Common use of Basic Payments Clause in Contracts

Basic Payments. The EXECUTIVE will be paid an amount equal to 2.99 times the sum of (A) his then current Annual Base Salary, and (B) the highest cash bonus paid to him with respect to one of the three calendar years immediately preceding the year of termination. Such amount will be paid to the EXECUTIVE in a lump sum within ten (10) days following the date of termination of employment.

Basic Payments. The EXECUTIVE will be paid an amount equal to 2.99 2.00 times the sum of (A) his then current Annual Base Salary, and (B) the highest cash bonus paid to him with respect to one of the three calendar years immediately preceding the year of termination. Such amount will be paid to the EXECUTIVE in a lump sum within ten (10) days following the date of termination of employment.