Severance Salary definition

Severance Salary means the Executive’s current Annual Base Salary, as such amount may be prorated for the number of months such salary is payable Notwithstanding any other provision of this Agreement, the Executive shall automatically cease to be an officer of the Company and its Affiliates as of the Executive’s Termination Date and, to the extent permitted by applicable law, any and all monies that the Executive owes to the Company shall be repaid to the extent possible, through deduction of such amounts from any post-termination payments owed to the Executive pursuant to this Agreement. Notwithstanding any other provision of this Agreement, the Company may suspend the Executive from performing the Executive’s duties under this Agreement; provided, however, that during the period of suspension (which shall end no later than the Executive’s Termination Date), the Executive shall continue to be treated as an employee of the Company for other purposes, and the Executive’s rights to compensation or benefits hereunder shall be in effect.
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Severance Salary means the Executive’s current Annual Base Salary, as such amount may be prorated for the number of months such salary is payable. Additionally, Executive shall receive an amount equal to the most recent Incentive Bonus actually paid for the prior year, which will be paid to Executive at the time such Incentive Bonus normally would have been paid.
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Severance Salary shall equal twelve (12) months' base salary; provided, however, that under no circumstances shall the Severance Salary exceed $135,000. In the event that this Agreement expires without renewal, Executive shall receive no Severance Salary. Such Severance Salary shall be subject to the continued satisfaction after termination of Section 4 of this Agreement. If Executive, after his termination from Company, conducts himself in a manner that adversely affects Company, as determined by the Board of Directors of Company in its sole discretion, then all payments under this Section 2.2.5 shall cease.
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Examples of Severance Salary in a sentence

  • The Severance Salary and the Severance Benefits are hereinafter collectively referred to as the "Severance Compensation".

  • The amount of such payment shall be determined based upon the Executive’s Severance Salary Rate.

  • Except for any rights which the Senior Officer may have to all of the above including unpaid Accrued Salary, Severance Salary, Vested Incentive Compensation, Vested Options, Expense Reimbursement, the Car Allowance and the Bonus, the Trust shall have no further obligations hereunder following such termination.

  • The Total Payments which constitute “parachute payments” within the meaning of Code Section 280G and its regulations shall be reduced in the following order: (A) reduction of any cash severance payments otherwise payable to the Executive, including without limitation, the Severance Salary Payment and the Severance Bonus (but with respect to the Severance Bonus only that portion of the full amount which is treated as contingent on the Code Section 280G change in control pursuant to paragraph (a) of Treas.

  • The amount of such payment shall be determined based upon his Severance Salary Rate.

  • The Severance Salary, Severance Bonus and Severance Benefits provided hereunder as a result of a Severance Event described in clause (i) of the first paragraph of this letter, that is, a severance without "Cause", are intended to comply with the exemption from Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), for involuntary separation arrangements set forth in Proposed Treasury Regulation Section 1.409A-1(b)(9).

  • Following a Severance Event of the type described in (i) of the first paragraph above, that is, a severance without Cause, the Severance Salary shall be paid in even installments on a bi-weekly basis for a period of 12 months from your date of termination.

  • The Severance Salary shall be in lieu of, and not in addition to, any other payments otherwise payable to Employee under this Agreement including severance payments to which senior management employees of the Corporation may be entitled pursuant to policies of the Corporation applicable to such employees or employees generally.

  • The Severance Salary, Severance Benefits and Severance Bonus Participation are hereinafter collectively referred to as the "Severance Compensation".

  • During the time that Severance Salary (if any), as set forth in paragraphs 6(c), (d) and (e), is being paid, if the Executive is not otherwise employed and receiving medical, dental, life insurance and disability insurance benefits (“Benefits”), the Executive shall be provided, at no expense to him and with no reduction to his Severance Salary, with Benefits to the same extent and on the same terms as Benefits are then provided by the Company to executives employed by the Company or its affiliates.


More Definitions of Severance Salary

Severance Salary shall equal (i) two (2) months base salary if the date of Termination occurs during the first six (6) months of the Employment Term, (ii) six (6) months' base salary if the date of termination occurs during the second six (6) months of the Employment Term, or (iii) twelve (12) months' base salary if Executive is terminated thereafter. Under no circumstances shall this Severance Salary exceed $130,000. In the event that this Agreement expires without renewal, Executive shall receive no Severance Salary. Such Severance Salary shall be subject to the continued satisfaction after termination of Section 4 of this Agreement. If Executive, after his termination from Company, conducts himself in a manner that adversely affects Company, as determined by the Board of Directors of Company in its sole discretion, then all payments under this Section 2.2.5 shall cease.
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