Basic Payments. The Employee shall be paid an amount equal to one (1.0) times the sum of (i) the Employee’s highest annualized base salary paid to the Employee during the year of termination of employment or the immediately preceding two (2.0) calendar years and (ii) the highest cash bonus paid to the Employee in or with respect to the year of termination of employment or the immediately preceding two (2.0) calendar years. Payments under this Section 3(a) shall be made monthly in twelve (12) equal installments (without interest) beginning on the first day of the month immediately following the month in which the Employee delivers the Notice of Termination and continuing on the first day of each month thereafter.
Appears in 3 contracts
Samples: Change in Control Agreement (Vist Financial Corp), Change in Control Agreement (Vist Financial Corp), Change in Control Agreement (Vist Financial Corp)
Basic Payments. The Employee shall be paid an amount equal to one (1.0) times the sum of (i) the Employee’s highest annualized base salary paid to the Employee during the year of termination of employment or the immediately preceding two (2.0) calendar years and (ii) the highest cash bonus paid to the Employee in or with respect to the year of termination of employment or the immediately preceding two (2.0) calendar years. Payments under this Section 3(a) shall be made monthly in twelve twenty-four (1224) equal installments (without interest) beginning on the first day of the month immediately following the month in which the Employee delivers the Notice of Termination and continuing on the first day of each month thereafter.
Appears in 2 contracts
Samples: Change in Control Agreement (Leesport Financial Corp), Change in Control Agreement (Leesport Financial Corp)
Basic Payments. The Employee shall be paid an amount equal to one (1.0) times the sum of (i) the Employee’s 's highest annualized base salary paid to the Employee during the year of termination of employment or the immediately preceding two (2.0) calendar years and (ii) the highest cash bonus paid to the Employee in or with respect to the year of termination of employment or the immediately preceding two (2.0) calendar years. Payments under this Section 3(a) shall be made monthly in twelve twenty-four (1224) equal installments (without interest) beginning on the first day of the month immediately following the month in which the Employee delivers the Notice of Termination and continuing on the first day of each month thereafter.
Appears in 1 contract
