Bonus Severance Amount means an amount equal to the average of all annual bonuses earned by the Employee from Employer in the two (2) fiscal years ending immediately prior to Employee’s termination; provided, however, that if Employee’s termination occurs during fiscal 2006, the “Bonus Severance Amount” shall be the higher of Employee’s annual bonus amount for the 2006 fiscal year or Employee’s annual target bonus for 2006 (the Severance Amount shall be payable in a lump sum within thirty (30) days of such termination) and (B) Employee shall become fully vested in any stock options granted to Employee by the Board. In the event of a termination pursuant to Section 7(a), 7(c) or 7(d) hereof, Employee (his spouse and his dependents, if applicable) shall also be entitled to continue to participate in the medical, dental, hospitalization and life insurance programs existing on the date of termination (or any replacement plans for any such plans) with regard to senior executive officers of a similar level (or their cash equivalents, and, if Employer provides a cash payment in lieu of such benefits, it shall be calculated on a grossed-up tax basis as if Employee had remained an employee) for three (3) years from the date of termination; provided, that Employee shall be obligated to make all employee contributions required to receive such benefits under Employer’s programs and that such continued benefits shall terminate on the date or dates Employee receives equivalent coverage and benefits, without waiting period or pre-existing conditions limitations, under the plans and programs of a subsequent employer (such coverage and benefits to be determined on a coverage-by-coverage or benefit-by-benefit, basis). Employee shall not be entitled to any compensation or benefits pursuant to this Section 7(g)(ii) if his employment hereunder is terminated pursuant to Section 7(b) or as a result of Employee’s voluntary termination pursuant to Section 7(e). Notwithstanding anything herein to the contrary no Severance Amount payable to Employee under this section shall exceed the aggregate sum of $3,300,000.
Bonus Severance Amount means an amount equal to the average of all annual bonuses earned by the Executive from the Company in the two (2) fiscal years ending immediately prior to Executive's termination; provided, however, that if Executive's termination occurs prior to the end of fiscal 1997, the "Bonus Severance Amount" shall mean an amount equal to Executive's annual target bonus for 1997 and if it occurs during fiscal 1998, the "Bonus Severance Amount" shall be the higher of Executive's annual bonus amount for the 1997 fiscal year or Executive's annual target bonus for 1998. The Severance Amount shall be payable in a lump sum within thirty (30) days of such termination. In the event of a termination pursuant to Section 4(a), 4(c) or 4(d) hereof, Executive (his spouse and his dependents, if applicable) shall also be entitled to continue to participate in the medical, dental, hospitalization and life insurance programs existing on the date of termination (or any replacement plans for any such plans) with regard to senior executive officers of a similar level and in the noncontributory wrap-around medical and dental plan referred to in Section 2(c) (or their cash equivalents, and, if the Company provides a cash payment in lieu of such benefits, it shall be calculated on a grossed-up tax basis as if Executive had remained an employee) for three (3) years from the date of termination; provided, that Executive shall be obligated to make all employee contributions required to receive such benefits under the Company's programs (other than the noncontributory wrap-around medical and dental
Examples of Bonus Severance Amount in a sentence
Such amounts payable in the preceding sentence shall be payable either as a lump-sum or in the form of salary continuation (with amounts attributable to the Bonus Severance Amount prorated monthly), whichever the Company shall determine in its sole discretion.
In addition, the Company shall pay to Executive’s estate the sum of (i) an amount equal to that number of months of Executive’s then current base salary equal to the Severance Months, and (ii) the Bonus Severance Amount, less all applicable standard deductions and withholdings.
If Executive's employment is terminated following a Change in Control pursuant to a Termination for Good Reason or a Termination Without Cause, the Severance Benefit payable to Executive pursuant to Paragraph 6 shall be equal to two times the sum of Executive's annual Base Salary and the Bonus Severance Amount.
Such amounts payable in the preceding sentence shall be payable in the form of salary continuation (with amounts attributable to the Bonus Severance Amount prorated monthly).
In addition, the Company shall pay to Executive, or to Executive’s beneficiaries or estate, as appropriate, the sum of (i) an amount equal to that number of months of Executive’s then current base salary equal to the Severance Months and, (ii) the Bonus Severance Amount, less all applicable standard deductions and withholdings and any disability payment otherwise payable by or pursuant to plans provided by the Company and actually paid to Executive.
