Common use of TERMINATION ALLOWANCE Clause in Contracts

TERMINATION ALLOWANCE. Employee’s Termination Allowance will equal the sum of (a) Employee’s Monthly Base Salary multiplied by twelve (12) plus (b) Employee’s Bonus Target; provided, however, that if the Eligible Termination is a Change in Control Termination, Employee’s Termination Allowance will equal the sum of (x) Employee’s Monthly Base Salary multiplied by eighteen (18) plus (y) Employee’s Bonus Target multiplied by one and one-half (1.5). Verso will pay the Termination Allowance to Employee, less all applicable reductions, taxes and other withholdings, in a lump sum cash payment within 60 days following Employee’s Separation from Service, provided that if the period for Employee to provide (and not revoke) the Release defined below spans two calendar years, the payment will be made in the second of such two years (and within the 60-day period following Employee’s Separation from Service).

TERMINATION ALLOWANCE. Employee’s Termination Allowance will equal the sum of (a) Employee’s Monthly Base Salary multiplied by twelve eighteen (1218) plus (b) Employee’s Bonus TargetTarget multiplied by one and one-half (1.5); provided, however, that if the Eligible Termination is a Change in Control Termination, Employee’s Termination Allowance will equal the sum of (x) Employee’s Monthly Base Salary multiplied by eighteen twenty-four (1824) plus (y) Employee’s Bonus Target multiplied by one and one-half two (1.52). Verso will pay the Termination Allowance to Employee, less all applicable reductions, taxes and other withholdings, in a lump sum cash payment within 60 days following Employee’s Separation from Service, provided that if the period for Employee to provide (and not revoke) the Release defined below spans two calendar years, the payment will be made in the second of such two years (and within the 60-day period following Employee’s Separation from Service).

TERMINATION ALLOWANCE. Employee’s Termination Allowance will equal the sum of (a) Employee’s Monthly Base Salary multiplied by twelve (12) plus (b) Employee’s Bonus TargetTarget multiplied by one (1); provided, however, that if the Eligible Termination is a Change in Control Termination, Employee’s Termination Allowance will equal the sum of (x) Employee’s Monthly Base Salary multiplied by eighteen (18) plus (y) Employee’s Bonus Target multiplied by one and one-half (1.5). Verso will pay the Termination Allowance to Employee, less all applicable reductions, taxes and other withholdings, in a lump sum cash payment within 60 days following Employee’s Separation from Service, provided that if the period for Employee to provide (and not revoke) the Release defined below spans two calendar years, the payment will be made in the second of such two years (and within the 60-day period following Employee’s Separation from Service).

TERMINATION ALLOWANCE. Employee’s Termination Allowance will equal the sum of (a) Employee’s Monthly Base Salary multiplied by twelve (12) plus (b) Employee’s Bonus Target; provided, however, that if the Eligible Termination is a Change in Control Termination, Employee’s Termination Allowance will equal the sum of (x) Employee’s Monthly Base Salary multiplied by eighteen (18) plus (y) Employee’s Bonus Target multiplied by one and one-one half (1.5). Verso will pay the Termination Allowance to Employee, less all applicable reductions, taxes and other withholdings, in a lump sum cash payment within 60 days following Employee’s Separation from Service, provided that if the period for Employee to provide (and not revoke) the Release defined below spans two calendar years, the payment will be made in the second of such two years (and within the 60-day period following Employee’s Separation from Service).