Severance Payment and Target Incentive Payment Sample Clauses

Severance Payment and Target Incentive Payment. (i) (A) The Company shall pay to the Executive an amount equal to 12 months of Base Salary, at the highest rate in effect during the 24 months preceding the date of the Notice of Termination (the “Severance Computation Period”) in 12 substantially equal monthly installment payments beginning with the first calendar month which begins at least 60 days after the Termination Date. (B) In addition, the Executive shall be entitled to an additional payment in an amount equal to three (3) times the amount of a single installment payment under (A), which payment shall be paid in three (3) equal monthly installment payments beginning with the first month after the last installment payment in (A) is payable. Each monthly installment shall be treated as a separate payment for purposes of Section 409A of the Code.
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Severance Payment and Target Incentive Payment. (i) The Company shall pay to the Executive an amount equal to 12 months of Base Salary, at the highest rate in effect during the 24 months preceding the date of the Notice of Termination (the “Severance Computation Period”) in 12 substantially equal monthly installment payments beginning with the first calendar month which begins at least 60 days after the Termination Date. Each monthly installment shall be treated as a separate payment for purposes of Section 409A of the Code.
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Severance Payment and Target Incentive Payment. (i) (A) The Company shall pay to the Executive an amount equal to 12 months of Base Salary at the greater of (the aggregate amount of such payments being the “Severance Salary”) (1) the highest rate in effect during the 24 months preceding the date of the Notice of Termination (the “Severance Computation Period”) or (2) the salary that would have been in effect for the next subsequent quarter given any completed capital raises in 12 substantially equal monthly installment payments beginning with the first calendar month which begins at least 60 days after the Termination Date. (B) In addition, the Executive shall be entitled to an additional payment in an amount equal to six (6) times the amount of a single installment payment under (A), which payment shall be paid in six (6) equal monthly installment payments beginning with the first month after the last installment payment in (A) is payable. Each monthly installment shall be treated as a separate payment for purposes of Section 409A of the Code.
Sample 1
Severance Payment and Target Incentive Payment. (i) (A) The Company shall pay to the Executive an amount equal to 12 months of Base Salary at the greater of (the aggregate amount of such payments being the “Severance Salary”) (1) the highest rate in effect during the 24 months preceding the date of the Notice of Termination (the “Severance Computation Period”) or (2) the salary that would have been in effect for the next subsequent quarter given any completed capital raises in 12 substantially equal monthly installment payments beginning with the first calendar month which begins at least 60 days after the Termination Date. (B) In addition, the Executive shall be entitled to an additional payment in an amount equal to six (6) times the amount of a single installment payment under (A), which payment shall be paid in six (6) equal monthly installment payments beginning with the first month after the last installment payment in (A) is payable. Each monthly installment shall be treated as a separate payment for purposes of Section 409A of the Code. (ii) The Executive shall be entitled to receive a Target Incentive Payment under the Target Incentive Payment Plan for the calendar year in which the Executive’s Termination Date occurs in an amount equal to the 200% of the Base Salary earned by the Executive that year through the Termination Date minus the Quarterly Target Incentive Payments paid or earned to date during such year. This Target Incentive Payment shall be paid in a single lump sum no later than March 15 of the calendar year following the calendar year in which the Termination Date occurs. (iii) The Executive shall be entitled to receive an additional severance payment in an amount equal to 1.5 multiplied by the greater of: (A) 200% of the Severance Salary, or (B) the highest Target Incentive Payment actually paid to the Executive for either of the two calendar years ending prior to the Termination Date. This additional severance payment shall be paid in a single lump sum between January 1 and March 15 of the year following the calendar year in which the Termination Date occurs. 10 (b)
Sample 1

Related to Severance Payment and Target Incentive Payment

  • Annual Incentive Payment The Executive shall participate in the Company's Management Incentive Plan (or such alternative, successor, or replacement plan or program in which the Company's principal operating executives, other than the Chief Executive Officer, generally participate) and shall have a targeted incentive thereunder of not less than $240,000 per year; provided, however, that the Executive's actual incentive payment for any year shall be measured by the Company's performance against goals established for that year and that such performance may produce an incentive payment ranging from none to 200% of the targeted amount. The Executive's incentive payment for any year will be appropriately pro-rated to reflect a partial year of employment.

  • Incentive Payment 11.3.1 An employer may offer and an employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts Age at Retirement % of Annual Salary at Time of Retirement 55 to 59 100% 60 80% 61 60% 62 40% 63 20% 64 0%

  • Incentive Payments The Settlement Fund Administrator will treat incentive payments under Section IV.F on a State-specific basis. Incentive payments for which a Settling State is eligible under Section IV.F will be allocated fifteen percent (15%) to its State Fund, seventy percent (70%) to its Abatement Accounts Fund, and fifteen percent (15%) to its Subdivision Fund. Amounts may be reallocated and will be distributed as provided in Section V.D.

  • Severance Payment Executive will be paid continuing payments of severance pay at a rate equal to Executive’s base salary rate, as then in effect, for twelve (12) months from the date of such termination of employment, to be paid periodically in accordance with the Company’s normal payroll policies.

  • Lump Sum Severance Payment Payment of a lump sum amount equal to twelve (12) months of Executive’s then-current Base Salary plus the Pro Rated Bonus, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the Release required by Paragraph 4(g) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.

  • Cash Severance Payment Executive shall receive a lump sum payment in an amount equal to twelve (12) months of Executive's base salary (less applicable withholding), paid within five (5) business days after the conclusion of the transition period (or after the termination date if there is no transition period requested by the Company).

  • Annual Incentive Bonus The Company shall, in addition to Executive’s Base Salary, pay Executive an Annual Incentive Bonus, which shall be payable within 120 days of the end of each fiscal year in accordance with the formula set forth on Exhibit A, attached hereto and made a part hereof.

  • Incentive Pay (1) For any calendar year: in which twenty-five percent (25%) of the number of members employed as of January 1 of each year are rated as either Level II or Level III in every phase of the PFT then

  • Change in Control Bonus “Change in Control Bonus” has the meaning set forth in Section 5a(iii)(1).

  • Annual Incentive Award During the Term of Employment, the Executive shall be eligible for an annual incentive award with payout opportunities that are commensurate with his position and duties, as determined by the Compensation Committee in its discretion. Commencing with the Effective Date of the initial Term of Employment, the Executive’s target annual incentive award opportunity will be equal to fifty percent (50%) of the Executive’s Base Salary. The Executive’s annual incentive award opportunities shall be based on Company and individual performance goals determined, and subject to change, by the Compensation Committee in its discretion. The Executive shall be paid his annual incentive award no later than other senior executives of the Company are paid their annual incentive award.

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