Common use of Amount of the Severance Payment Clause in Contracts

Amount of the Severance Payment. (a) If the Executive becomes entitled to a Severance Payment under this Agreement, the amount of the Severance Payment shall equal the product of 12 times the Executive’s monthly base salary that was in effect on the date of the termination of the Executive’s Employment or, if greater, that was in effect on the date that immediately preceded the date on which the Change of Control occurred; provided, however, that any base salary that is excluded from gross income for federal income tax purposes pursuant to Section 125 or 401(k) of the Code and any base salary that is deferred by the Executive pursuant to an employer-sponsored deferred compensation plan shall be included in the calculation of the Executive’s base salary for purposes of this Section 3.3(a).

Amount of the Severance Payment. (a) If the Executive becomes entitled to a Severance Payment under this Agreement, the amount of the Severance Payment shall equal the product of 12 24 times the Executive’s monthly base salary that was in effect on the date of the termination of the Executive’s Employment or, if greater, that was in effect on the date that immediately preceded the date on which the Change of Control occurred; provided, however, that any base salary that is excluded from gross income for federal income tax purposes pursuant to Section 125 or 401(k) of the Code and any base salary that is deferred by the Executive pursuant to an employer-sponsored deferred compensation plan shall be included in the calculation of the Executive’s base salary for purposes of this Section 3.3(a).