▇▇▇▇▇▇▇▇▇ Payment Clause Samples

▇▇▇▇▇▇▇▇▇ Payment. Executive shall receive cash in an amount equal to the sum of (i) two (2) times Executive’s then-current base salary and (ii) Executive’s target annual cash incentive compensation under the MICP (or any other similar annual non-equity compensation plan of the Company) for the fiscal year in which Executive’s employment is terminated.

▇▇▇▇▇▇▇▇▇ Payment. The Company shall provide a lump sum cash severance payment determined as the sum of (i) two times the Executive’s then current base salary, plus (ii) one times the Executive’s target bonus for the year of the Qualifying Termination or, if greater, the calendar year of the consummation of the Change in Control (in no event less than the target bonus amount in effect as of the Effective Date), plus (iii) a pro rata portion of one times the Executive’s target annual bonus in effect on the date of the Qualifying Termination under any then current incentive bonus plan, in an amount determined by taking into account the number of months of the Executive’s service completed with the Company as of the date of the Qualifying Termination (collectively the “Severance Payment”).

▇▇▇▇▇▇▇▇▇ Payment. In the even the Company terminates the Executive’s employment without cause, it will be obligated to pay the Executive severance pay equal to two years compensation for years one and two, three years for year three, four years for year four, and five years for year five of employment served by the Executive.

▇▇▇▇▇▇▇▇▇ Payment. If, during the first twelve (12) months of Executive’s employment with Mercantile, Executive (i) is terminated, (ii) has his salary reduced, (iii) is assigned a position or duties that are substantially diminished from his initial position or duties with Mercantile as described in the job description attached as Exhibit C or as may otherwise be agreed upon by Mercantile and Executive, or (iv) is relocated more than twenty-five (25) miles from his initial primary work location with Mercantile, Executive may terminate his employment and Mercantile will pay Executive a lump sum cash Severance Payment equal to the sum of: (i) $292,500.00 [150% of salary], plus (ii) $73,125.00 [150% of target incentive compensation], minus (iii) the amount of any Retention Bonuses previously paid to Executive. In order to receive the Severance Payment, Executive must be and remain in compliance with the Non-Compete and Non-Solicitation Agreement referenced in Section 7 of this Agreement and must execute and not revoke a general release of all claims against Mercantile, Firstbank, their affiliates and subsidiaries and their owners, officers, directors, employees and agents, in the form attached to this Agreement as Exhibit B.

▇▇▇▇▇▇▇▇▇ Payment. Executive shall receive cash in an amount equal to the sum of (i) one-and-one-half (1.5) times Executive’s then-current base salary and (ii) the average of Executive’s annual cash incentive compensation paid to him under the Company’s Management Incentive Compensation Plan (“MICP”) (or any other similar annual non-equity compensation plan of the Company) for each of the last three full fiscal years (or such lesser number of years for which Executive was employed by the Company) prior to the year in which Executive’s employment is terminated. In the event that Executive was not employed by the Company for the whole of any such fiscal year, but received pro-rated cash incentive compensation for such fiscal year, such amount shall be annualized for computation purposes.

▇▇▇▇▇▇▇▇▇ Payment. The Company agrees to pay Executive cash severance (the “Severance”) in an amount equal to $650,000, which is equivalent to Executive’s annual base salary as of the Execution Date, less applicable withholdings. The Severance will be paid to the Executive pursuant to the Company’s regular payroll schedule over a period of one (1) year commencing on the Company’s first practicable payroll period following the Release Effective Date (as defined in the Waiver and Release of Claims).

▇▇▇▇▇▇▇▇▇ Payment. If NXP terminates your employment for any reason other than that provided in Section 4(c) or 4(d) of this Agreement, and provided you fully execute and do not revoke a separation and general release agreement in a form satisfactory to NXP within 60 days following such termination, then NXP will pay you a lump sum cash severance payment of one (1) year’s Base Salary, less any gross payments or benefits paid during the notice period above unless you have performed or will perform actual work during the notice period.

▇▇▇▇▇▇▇▇▇ Payment. Subject to Sections 5(c), 7 and 8 of the Agreement: (i) If the Company terminates your employment without Cause (other than as a result of your death or Disability) or if you terminate your employment with Good Reason, in each case, outside of the Change in Control Protection Period (as defined below), then, in addition to the Accrued Benefits, the Company will provide you the following severance and related post-termination benefits: (1) The Company shall, during the period beginning on the Date of Termination and ending on the twelve (12) month anniversary of the Date of Termination, pay to you an amount equal to (A) twelve (12) months of your Base Pay as in effect immediately prior to the Date of Termination (or in the case of termination by you with Good Reason due to material reduction in Base Pay and/or Target Bonus, your Base Pay and/or Target Bonus in effect immediately prior to such reduction, as applicable) (the “Non-CIC Severance Payment”); (B) the aggregate sum of the Company's share of medical, dental and vision insurance premiums for you and your dependents for the twelve (12) month period commencing on the Date of Termination and ending on the first anniversary thereof as if you had remained employed and based on coverage as of immediately prior to termination (for the avoidance of doubt, if immediately prior to the termination of your employment you were required to contribute towards the cost of premiums as a condition of receiving such insurance, the payment hereunder will not cover any such contributions) (the “Continued Benefit Payment”); (C) if termination of your employment occurs less than six months following the commencement of the fiscal year in which the Date of Termination occurs, an amount equal to the Target Bonus, prorated based on the number of days you worked during such fiscal year (the “Pro Rata Bonus”); and (D) if termination of your employment occurs six months or later following the commencement of the fiscal year in which the Date of Termination occurs, an amount equal to the Target Bonus (the “Full Bonus”); (2) Unless explicit terms of an award agreement for an Equity Award (as defined below) are more favorable to you, each outstanding unvested Equity Award held by you immediately prior to the Date of Termination that is subject to vesting based solely upon your continuous service with the Company (collectively, “Time-Based Equity Awards”) that would have vested during the twelve (12) month period following the Date ...

▇▇▇▇▇▇▇▇▇ Payment. The Company agrees to pay Employee a lump sum equivalent to twelve (12) months of Employee’s base salary, for a total of Four Hundred Sixty Thousand Seven Hundred Fifty Dollars ($460,750.00), less applicable withholdings. This payment will be made to Employee within ten (10) business days after the Effective Date of this Agreement.