Severance Multiple definition

Severance Multiple means 2.50; provided, however, that notwithstanding the foregoing, for each full month that elapses during the period beginning on the date the Executive attains age 63 and ending on the date the Executive attains age 65, the Severance Multiple shall be reduced by an amount equal to the product of (i) 1/24 and (ii) the excess of (A) the original Severance Multiple set forth above over (B) 1.0 (rounded to the nearest hundredth).
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Severance Multiple has the meaning set forth on the first page of the Agreement.
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Severance Multiple means two; provided, however, that the Severance Multiple shall mean three if Executive’s employment hereunder shall terminate on or within two years after the occurrence of a Change in Control.
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Examples of Severance Multiple in a sentence

  • The Participant shall be entitled, to the extent the Corporation may do so legally (and without penalty or other adverse consequences) and in accordance with the applicable benefit plans in effect from time to time, to continue participation in the group health plans for a period equal to the product of: (i) one year and (ii) the Participant’s Severance Multiple, up to a maximum period of 18 months.

  • The Corporation shall advise each Participant of participation in the Plan by a letter (the “Award Letter”) which shall include the Participant’s level of participation (either Level 1, 2, or 3) and the Participant’s corresponding Severance Multiple and such other terms and conditions not inconsistent with the Plan.

  • The Participant shall receive a cash payment in an amount (the “Severance Amount”) equal to the product of: (i) the sum of the Participant’s Annual Base Salary and Target Bonus for the year in which the Involuntary Termination occurs, and (ii) the Participant’s Severance Multiple.


More Definitions of Severance Multiple

Severance Multiple means three.
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Severance Multiple means 1
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Severance Multiple means the Participant’s Severance Period, expressed in years or fractions thereof (e.g., a Severance Period of two (2) years results in a Severance Multiple of two (2)). The Severance Multiple may be different for periods outside of the Change of Control Period and within the Change of Control Period.
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Severance Multiple has the meaning given to such term in Section 1.06 hereof.
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Severance Multiple shall equal two (2).
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Severance Multiple means the number applicable to a Participant’s position as set forth on Exhibit A, as amended from time to time.
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Severance Multiple has the meaning set forth in the Agreement.
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