Cash Severance Payment. Executive shall receive a lump sum payment in an amount equal to twelve (12) months of Executive's base salary (less applicable withholding), paid within five (5) business days after the conclusion of the transition period (or after the termination date if there is no transition period requested by the Company).
Cash Severance Payment. The Employee shall be entitled to receive a severance payment in an amount equal to the sum of (A) six (6) months of the Employee’s base salary as in effect immediately prior to such termination and (B) fifty percent (50%) of the Employee’s target performance bonus for the fiscal year of termination. Such severance payment shall be in lieu of any other severance payment to which the Employee shall be entitled pursuant to any employment agreement, offer letter or the Company’s then existing severance plans and policies. Such severance payment shall be payable in a lump sum within thirty (30) days of such termination in accordance with the Company’s normal payment practices.
Cash Severance Payment. Executive shall receive an amount equal to twelve (12) months of Executive’s base salary (less applicable withholding), paid within five (5) business days after the conclusion of the transition period (or termination date if there is no transition period requested by the Company.)
Cash Severance Payment. You will receive a cash payment in an amount equal to six months of your then Annual Base Salary (the “Severance Amount”). The Severance Amount will be paid in a lump sum, less all applicable withholding taxes, within thirty (30) days after the Involuntary Termination, except in the case of an Involuntary Termination that is part of a group termination program, in which case the payment shall be made within sixty (60) days. The Severance Amount will not be considered as compensation for purposes of determining benefits under any other qualified or non-qualified plans of the Company.
Cash Severance Payment. The Executive shall be entitled to receive continued payments of his base salary as in effect immediately prior to his termination date in accordance with the regular payroll schedule for executive officers of the Company until the earlier of (1) such date as the sum of such payments equals the lesser of (I) or (II) below, or (2) the date that is six months and a day after the Qualifying Termination (the “Salary Continuation Severance Payments”). The Executive shall also be entitled to receive a lump sum cash severance payment equal to the difference between (i) the product of the Executive’s Annual Salary multiplied by the Executive’s Severance Multiple, and (ii) the aggregate amount of Salary Continuation Severance Payments (the “Lump Sum Severance Payment”). The Lump Sum Severance Payment shall be paid to the Executive on a date that is six months and a day after the Qualifying Termination. The sum of the Salary Continuation Severance Payments and the Lump Sum Severance Payment shall be referred to as the “Severance Amount.” The Severance Amount shall not be taken into account for purposes of determining the Executive’s rights under any other employee benefit or compensation plans, agreements, arrangements or policies established, maintained or contributed to by the Company or its subsidiaries or affiliates. For purposes of this Section 3.01(a), “(I)” shall mean the sum of the Executive’s annualized compensation based upon his annual rate of pay for services provided to the Company for the calendar year preceding the Company’s taxable year in which the Employee had a separation from service as that term is used by Section 409A of the Code (“Separation from Service”), and “(II)” shall mean the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Executive has a Separation from Service.
Cash Severance Payment. The Employee shall be paid a cash severance amount equal to the product of 2.99 times the Employee’s “base amount” as defined in Section 280G (b)(3) of the Code and regulations promulgated thereunder (the “Cash Severance Payment”). Subject to Section 16 hereof, the Cash Severance Payment shall be paid in a single lump sum payment within sixty (60) days following the date of Employee’s separation from service. The actual payment date during such 60-day period shall be determined in the sole discretion of the Company.
Cash Severance Payment. The Executive shall be entitled to receive cash severance payments in an aggregate amount (the “Severance Amount”) equal to the product of: (i) the Executive’s Annual Compensation; and (ii) the Executive’s Severance Multiple. The Severance Amount shall be paid in substantially equal installments during the period (the “Severance Period”) (measured in the number of years and/or fractions thereof equal to the Executive’s Severance Multiple) immediately following such Qualifying Termination); provided, however, that if the Executive subsequently becomes employed by another employer prior to the expiration of the Severance Period, the Executive shall receive, in lieu of continued payment of the remaining unpaid installments of such cash severance payments, a lump sum cash payment in an amount equal to 50% of the aggregate amount of the remaining unpaid installments of such cash severance payments. The Severance Amount shall not be taken into account for purposes of determining benefits under any other qualified or non-qualified plans of the Company.
Cash Severance Payment. Executive will receive a cash amount equal to the sum of one and one-quarter times (1.25x) Executive’s Base Salary.
Cash Severance Payment. Provided that Executive complies with Section 5 below, Executive shall receive a lump sum cash payment in an amount equal to (i) eighteen (18) months of Executive’s then-effective annual base salary plus (ii) 100% of the target bonus for which the Executive would have been eligible during the year of termination pursuant to the Company’s then-effective Key Employee Incentive Plan or equivalent cash incentive bonus plan (less applicable withholding), paid within ten (10) business days of the effective date of the Termination Upon Change of Control. For purposes of this Section 2.3, a Termination Upon Change of Control will be determined consistent with the rules relating to “separation from service” as defined in Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). Notwithstanding anything else provided herein, to the extent any payments provided under this Agreement in connection with Executive’s termination of employment constitute deferred compensation subject to Section 409A, and Executive is deemed at the time of such termination of employment to be a “specified employee” under Section 409A, then such payment shall not be made or commence until the earlier of (i) the expiration of the 6-month period measured from Executive’s separation from service from the Company or (ii) the date of Executive’s death following such a separation from service; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Executive including, without limitation, the additional twenty-percent (20%) tax for which Executive would otherwise be liable under Section 409A(a)(1)(B) in the absence of such a deferral. The first payment thereof will include a catch-up payment covering the amount that would have otherwise been paid during the period between Executive’s termination of employment and the first payment date but for the application of this provision, and the balance of the installments (if any) will be payable in accordance with their original schedule. All forms of compensation referred to in this Agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder comply with Section 409A. To the extent any payment under this Agreement may be classified a...
Cash Severance Payment. Each Other Executive shall be entitled to a cash severance payment in the amount required under each Other Executive's respective employment agreement in effect as of the date of this Agreement. The amount of the payment to be made to each Other Executive is set forth in Exhibit A(1) of the Wellsford Disclosure Letter.
