The Target Total Monthly Compensation definition
The Target Total Monthly Compensation means the sum of (i) the Executive's base salary as of date of termination, and (ii) a monthly pro-rata share of any bonus or variable compensation due to the Executive from any plan in which the Executive participates. The Termination Payment shall be made in a lump sum not more than five days following the effective date of a Severance Event. The Executive shall also receive the full base salary for the month in which the Severance Event occurs. In addition to the Termination Payment, the Executive will be entitled to continue participation in the Entex health and life insurance plans subject to the plan provisions in effect at the time of termination. Entex agrees to pay the COBRA (Consolidated Omnibus Budget Reconciliation Act of 1986) cost for health benefits, and to continue Basic Life Insurance coverage for 12 months beginning the first of the month following the effective date of the Severance Event.
Examples of The Target Total Monthly Compensation in a sentence
The Target Total Monthly Compensation shall be the sum of (i) 1/12 of the Executive's base salary as of the date of termination and (ii) 1/12 of the annual target bonus under any compensation plan in which the Executive participates assuming 100% achievement of all bonus objectives.