Severance Rate definition

Severance Rate means only the Executive’s base salary in effect immediately prior to the Severance Date and shall not include any commissions (unless already determined and awarded prior to the Severance Date), vacation pay, sick leave, or the like whatsoever.
View Source
Severance Rate means only the Executive's base salary in effect immediately prior to the Severance Date and shall not include any commissions or bonuses (unless already determined and awarded prior to the Severance Date), vacation pay, sick leave, or the like whatsoever.
View Source
Severance Rate means (i) for the CEO, the CEO’s then current Annual Base Salary plus the target annual bonus or incentive compensation which could have been earned by the CEO, calculated as if all relevant goals had been met during the Company’s then-current fiscal year pursuant to the terms of the incentive compensation plan in which the CEO participates, and (ii) for all of Executives, such Executive’s then current Annual Base Salary.
View Source

Examples of Severance Rate in a sentence

  • The Severance Amount shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over the number of months consistent with the applicable Severance Rate, commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the Severance Amount shall begin to be paid in the second calendar year.

  • In the event Employee obtains other employment, consulting, freelance, or any other compensated role which pays Employee a base salary less than the Severance Rate, then Employee’s severance payments shall immediately become subject to offset by the amount of Employee’s new base salary and guaranteed incentive compensation, if any, from such other employment that is received by Employee during the Severance Period.