designated beneficiary (or Executive’s estate if Executive fails to designate a beneficiary).