Computation and Payment of Severance Amount Sample Clauses


Computation and Payment of Severance Amount. For purposes of this Agreement, the term “Severance Amount” shall mean an amount equal to one (1) times the sum of the following: (I) the Base Salary of Employee as in effect on the date Employee’s employment terminates, plus (II) the average of any bonuses awarded to Employee for the three fiscal years of the Company immediately preceding the fiscal year in which Employee’s employment is terminated (or, if greater, for the fiscal year in which Employee’s employment is terminated and the two prior fiscal years). The Severance Amount shall be payable in approximately equal installments in accordance with the Company’s customary payroll practices over the 12 months following the termination of Employee’s employment hereunder.


Computation and Payment of Severance Amount. For purposes of this Agreement, the term “Severance Amount” shall mean an amount equal to three times the sum of the following: (I) the “Base Salary Component,” which shall be equal to the highest Base Salary of Officer during the Employment Term, plus (II) the “Cash Flow Component,” which shall be equal to the average of the Cash Flow Bonus awarded to Officer for the two fiscal years of the Company immediately preceding the fiscal year in which Officer’s employment is terminated and of the Cash Flow Bonus that would have been awarded to Officer (if his employment had not terminated) for the fiscal year in which his employment is terminated based on the formula set forth in Section 4(b), or, if greater, for the three fiscal years preceding the fiscal year in which his employment is terminated; provided that in any event, regardless of the formula set forth in Section 4(b), the Cash Flow Component shall be no less than one time the Base Salary Component and no more than two times the Base Salary Component. The Severance Amount shall be payable in approximately equal installments in accordance with the Company’s customary payroll practices over the 36 months following the termination of Officer’s employment hereunder.

Computation and Payment of Severance Amount. The Severance Amount shall be computed by using the higher of the salary paid to the Employee: (a) immediately preceding the Change in Control, or (b ) immediately preceding the Employee’s Qualifying Termination. The Severance Amount shall be paid without prejudice to the Employee’s right to receive all Accrued Compensation. The Severance Amount shall be paid to the Employee in a lump sum within thirty (30) days of the execution of the Release and Confidentiality Agreement. The Severance Amount shall be paid irrespective of the Employee’s employment status with any other organization or self-employment; provided, however, that if the Employee should violate the terms of the Release and Confidentiality Agreement, Westport shall be under no further obligation to continue the payments or benefits hereunder.

Computation and Payment of Severance Amount. For purposes of this Agreement, the term “Severance Amount” shall mean an amount equal to two (2) times the Base Salary of Officer as in effect on the date Officer’s employment terminates. The Severance Amount shall be payable in approximately equal installments in accordance with the Company’s customary payroll practices over the 24 months following the termination of Officer’s employment hereunder.

Computation and Payment of Severance Amount. For purposes of this Agreement, the term “Severance Amount” shall mean an amount equal to one-half (1/2) times (if the date of termination is on or before December 31, 2006) or one (1) times (if the date of termination is on or after January 1, 2007) the sum of the following: (I) the Base Salary of Employee as in effect on the date Employee’s employment terminates, plus (II) the average of any bonuses awarded to Employee for the three fiscal years of the Company immediately preceding the fiscal year in which Employee’s employment is terminated. The Severance Amount shall be payable in approximately equal installments in accordance with the Company’s customary payroll practices over the six months (if the date of termination is on or before December 31, 2006) or 12 months (if the date of termination is on or after January 1, 2007) following the termination of Employee’s employment hereunder.

Computation and Payment of Severance Amount. The Severance Amount shall be paid to Executive in a lump sum on the Severance Payment Date. The Severance Amount shall be paid without prejudice to Executive's right to receive all Accrued Compensation. The Severance Amount shall be paid irrespective of Executive's employment status with any other organization or self-employment; provided, however, that if Executive should violate the terms of the general release of claims at Exhibit A, Company shall be under no further obligation to continue the payments or benefits hereunder.