Example ContractsClausesSalary and Bonus Severance
Remove:

the amount equal to the product of # three, and # the sum of # the Executive's Annual Base Salary and # the Executive's Annual Bonus in effect at such date; provided, however, that such amount shall be paid in lieu of, and the Executive hereby waives the right to receive, any other amount of severance relating to salary or bonus continuation to be received by the Executive upon termination of employment of the Executive under any severance plan, policy or arrangement of the Company; and

Severance Pay: An Executive Participant shall receive Severance Pay in a lump sum amount equal to (a) the sum of his or her Annual Base Salary and target annual bonus opportunity under the TIP for the fiscal year in which such Executive Participant’s Covered Termination occurs, multiplied by (b) such Executive Participant’s Severance Multiple.

Severance Payments; Salary and Benefits. The Company agrees to provide Executive with the severance payments and benefits described in [Section 4(b)] or [Section 4(c)] of the Employment Agreement, payable at the times set forth in, and subject to the terms and conditions of, the Employment Agreement. In addition, to the extent not already paid, and subject to the terms and conditions of the Employment Agreement, the Company shall pay or provide to Executive all other payments or benefits described in [Section 3(c)] of the Employment Agreement, subject to and in accordance with the terms thereof.

UES shall pay to you, as severance benefits, a lump sum severance payment equal to the sum of # three times your annual base salary either at the time of the Change in Control or at termination, whichever is higher, and # three times your bonus paid for the prior year;

The Executive’s Severance Amount provided for in [Section 3.1(b)(ii)] shall equal the severance pay multiple set forth below next to the Executive’s salary level at the Termination Date multiplied by the sum of: # the greater of # the Executive’s annual base salary in effect at any time during the 90-day period immediately prior to the Change in Control or # the Executive’s annual base salary in effect at any time following the Change in Control, and # the Bonus Amount.

the Company shall pay the Executive an amount equal to two hundred percent (200%) of the sum of # the Executive’s then effective Base Salary and # the Executive’s then effective Performance Bonus Target (“CIC Severance Amount”).

Termination Other Than Due Cause, Death, Disability or Resignation. In the event that Executive’s employment is terminated for reasons other than Due Cause, or resignation, then all Stock and Options scheduled to vest within one year of the date of such termination shall vest immediately and the Company shall pay as severance compensation to Executive six (6) months salary compensation at his then annual salary compensation rate, including bonus earned as of the termination date. Any severance compensation paid to Executive shall be paid ratably over the remaining payment period following termination. Any bonus compensation earned as of the termination date shall be paid to Executive pursuant to the bonus payment schedule set forth in [Section 5.2] herein.

If your employment is involuntarily terminated by Kimberly-Clark, or by you for Good Reason, during the first year of your employment for any reason other than for cause, we will pay you a lump sum severance amount equal to the sum of one year’s base salary plus target MAAP bonus (such amount, the “Severance Benefit”). The Severance Benefit shall be calculated using your annual base salary and target MAAP percentage as of the date of your termination. This Severance Benefit will be made on the first day of the seventh month following the date of your separation from service.

Bonus: an additional severance amount equal to 1.5 times your Severance Bonus, determined and paid as follows:

Notwithstanding anything herein to the contrary, none of the severance payments or benefits under this Policy will be made prior to the first payroll date following the effective date of the General Release (the “Initial Payment Date”). On the Initial Payment Date, any lump sum salary severance payment or prorated bonus severance payments (to the extent applicable) that the Participant is entitled to receive under this Policy will be fully paid to the Participant.

Load more...
Select clause to view document information.

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.