More Definitions of Bonus Severance Amount
Bonus Severance Amount means an amount equal to Executive's annual target bonus for 1997 and if it occurs during fiscal 1998, the "Bonus Severance Amount" shall be the higher of Executive's annual bonus amount for the 1997 fiscal year or Executive's annual target bonus for 1998. The Severance Amount shall be payable in a lump sum within thirty (30) days of such termination. In the event of a termination pursuant to Section 4(a), 4(c) or 4(d) hereof, Executive (his spouse and his dependents, if applicable) shall also be entitled to continue to participate in the medical, dental, hospitalization and life insurance programs existing on the date of termination (or any replacement plans for any such plans) with regard to senior executive officers of a similar level and in the noncontributory wrap-around medical and dental plan referred to in Section 2(c) (or their cash equivalents, and, if the Company provides a cash payment in lieu of such benefits, it shall be calculated on a grossed-up tax basis as if Executive had remained an employee) for three (3) years from the date of termination; provided, that Executive shall be obligated to make all employee contributions required to receive such benefits under the Company's programs (other than the noncontributory wrap-around medical and dental
Bonus Severance Amount means an amount equal to the average of all annual bonuses earned by the Employee from Employer in the two (2) fiscal years ending immediately prior to Employee's termination; (the Severance Amount shall be payable in a lump sum within thirty (30) days of such termination). In the event of a termination pursuant to Section 7(a) or 7(d) hereof on or after the fourth anniversary of the commencement of the Period of Employment, Employee (his spouse and his dependents, if applicable) shall also be entitled to continue to participate in the medical, dental, hospitalization and life insurance programs existing on the date of termination (or any replacement plans for any such plans) with regard to senior executive officers of a similar level (or their cash equivalents, and, if Employer provides a cash payment in lieu of such benefits, it shall be calculated on a grossed-up tax basis as if Employee had remained an employee) for three (3) years from the date of termination; provided, that Employee shall be obligated to make all employee contributions required to receive such benefits under Employer's programs and that such continued benefits shall terminate on the date or dates Employee receives equivalent coverage and benefits, without waiting period or pre-existing conditions limitations, under the plans and programs of a subsequent employer (such coverage and benefits to be determined on a coverage-by-coverage or benefit-by-benefit, basis). Employee shall not be entitled to any compensation or benefits pursuant to this Section 7(g)(ii) if his employment hereunder is terminated pursuant to Section 7(b) or as a result of Employee's voluntary termination pursuant to Section 7(e).
Bonus Severance Amount means an amount equal to the Target Bonus multiplied by (A) 2.0 if such Involuntary Termination occurs before the Second Anniversary, (B) 1.5 if such Involuntary Termination occurs on or after the Second Anniversary but before the Third Anniversary or (C) 1.0 if such Involuntary Termination occurs on or after the Third Anniversary. “Target Bonus” means the target bonus payable under Section 1.2(b) for the year in which an Involuntary Termination occurs, calculated as if Executive had remained employed by the Company through the end of such year and had fully earned and been awarded such bonus;
Bonus Severance Amount means an amount equal to the average of all annual bonuses earned by the Employee from Employer in the two (2) fiscal years ending immediately prior to Employee’s termination (the Severance Amount shall be payable in a lump sum within thirty (30) days of such termination, subject to Section 7(i) hereof) and
Bonus Severance Amount means an amount equal to the Target Bonus multiplied by (A) 2.0 if such Involuntary Termination occurs before the second Anniversary, (B) 1.5 if such Involuntary Termination occurs on or after the second Anniversary but
Bonus Severance Amount means an amount equal to the average Annual Bonus paid to Executive for the three years immediately preceding Executive’s employment termination; provided, however, in the event the Annual Bonus paid in March 2006 is used to calculate the average bonus amount hereunder, the March 2006 bonus shall be deemed $450,000.00 for purposes of such an average bonus calculation. If Executive has received only two Annual Bonus payments prior to Executive’s employment termination, then the average of such two Annual Bonus payments (i.e. $600,000.00) shall be used to determine the Bonus Severance Amount.
Bonus Severance Amount means an amount equal to the average of all annual bonuses earned by the Employee from Employer in the two (2) fiscal years ending immediately prior to Employee's termination; provided, however, that if Employee's termination occurs during fiscal 1998, the "Bonus Severance Amount" shall be the higher of Employee's annual bonus amount for the 1997 fiscal year or Employee's annual target bonus for 1998 (the Severance Amount shall be payable in a lump sum within thirty (30) days of such termination) and (B) Employee shall become fully vested in any stock options granted to Employee by the Board. In the event of a termination pursuant to Section 7(a), 7(c) or 7(d) hereof, Employee (his spouse and his dependents, if applicable) shall also be entitled to continue to participate in the medical, dental, hospitalization and life insurance programs existing on the date of termination (or any replacement plans for any such plans) with regard to senior executive officers of a similar level