Examples of Lump Sum Severance Payment in a sentence
The Lump Sum Severance Payment shall be paid to the Executive on a date that is six months and a day after the Qualifying Termination.
The sum of the Salary Continuation Severance Payments and the Lump Sum Severance Payment shall be referred to as the “Severance Amount.” The Severance Amount shall not be taken into account for purposes of determining the Executive’s rights under any other employee benefit or compensation plans, agreements, arrangements or policies established, maintained or contributed to by the Company or its subsidiaries or affiliates.
The Lump Sum Severance Payment, benefits under the Retirement Plans and Exhibit B Benefits pursuant to this Section II are in lieu of any other payments or benefits (and, except as specifically provided under the Retirement Plans and the Exhibit B Benefit Programs, none shall accrue) after the Separation Date.
The Company shall pay as severance pay to Employee a lump sum amount of Two Million Four Hundred Sixty-Five Thousand One Hundred Thirty-Nine Dollars and No Cents ($2,465,139.00), less applicable withholding and authorized deductions, within ten days after his return of this executed Agreement to AMC ("Lump Sum Severance Payment"), provided this Separation Agreement has not sooner been revoked, in whole or in part, by Employee.
In that event, Employee shall not be eligible for either the Lump Sum Severance Payment, the Continuing Base Salary Payments, immediate vesting of stock options, or, except as required by law, the Welfare Benefits.
In no event will any Lump Sum Severance Payment be made later than two and one-half months following the calendar year in which the Termination Date occurred.
Mr. Linquist became entitled to receive: (i) $6,784,830, which represents the value of his outstanding stock options and restricted stock that automatically vested upon consummation of the Business Combination; (ii) $1,390,480, which represents the value of his annual cash performance award that became vested and deemed earned in full at the target level; and (iii) $6,569,190, which represents the value of his Lump Sum Severance Payment and Benefits described above.
Upon a Change in Control, in addition to all the awards attributable to the NEO immediately vesting as noted in (1) above, if a resulting termination of employment also occurs, the Named Executive Officer would be entitled to receive the Cash Severance consisting of the Lump Sum Severance Payment described in more detail in “Change in Control Agreements” above, together with the Benefits consisting of certain health and dental benefits.
Mr. Stachiw became entitled to receive: (i) $1,642,158, which represents the value of his outstanding stock options and restricted stock that automatically vested upon consummation of the Business Combination; (ii) $343,950, which represents the value of his annual cash performance award that became vested and deemed earned in full at the target level; and (iii) $1,788,748, which represents the value of his Lump Sum Severance Payment and Benefits described above.
The following are the Severance Payments referenced in Section 3.01:(a) Lump Sum Severance Payment.