Severance Payment. Subject to the Employee signing and not revoking a release of claims in a form prescribed by the Corporation and the Employee remaining in strict compliance with the terms of this Agreement and any other written agreements between the Corporation and the Employee, the Employee shall be entitled to receive the following amount as severance pay, subject to such amount being reduced as provided below (referred to in this [Section 6(c)(iii)] as the “Severance Payment”): # an amount equal to two times the Employee’s Base Salary as of the Date of Termination, plus # an amount equal to two times the Employee’s target Bonus for the fiscal year in which the Date of Termination occurs. The Severance Payment described in [[subsections (A) and (B)])]])] above shall be added together and will be paid in substantially equal installments in accordance with the Corporation’s normal payroll policies based on a 24-month payment schedule commencing on the Date of Termination. Notwithstanding the forgoing, any installments that otherwise would be payable on the regular payroll dates between the Date of Termination and first day of the seventh (7th) month following the Date of Termination shall be delayed until the Corporation’s first regular payroll date that is after the first day of the seventh (7th) month following the Date of Termination and included with the installment payable on such payroll date, if any, without adjustment for interest or earnings during the period of delay. Furthermore, any Severance Payment owed to the Employee will be reduced by the amount of any compensation earned by the Employee for any consulting or employment services provided on a substantially full-time basis for the period to which the corresponding Severance Payment relates.
Severance Payment. Subject to the Employee signing and not revoking a release of claims in a form prescribed by the Corporation and the Employee remaining in strict compliance with the terms of this Agreement and any other written agreements between the Corporation and the Employee, the Employee shall be entitled to receive the following amount as severance pay, subject to such amount being reduced as provided below (referred to in this [Section 6(c)(iii)] as the “Severance Payment”): # an amount equal to two times the Employee’s Base Salary as of the Date of Termination, plus # an amount equal to two times the Employee’s target Bonus for the fiscal year in which the Date of Termination occurs. The Severance Payment described in [[subsections (A) and (B)])]])] above shall be added together and will be paid in substantially equal installments in accordance with the Corporation’s normal payroll policies based on a 24-month payment schedule commencing on the Date of Termination. Notwithstanding the forgoing, any installments that otherwise would be payable on the regular payroll dates between the Date of Termination and first day of the seventh (7th) month following the Date of Termination shall be delayed until the Corporation’s first regular payroll date that is after the first day of the seventh (7th) month following the Date of Termination and included with the installment payable on such payroll date, if any, without adjustment for interest or earnings during the period of delay. Furthermore, any Severance Payment owed to the Employee will be reduced by the amount of any compensation earned by the Employee for any consulting or employment services provided on a substantially full-time basis for the period to which the corresponding Severance Payment relates.
Severance Payment. Subject to the Employee signing and not revoking a release of claims in a form prescribed by the Corporation and the Employee remaining in strict compliance with the terms of this Agreement and any other written agreements between the Corporation and the Employee, the Employee shall be entitled to receive the following amount as severance pay, subject to such amount being reduced as provided below (referred to in this [Section 6(c)b)(iii)] as the “Severance Payment”): # an amount equal to twothe pro rata Bonus for the fiscal year in which the Date of Termination occurs, determined by pro rating the Bonus the Employee would have received had the Employee remained employed through the payment date of any such Bonus (the proration shall be a fraction whose numerator is the number of days the Employee was employed by the Corporation that fiscal year through and including the Date of Termination and the denominator is 365), payable at the same time as bonuses are paid to other then-current officers of the Corporation under the then-applicable Short Term Plan for the fiscal year in which the Date of Termination occurs, plus # an amount equal to one times the Employee’s Base Salary as of the Date of Termination, plus # an amount equal to two times the Employee’s target Bonus for the fiscal year in which the Date of Termination occurs. The Severance Payment described in [[subsections (A) and (B)])]])] above shall be added together and will be paidpayable in substantially equal installments in accordance with the Corporation’s normal payroll policies based on a 24-month payment schedule commencing on the Date of Termination. Notwithstanding the forgoing,Termination and continuing for twelve (12) consecutive months; provided, however, that any Severance Payment installments payable under this [Section 6(b)(iii)] that otherwise would be payable onpaid during the regular payroll dates betweenfirst sixty (60) days after the Date of Termination will be delayed and included in the first day ofinstallment paid to the seventh (7th) month followingEmployee on the first payroll date that is more than sixty (60) days after the Date of TerminationTermination, and provided further that if the Employee is considered a “specified employee” (as defined in Treasury Regulation Section 1.409A-1(i)) as of the Date of Termination, then no payments of deferred compensation payable due to Employee’s separation from service for purposes of section 409A of the Code shall be delayedmade under this Agreement until the Corporation’s first regular payroll date that is after the first day of the seventh (7th) month following the Date of Termination and included with the installment payable on such payroll date, if any, without adjustment for interest or earnings during the period of delay. Furthermore, any Severance Payment owed to the Employee under [[subsections (A) or (B)])]])] above will be reduced by the amount of any compensation earned by the Employee for any consulting or employment services provided on a substantially full-time basis forduring the period to which the correspondingof time Employee receives Severance Payment relates.installments under [[subsection (A) or (B)])]])] above, to the extent such compensation is payable by an entity unrelated to the Corporation.
Severance Payment. Subject to the EmployeeExecutive signing and not revoking a release of claims in a form prescribed by the Corporation and the EmployeeExecutive remaining in strict compliance with the terms of this Agreement and any other written agreements between the Corporation and the Employee,Executive, the EmployeeExecutive shall be entitled to receive the following amount as severance pay, subject to such amount being reduced as provided below (referred to in this [Section 6(c)b)(iii)] as the “Severance Payment”): # an amount equal to two times the Employee’Executive’s Base Salary as of the Date of Termination, plus # an amount equal to two times the Employee’s target Bonus for the fiscal year in which the Date of Termination occurs. The Severance Payment described in [[subsections (A) and (B)])]])] above shall be added together and will be paidpayable in substantially equal installments in accordance with the Corporation’s normal payroll policies based on a 24-month payment schedule commencing on the Date of Termination. NotwithstandingTermination and continuing for twenty-four (24) consecutive months, plus # an amount equal to the forgoing, any installments thatBonus the Executive would have otherwise would be payable onbeen paid for the regular payroll dates betweenfiscal year in which the Date of Termination and first dayoccurs had the Executive remained employed by the Corporation through the payment date of any such Bonus, payable at the same time as bonuses are paid to other then-current senior executive officers of the seventh (7th) month followingCorporation under the then-applicable Short Term Plan for the fiscal year in which the Date of Termination shall be delayed until the Corporation’s first regular payroll date that is after the first day of the seventh (7th) month following the Date of Termination and included with the installment payable on such payroll date, if any, without adjustment for interest or earnings during the period of delay. Furthermore, any Severance Payment owed to the Employee will be reduced by the amount of any compensation earned by the Employee for any consulting or employment services provided on a substantially full-time basis for the period to which the corresponding Severance Payment relates.occurs.
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