Monthly Severance Payment definition

Monthly Severance Payment means the monthly installment amount of the Base Salary of Executive at the time of Executive’s termination plus the monthly average of the short-term incentive payments (quarterly bonus) actually paid to Executive during the twelve (12) months immediately preceding Executive’s termination. Executive will be eligible for a number of Monthly Severance Payments based on the schedule below: New hire up to six months 0 Six months up to 12 months 3 12 months up to 18 months 6 18 months up to 24 months 9 24 months or more 12

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Monthly Severance Payment means one-twelfth of any amount in the Escrow Account remaining after the withdrawal by the Company referred to in Section 3(a), minus the amount of any salary earned by you during such month, plus interest applicable to the Monthly Severance Amount, net of all applicable withholding taxes.

Monthly Severance Payment with respect to the Executive shall be equal the quotient resulting from dividing (a) the aggregate sum of all salary paid to, and incentive bonuses earned by, the Executive pursuant to this Agreement and prior employment with the Company during the three year period ended December 31 of the year prior to the date of termination of the Executive's employment by (b) 36. For purposes hereof, (i) the Special Compensation Bonus under Paragraph 3E shall be excluded in calculating the "incentive bonus" component in clause (a) above; (ii) the amount of the incentive bonus in said clause (a) shall be deemed to be $40,000 for 1997, $105,000 for 1998 and $200,000 for 1999; and (iii) in the event any non-cash consideration is included in any such incentive bonus in 2000 or thereafter, such non-cash consideration shall be included at the value reasonably assigned by the Board of Directors or the Compensation Committee thereof at the time such bonus is awarded or, in the absence of any such value determination, at the fair market value determined by independent appraisal.

Examples of Monthly Severance Payment in a sentence

Executive’s obligations under this Agreement will terminate immediately if Corporation fails to make a Monthly Severance Payment within 15 days after it is due.
For this purpose, a check for a Monthly Severance Payment mailed within such 15-day period (as evidenced by official postmark) will be deemed to be made within such 15-day period.
Executive's obligations under this Agreement will terminate immediately if Corporation fails to make a Monthly Severance Payment within 15 days after it is due.
If Employee's ---------------------------------------- employment by the Company is terminated by the Company without Cause pursuant to Section 3(b)(ii), the Company shall pay Employee (i) the compensation and other benefits expressly provided under this Agreement through the Termination Date; and (ii) the Severance Amount, payable in 24 equal monthly installments of the Monthly Severance Payment commencing with the first calendar month after the Termination Date.
If, however, Company receives written notice from Executive of Company's failure to pay a Monthly Severance Payment, Company shall pay Executive in a lump sum, in cash, an amount equal to the unpaid balance of the Monthly Severance Payments on or before the fifth (5th) day following the date Company receives such written notice from Executive.
For this purpose, a check for a Monthly Severance Payment mailed within such 15 day period (as evidenced by official postmark) will be deemed to be made within such 15 day period.
If Employee's --------------------------------------- employment by the Company is terminated by Employee for Good Reason pursuant to Section 3(b)(v), the Company shall pay Employee (i) the compensation and other benefits expressly provided under this Agreement through the Termination Date; and (ii) the Severance Amount, payable in 24 equal monthly installments of the Monthly Severance Payment commencing with the first calendar month after the Termination Date.
Each Monthly Severance Payment shall be treated as a separate payment for the purposes of Code Section 409A.
The Monthly Severance Payment shall be due and payable on or before the day of the month that Company paid Executive the Base Salary.
As used herein, "Monthly Severance Payment" shall mean the monthly installment amount of the Base Salary of Executive at the time of Executive's termination plus the monthly average of the short-term incentive payments (quarterly bonus) actually paid to Executive during the twelve (12) months immediately preceding Executive's termination.

More Definitions of Monthly Severance Payment

Monthly Severance Payment with respect to the Executive shall be equal the quotient resulting from dividing (a) the aggregate sum of all salary paid to, and incentive bonuses earned by, the Executive pursuant to this Agreement and prior employment with the Company during the three year period ended December 31 of the year prior to the date of termination of the Executive's employment by (b) 36. For purposes hereof, (i) the amount of the incentive bonus in said clause (a) shall be deemed to be $40,000 for 1997, $85,000 for 1998 and $80,000 for 1999; and (ii) in the event any non-cash consideration is included in any such incentive bonus in 2000 or thereafter, such non-cash consideration shall be included at the value reasonably assigned by the Board of Directors or the Compensation Committee thereof at the time such bonus is awarded or, in the absence of any such value determination, at the fair market value determined by independent appraisal.