Termination Severance Payment Sample Clauses
Termination Severance Payment. As part of the Termination Benefits, you will receive a “Termination Severance Payment.” The “Termination Severance Payment” is equal to the aggregate of the following amounts: (i) the sum of (A) your Annual Base Salary (as defined below) and (B) the target annual cash bonus set under the Company’s bonus or incentive compensation plan for the fiscal year during which your termination of employment occurs; (ii) the product of (x) the target annual cash bonus under the Company’s bonus or incentive compensation plan for the fiscal year during which your termination of employment occurs and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the date of termination, and the denominator of which is 365 and (iii) any accrued holiday or vacation pay. The Termination Severance Payment shall be made in equal monthly installments over the course of 12 months, commencing on the 60th day following the date of your Separation from Service (as defined in Section 3(c) below). Annual Base Salary is defined as your annual base salary at the rate in effect immediately prior to the termination of employment, or if higher, your annual base salary at the rate in effect six months prior to the termination of employment.
Termination Severance Payment. The Company may terminate this Agreement at any time. In the event this Agreement is terminated other than by Employee voluntarily or by the Company for Cause (as defined below), or by reason of Employee's death or permanent disability, Employee shall be entitled to the following: If the termination of this agreement is within 9 months of the Beginning Date, the Employee will be entitled to receive a severance payment ("Severance Payment") equal to three month's salary. After that employee shall receive the remainder of this one year contract. The Company will pay directly to ▇▇▇▇▇ a portion of any Severance Payments that the Company may make to Employee equal to the same percentage that applies above with respect to Salary. For purposes hereof, "Severance Payment" means any payments to Employee by Company in connection with the termination of Employee's employment. This agreement will terminate immediately upon the death or disability of the Employee. For purposes of this agreement, disability will be as defined by the applicable policy of disability insurance or, in the absence of such insurance, by the Company's Board of Directors acting in good faith. The Salary will be prorated for the final pay period based on the number of days in the final pay period up to the effective date of termination or expiration.
Termination Severance Payment