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Best Pay
Best Pay contract clause examples

Severance Pay. The Company will make cash severance payments to you equal in aggregate to # your base salary in effect as of the Separation Date, which is $515,000, and # your annual cash target bonus in effect as of the Separation Date, which is $257,500 ((i) and (ii) together, the “Severance Pay”). The Company will pay the Severance Pay in 24 equal installments of $32,187.50 each over a 12-month period following the Effective Date on the Company’s regular payroll schedule, with the first payment occurring on the first regularly scheduled payday no earlier than one week after the Effective Date (as defined herein). The Severance Pay shall be subject to standard payroll deductions and withholdings.

A total gross amount of One Million Five Hundred Twenty Nine Thousand Eight Hundred and Nineteen DOLLARS ($1,529,819), which represents an amount equal to two (2) times the sum of # Your current annual base salary and # Your target annual bonus for 2020, less withholding for taxes and other similar items (collectively, the “Cash Severance”). The Cash Severance shall be paid to You as follows: # Nine Hundred Fifty Nine Thousand Eight Hundred and Nineteen DOLLARS ($959,819) shall be payable in a single lump sum on the first payroll date to occur after the sixtieth (60th) day following the Separation Date and Five Hundred Seventy Thousand DOLLARS ($570,000) shall be payable in periodic installments (each installment to be treated as a separate payment for purposes of Section 409A of the Code) over the 12-month period commencing on the Separation Date in accordance with the normal payroll practices of the Company, it being understood that such installments will be paid to You over a 12-month period rather than a 24-month period as set forth in the Severance Agreement solely upon Your request and You understand and acknowledge that any taxes owed on such amounts are solely Your responsibility, as more fully set forth in Section 19 of this Agreement;

Cash Severance. The Company will pay you, as severance, $990,522, which is the equivalent of eighteen (18) months of your base salary in effect as of the Retirement Date and 1.5 times the amount of your target annual bonus (the “Severance Payment”). The Severance Payment will be paid in a lump sum, subject to standard payroll deductions and withholdings, within five (5) business days after the earlier of: # the first business day that is six (6) months following the Retirement Date; or # your death.

Severance Payment. Although the Company has no obligation to do so, if you sign this Agreement, allow it to become effective, and comply with your obligations under this Agreement, then the Company will pay you, as severance, the equivalent of one (1) month of your base salary in effect as of the Separation Date ($22,916.67), subject to standard payroll deductions and withholdings. This amount will be paid in a lump sum within ten (10) days after the Effective Date (as defined in [Section 12(c)]).

Severance Pay. Subject to you not revoking this Agreement as set forth in Section 16 below and in accordance with your offer letter, dated as of December 15, 2015 (the “Offer Letter”), the Company will on the first payroll date following the Effective Date: # commence paying you your current base salary for nine months in accordance with the Company’s standard payroll procedures, and # will make a lump sum cash payment to you equal to $148,556 (which represents your target bonus for 2019), each less all applicable withholdings. If you breach any provision of this Agreement, you understand that no additional severance payments will be made.

Severance: The Company agrees to pay you, in the first payroll period following the Effective Date (as defined below), a lump sum payment in the gross amount of $388,000, less applicable state and federal payroll deductions, which equals twelve (12) months of your current base salary;

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