Severance Payment Amount definition

Severance Payment Amount means the sum of all Severance Payments payable to the Terminated Employees identified by the schedule to be provided by the Buyer pursuant to Section 8.15(a) and deducted from the Purchase Price in accordance with Section 3.1(b), including the cost of any benefit under any employee benefit plan maintained by Holdco or its Subsidiaries to which any such Terminated Employee becomes entitled pursuant to the terms of his or her Employment Agreement.

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Severance Payment Amount means the product of (x) the highest annual base salary payable to the Executive during any calendar year of his employment with the Company (not including bonus), multiplied by (y) one (1). In addition, the Executive shall be entitled to continued receipt of all life insurance and health and medical benefits provided to the Executive as of the date of this Agreement for a period of twelve (12) months following the date of the Terminating Event, or equivalent value in cash. The Company shall be required to provide irrevocably for such benefits by pre-paid purchase of benefits with sound and reputable insurers, or else shall pay the Executive, in a lump sum, as additional severance pay, an amount in cash equal to the discounted present value of the cost to the Executive of purchasing an equivalent benefit for such period, as determined by actuaries and/or other suitable professional personnel reasonably acceptable to the Executive.

Severance Payment Amount means $423,342.93, which amount shall be payable in shares of Class A Common Stock, with each share of Class A Common Stock having a value of $2.71 per share (which value is equal to the closing price of the Class A Common Stock on the date of this Agreement) (for a total of 156,215 shares).

Examples of Severance Payment Amount in a sentence

• The Company shall pay Executive the Severance Payment Amount in one lump sum on the thirtieth day following the Date of Termination.

• If: (a) the Actual Severance Payment Amount is greater than the Estimated Severance Payment Amount, then Purchaser shall pay to Seller an amount equal to such excess; (b) the Estimated Severance Payment Amount is greater than the Actual Severance Payment Amount, then Seller shall pay to Purchaser an amount equal to such excess; or (c) the Estimated Severance Payment Amount is equal to the Actual Severance Payment Amount, then no payment will be made by either Seller or Purchaser.

• Purchaser shall deliver to Seller, not less than five (5) Business Days prior to the Severance Payment Date, an amount in cash equal to the Estimated Severance Payment Amount.

• In lieu of any further payments to or claims by Executive for payments of salary or incentive compensation for periods subsequent to the Date of Termination, the Company shall pay to Executive a Severance Payment Amount equal to the sum of (1) Executive's Base Salary and (2) Executive's annualized incentive compensation under Subparagraph 3(b).

• The Parties agree that the Severance Payment Amount is contingent on Employee continuing to remain employed by the Company and performing her duties through the Termination Date (subject to the reduced work schedule set forth in Section 2 hereof).

• In the event that a Terminating Event occurs, the Company shall pay to the Executive an amount equal to the Severance Payment Amount (as hereinafter defined), payable in one lump-sum payment on the date of such termination or resignation.

• For the avoidance of doubt, the Severance Payment Amount shall not include any severance amounts payable to any employee of Holdco or its Subsidiaries who is not identified by the Buyer as a Terminated Employee on the above-mentioned schedule.

• In the event that your employment is terminated and you receive or are entitled to receive the Basic Severance Payment Amount or CIC Severance Payment Amount or other post-termination benefits, the payment of such benefits is expressly conditioned upon and shall not be made, provided or otherwise available unless and until, you have executed and delivered to the Company a Severance and General Release Agreement in substantially the form attached hereto as Exhibit A.

• The "Severance Payment Amount" shall mean the product of (x) the highest annual base salary payable to the Executive during any calendar year of his employment with the Company (not including bonus), multiplied by (y) one (1).

• The Company shall pay the Severance Payment Amount to Employee, less applicable withholdings and deductions, on the Company’s next regular payday following the expiration of the second Revocation Period (defined herein).

More Definitions of Severance Payment Amount

Severance Payment Amount shall have the meaning ascribed to such term in Section 4.9 hereof.

Severance Payment Amount has the meaning set forth in Section 5.2(a).

Severance Payment Amount means, with respect to each Corporate Employee that becomes a Transferred Employee pursuant to Section 9.3(a), the amount listed opposite such Corporate Employee’s name on Schedule 9.3(a) under the column titled “50% Sellers’ Portion, if Hired”.