Special Termination Payment means an aggregate amount of money equal to the product of three (3) multiplied by the sum of the Executive's annual base salary as in effect at the time of the termination giving rise to the Special Termination Payment, or if greater the annual base salary in effect for the calendar year prior to the date of termination, plus the greater of (i) the annual bonus the Executive received during the preceding calendar year or (ii) the largest annual bonus the Executive would have received if his employment had not been terminated in the calendar year in which his employment was terminated assuming that all targets and incentives are met (regardless of actual results and criteria). In the event that the Company does not pay the Special Termination Payment by the due date specified in this Agreement, then the unpaid amount shall bear interest at the rate of 18 percent per annum, compounded monthly, until it is paid.
Special Termination Payment means an amount payable in a single lump sum equal to the product of (x) an amount equal to the Executive's maximum Annual Base Salary paid in any year of the five (5) year period preceding the date of termination (inclusive of the Annual Bonus paid to Executive during the 12-month period preceding the date of termination or the Annual Bonus earned by the Executive with respect to the fiscal year immediately preceding the date of termination, whichever Annual Bonus is higher, but excluding unearned bonuses negotiated by Executive at the time of Executive's employment with the Company), multiplied by (y) the number three (3), except that in the event that the Change in Control is the result of a liquidation of the Company, the amount specified in (x) will be multiplied by (y) the number two (2) instead of the number three (3).
Special Termination Payment means an amount payable in a single lump sum equal to the product of (x) the sum of the Executive's maximum annual salary paid during the five (5) year period preceding the date of termination (inclusive of bonuses paid to Executive during the 12-month period preceding the date of termination, but excluding unearned bonuses negotiated by Executive at the time of Executive's employment with the Company), multiplied by (y) the number three (3).
Examples of Special Termination Payment in a sentence
If the Company agrees with the Executive's calculations, it shall pay any shortfall to the Executive within 20 days after receipt of such a notice from the Executive, together with interest thereon accruing at the rate of 18 percent per annum, compounded monthly, from the original due date of the Special Termination Payment through the actual date of payment of said shortfall.
The Special Termination Payment shall be an amount equal to the projected Asset Management Fee for the one-year period following the date of the termination of this Agreement.
In the event that the Company does not pay the Special Termination Payment by the due date specified in this Agreement, then the unpaid amount shall bear interest at the rate of 18 percent per annum, compounded monthly, until it is paid.
Simultaneously with the Company's payment of the Special Termination Payment, the Company shall deliver to the Executive a written statement specifying the total amount of the Special Termination Payment and the Gross-Up Payment, together with all supporting calculations.
In the event the Internal Revenue Service imposes an Excise Tax with respect to the Special Termination Payment that is greater than the Excise Tax calculated hereunder, the Company shall reimburse the Executive for the full amount necessary to make the Executive whole in accordance with the principles set forth above, including any interest and penalties which may be imposed.
More Definitions of Special Termination Payment
Special Termination Payment means an amount payable in a single lump sum equal to the product of (x) the sum of the Executive's maximum Annual Base Salary paid during the five (5) year period preceding the date of termination (inclusive of the Annual Bonus paid to Executive during the 12-month period preceding the date of termination or the Annual Bonus earned by the Executive with respect to the fiscal year immediately preceding the date of termination, whichever Annual Bonus is higher, but excluding unearned bonuses negotiated by Executive at the time of Executive's employment with the Company), multiplied by (y) the number three (3), less an amount equal to any portion of the Special Bonus which has not be previously offset pursuant to Section 4(b) hereof. For purposes of this Section 6(a)(viii), Executive's Annual Bonus shall be determined without regard to the provision set forth in Section 4(b) hereof.
Special Termination Payment means an aggregate amount of money equal to the product of the number of years (including fractional years) remaining in the Employment Term (assuming that this Agreement had not been terminated), multiplied by the sum of the Executive's annual Base Salary as in effect at the time of the termination giving rise to the Special Termination Payment, or if greater, the annual Base Salary in effect for the calendar year prior to the date of termination, plus the greater of (i) the annual Bonus the Executive received during the preceding calendar year or (ii) the largest annual Bonus the Executive would have received if his employment had not been terminated in the calendar year in which his employment was terminated assuming that all targets and incentives are met (regardless of actual results and criteria). In the event that the Company does not pay the Special Termination Payment or the Gross-Up Payment (as defined below) by the due date specified in this Agreement, then the unpaid amount shall bear interest at the rate of 18 percent per annum, compounded monthly, until it is paid. In the event that the Special Termination Payment is made on account of the Executive's employment being terminated (i) by the Executive for Good Reason, pursuant to Section 7 of this Agreement, or (ii) by the Company for any reason other than death, pursuant to Section 5 of this Agreement, then the Company shall continue to provide the Executive with the Executive Benefits (as described in Section 3.b) at no cost to the Executive in no less than the same amounts and on the same terms and conditions that would have applied had he remained employed by of the Company for the remainder of the Employment Term and such continuation should be considered to be an additional Special Termination Payment.
Special Termination Payment means an amount payable in a single lump sum equal to the product of (x) an amount equal to the Executive's maximum Annual Base Salary paid in any year of the five (5) year period preceding the date of termination (inclusive of the Annual Bonus paid to Executive during the 12-month period preceding the date of termination or the Annual Bonus earned by the Executive with respect to the fiscal year immediately preceding the date of termination, whichever Annual Bonus is higher), multiplied by (y) the number three (3), except that in the event that the Change in Control is the result of a liquidation of the Company, the amount specified in (x) will be multiplied by (y) the number two (2) instead of the number three (3).
Special Termination Payment means an amount payable in a single lump sum equal to the product of (x) the sum of the Executive's maximum Annual Base Salary paid during the five (5) year period preceding the date of termination (inclusive of the Annual Bonus paid to Executive during the 12-month period preceding the date of termination or the Annual Bonus earned by the Executive with respect to the fiscal year immediately preceding the date of termination, whichever Annual Bonus is higher, but excluding unearned bonuses negotiated by Executive at the time of Executive's employment with the Company), multiplied by (y) the number three (3).
Special Termination Payment means an aggregate amount equal to two full year's Base Salary as in effect at the time of the termination giving rise to the Special Termination Payment. ASC shall pay such amount in 12 equal monthly installments beginning on the first day of the calendar month immediately after the date of such termination and on the first day of each of the next eleven calendar months thereafter.
Special Termination Payment means an amount payable in a single lump sum equal to the product of (x) the sum of the Executive's
Special Termination Payment means the sum of (i) an amount equal to Company’s good faith estimate of your out-of-pocket cost for COBRA health plan continuation coverage for the twelve-month period immediately following the Benefits Period, grossed up such that you would be left with an amount which, after payment of tax and/or social security costs, is equivalent to such good faith estimate, plus (ii) $15,000,000.