Five-Times Severance Payment definition
Examples of Five-Times Severance Payment in a sentence
Severance Payment shall mean the payment of a lump sum retention payment, in cash, equal to five times the sum of (i) Executive's Annual Base Salary and (ii) Executive's highest maximum annual bonus opportunity under the EAIP for any fiscal year (other than the fiscal year in which the Date of Termination occurs) ending after the date hereof, which Five-Times Severance Payment shall in no event be less than $10,200,000.00.
In the event of any violation by Executive of this paragraph (B) of this subsection 2.2, Executive shall repay to Company, within 5 business days of Company's written request therefor, any amounts in respect of the Three-Times Severance Payment or Five-Times Severance Payment previously paid to him pursuant to subsections 3.4 and 3.6, and Executive shall have no further entitlement to receive any additional payments or benefits under such subsections.
If Executive's employment is terminated due to a Merger Related Termination prior to the earlier of the Closing or termination of the Merger Agreement, then Executive shall be entitled to Normal Post- Termination Compensation and Benefits, Executive's Accrued Obligations, EAIP Bonus Award, Five-Times Severance Payment, Maximum LTIP Award and Other EOP Awards.
The Five-Times Severance Payment shall be in lieu of any further salary payments to Executive for periods subsequent to the Date of Termination (if any) and in lieu of any retention, severance, termination or similar benefit otherwise payable to Executive under any plan, program, arrangement or agreement of or with any System Company.