Enhanced Severance Payments Clause Samples

Enhanced Severance Payments. You will be eligible for enhanced severance payments if your employment is transferred to the Successor as a result of the Transformation and your employment is then involuntarily terminated for reasons other than for cause by the Successor prior to the twelve (12) month anniversary date of the Transformation Closing Date. If your employment is terminated under these circumstances, you will be eligible for the greater of: (i) a total of fifty-two (52) weeks of your base pay in effect as of the date of your termination, or (ii) the severance payments under the applicable BMS severance plan in effect as of the date of your termination. If there are any severance payments available to you from the Successor, you will receive the difference between those severance payments and the severance payments available to you under this paragraph. Payments under this Paragraph 3 shall commence immediately after your Separation from Service and shall be payable at regular payroll intervals according to your pay schedule then in effect. The enhanced severance payments described above, if greater than those you would ordinarily have been entitled to, will be in lieu of, and not in addition to, the severance (if any) that would ordinarily have been payable to you under the terms of the applicable BMS Severance Plan or in any offer letter or other arrangement between you and BMS.

Enhanced Severance Payments. If Executive's employment is terminated following a Change in Control pursuant to a Termination for Good Reason or a Termination Without Cause, the Severance Benefit payable to Executive pursuant to Paragraph 6 shall be equal to two times the sum of Executive's annual Base Salary and the Bonus Severance Amount.

Enhanced Severance Payments. The Company shall pay Executive an additional sum of (a) fifty percent (50%) of Executive’s then-current annual Base Salary; (b) fifty percent (50%) of the amount of the annual incentive Bonus target (excluding any commission targets) for the calendar year immediately preceding the calendar year in which Executive’s Termination Date occurs or for the calendar year in which Executive’s Termination Date occurs, whichever is greater; (c) in lieu of continuing to provide life or disability insurance for Executive, eighteen (18) times the monthly premium or premiums for disability and life insurance coverage of Executive paid by the Company immediately before Executive’s Termination Date; and (d) an additional six (6) months of COBRA Benefits described in Section 7.2(c)(ii) (collectively, the “Enhanced Severance Payments”). The Enhanced Severance Payments shall commence in accordance with Section 7.4(c), Section 7.4(d) and Section 7.9, and shall be commence immediately following the last payment of Standard Termination Payments to Executive and be made in thirteen (13) installment payments in accordance with the Company’s regular bi-weekly paydays, or if different, in accordance with the Company’s customary payroll practices.

Enhanced Severance Payments. (a) Employees who have completed ninety (90) days employment will receive 54 hours pay. (b) Employees with one year seniority will received 108 hours pay. (c) For each completed year of seniority, the employee will receive an additional 54 hours pay. (d) Severance will not exceed the equivalent of 810 hours pay.

Enhanced Severance Payments. In addition to the Severance Benefits described in section 7.2, the Company will pay Executive an additional sum equal to (a) six (6) months of Executive’s then-current annual Base Salary; (b) fifty percent (50%) of the amount of the annual Incentive Compensation target (excluding any commission targets) for the calendar year immediately preceding the calendar year in which Executive’s Termination Date occurs or for the calendar year in which Executive’s Termination Date occurs, whichever is greater; (c) in lieu of continuing to provide life or disability insurance for Executive, eighteen (18) times the monthly premium or premiums for disability and life insurance coverage of Executive paid by the Company immediately before Executive’s Termination Date; and (d) an additional six (6) months of COBRA Benefits described in Section 7.2(c)(ii) (collectively, the “Enhanced Severance Payments”). The Enhanced Severance Payments will commence in accordance with Section 7.4(c), Section 7.4(d) and Section 7.9, and will be commence immediately following the last payment of Standard Termination Payments to Executive and be made in equal installment payments in accordance with the Company’s regular bi-weekly paydays, or if different, in accordance with the Company’s customary payroll practices.

Enhanced Severance Payments. (i) The Company will pay Executive an amount equal to $3,125,000 (the “First Enhanced Severance Payment”), less applicable withholdings. The First Enhanced Severance Payment will satisfy in full the Company’s obligations under Section 4.5(a)(iii) of the Employment Agreement and will be paid no earlier than March 31, 2015 and no later than June 1, 2015. (ii) The Company will pay Executive an amount equal to $1,250,000 (the “Second Enhanced Severance Payment”), less applicable withholdings. The Second Enhanced Severance Payment will be paid no earlier than January 1, 2016 and no later than March 15, 2016. The Second Enhanced Severance Payment will satisfy in full the Company’s obligations under Section 4.5(a)(ii) of the Employment Agreement and any obligation the Company might have to pay Executive any bonus for all or any portion of 2015.