Basic Severance Payment. In the event that the Executive is subjected to a Qualifying Termination within two years after a Change of Control, the Company shall pay the Executive within 30 days after the effective date of his Qualifying Termination (his "Termination Date") a cash amount equal to his Base Amount times the number designated in Section 5.9 of this Agreement (the "Designated Number"). The Executive's Base Amount shall equal the average of the Executive's Includable Compensation for the two whole calendar years immediately preceding the date of the Change of Control (or, if the Executive was employed by the Company for only one of those years, his Includable Compensation for that year). The Executive's Includable Compensation for a calendar year shall consist of (a) the compensation reported by the Company on the Form W-2 that it filed with the Internal Revenue Service for that year in respect of the Executive or which would have been reported on such form but for the fact that Executive's services were performed outside of the United States, plus (b) any compensation payable to the Executive during that year the receipt of which was deferred at the Executive's election or by employment agreement to a subsequent year, minus (c) any amounts included on the Form W-2 (or which would have been included if Executive had been employed in the United States) that represented either (i) amounts in respect of a stock option or restricted stock plan of the Company or (ii) payments during the year of amounts payable in prior years but deferred at the Executive's election or by employment agreement to a subsequent year. The compensation referred to in clause (b) of the immediately preceding sentence shall include, without limitation, amounts initially payable to the Executive under the MICP or a Long-Term Performance Incentive Plan or the 2002 PIP in that year but deferred to a subsequent year, the amount of deferred compensation for the year in lieu of which benefits are provided the Executive under an ESBA and amounts of Regular Compensation earned by the Executive during the year but deferred to a subsequent year (including amounts deferred under Interpublic Savings Plan pursuant to Section 401(k) of the Code); clause (c) of such sentence shall include, without limitation, all amounts equivalent to interest paid in respect of deferred amounts and all amounts of Regular Compensation paid during the year but earned in a prior year and deferred.
Basic Severance Payment. (a) If the Executive incurs a Qualifying Termination, the Company shall pay to the Executive a cash amount equal to 200% of the Base Amount. The Base Amount shall be an amount equal to the greater of
Basic Severance Payment. If the Executive incurs a Qualifying Termination following a Change in Control that occurs on or before termination of this Agreement as provided in Section 6.1 hereof, the Company shall pay within 30 days after the date of the Qualifying Termination to the Executive a single lump sum cash amount equal to his Total Annual Compensation multiplied by the lesser of (a) 2.50 or (b) .0833 multiplied by the number of full months remaining between termination and his attaining age 65. "Total Annual Compensation" shall mean the sum of annual base salary in effect immediately preceding termination or the Change of Control, whichever is higher, and annual incentive compensation earned under the "ICP" (annualized in the case of less than a full year's service) in the last full fiscal year immediately preceding termination or the Change in Control, whichever is higher.
Basic Severance Payment. In the event of a Qualifying Termination, the Company shall, as liquidated damages or severance pay, or both, pay to the Employee and provide the Employee and the dependents, beneficiaries and estate of the Employee within thirty (30) business days after such Qualifying Termination of employment with the following:
Basic Severance Payment. (a) If the Executive incurs a Qualifying Termination at any time after the Effective Date, the Company shall pay to the Executive in a lump sum within 30 days of the Qualifying Termination, a cash amount equal to:
Basic Severance Payment. If Employee does not enter into this Agreement, Employer will pay Employee the equivalent of two (2) weeks of Employee’s last base pay, which equals the gross amount of $14,700.00 and will be subject to all applicable withholding taxes (the “Basic Severance Payment”). The Basic Severance Payment will automatically be paid on the Separation Date and does not constitute consideration for the signing of this Agreement and General Release.
Basic Severance Payment. If the Executive incurs a Qualifying Termination following a Change in Control that occurs on or before termination of this Agreement as provided in Section 5.2 hereof, the Company shall pay within 30 days after the date of the Qualifying Termination to the Executive a single lump sum cash amount equal to (i) two (2) times the greater of his annual base salary in effect immediately preceding termination or immediately preceding the Change of Control and (ii) an amount equivalent to an incentive bonus for the two years following termination which assumes the Company achieves the results outlined in its Annual Business Plan and based on either the terms of the incentive plan immediately preceding the Change of Control or immediately preceding termination, whichever gives the greater result.
Basic Severance Payment. Conditioned upon the restrictions outlined in the various Subsections of this Agreement, Xxxxxx will receive three times (3x) the amount of Xxxxxx’x annual base salary (as of April 1, 2004) and target bonus. The estimated amount of the payment to which Xxxxxx will be entitled if this Agreement is executed is listed in the accompanying Schedule. This severance payment will be paid in a lump sum within the time frame provided for in Subsection IV(A)(4). In the event of Xxxxxx’x death, any unpaid severance payments pursuant to Section II of this Agreement will be paid in a lump sum to Xxxxxx’x estate or to such other person as Xxxxxx may designate in a written request delivered to Company before Xxxxxx’x death.
Basic Severance Payment. The Company shall pay to the Employee as severance pay, a cash lump sum amount to twelve (12) month’s salary at the base salary amount at the Effective Date of this agreement. This includes the cash value of Employee’s accrued and unused vacation benefits up to the date of the Qualifying Termination. Said severance payment shall be made by the Company to the Employee after the Release becomes effective, as set forth in the Release.
Basic Severance Payment. In the event of a Qualifying Termination, the Company shall, as liquidated damages or severance pay, or both, pay to the Employee the following:
