Common use of Severance Payment and Target Incentive Payment Clause in Contracts

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.

Severance Payment and Target Incentive Payment. (i) The Company shall pay to the Executive an amount equal to 12 24 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 24 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.