Common use of Additional Severance Clause in Contracts

Additional Severance. In lieu of any further salary payments to you for periods subsequent to the Date of Termination, the Company will pay as severance pay to you on the fifth (5th) business day following the Date of Termination a lump sum equal to ( ) [2 or 3 depending on whether Tier II or I] times the sum of (a) your annual base salary at the highest rate in effect during the twelve (12) months immediately preceding the Date of Termination plus (b) your highest annual bonus earned under the Incentive Plan with respect to the three (3) calendar years immediately preceding the year in which the Date of Termination occurs.

Additional Severance. In lieu of any further salary payments to you for periods subsequent to the Date of Termination, the Company will pay as severance pay to you on the fifth (5th) business 60th day following the Date of Termination a lump sum equal to ( ) [2 or 3 depending on whether Tier II or I] times the sum of (a) your annual base salary at the highest rate in effect during the twelve (12) months immediately preceding the Date of Termination plus (b) your highest annual bonus earned under the Incentive Plan with respect to the three (3) calendar years immediately preceding the year in which the Date of Termination occurs.