Cash Lump Sum Payment Clause Samples

Cash Lump Sum Payment. The Company agrees to pay Executive a cash lump sum payment of One Hundred Eighty-Nine Thousand Eight Hundred and Eight Dollars (US$189,808), less applicable withholdings, which amount is equal to forty-seven (47) weeks of his base salary (the “Severance Payment”). The Severance Payment shall be paid to Executive within ten (10) days after the Effective Date of this Agreement.

Cash Lump Sum Payment. Subject to Sections 2.10, 2.11 and 4 hereof, each Tier 1 Employee who incurs a Severance during the Effective Period shall be entitled to a cash lump sum payment equal to two times (2x) the sum of (i) the Eligible Employee’s annual base salary as in effect immediately prior to the time that Notice of Termination is given or, if higher, in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason, and (ii) the target bonus for the year in which the Severance occurs (but not lower than the amount as determined in the ordinary course consistent with the Company’s past practice, not lower than the target bonus for the year in which occurs the Effective Date and, for the avoidance of doubt, excluding any supplemental and retention bonuses).

Cash Lump Sum Payment. Subject to Sections 2.9 and 2.10 hereof, each Tier 3 Employee who incurs a Severance shall be entitled to a cash lump sum payment equal to one and one-half times (1.5x) the sum of (i) the Eligible Employee’s annual base salary as in effect immediately prior to the Eligible Employee’s Severance Date, and (ii) the target bonus for the year in which the Severance occurs (but not lower than the amount as determined in the ordinary course consistent with the Company’s past practice and, for the avoidance of doubt, excluding any supplemental and retention bonuses).

Cash Lump Sum Payment. Subject to Sections 2.10 and 2.11 hereof, each Tier 4 Employee who incurs a Severance during the Effective Period shall be entitled to a cash lump sum payment equal to one and one-quarter times (1.25x) the Eligible Employee’s annual base salary as in effect immediately prior to the time that Notice of Termination is given or, if higher, in effect immediately prior to the first occurrence of an event or circumstance constituting Good Reason.

Cash Lump Sum Payment. The Company agrees to pay Executive a cash lump sum payment equal to one (1) year of his base salary, less applicable withholdings, plus accrued but unused vacation time (the “Severance Payment”). Executive acknowledges and agrees that he has authorized the Company to offset the overpayment to Executive for his vehicle allowance in the amount of $9,600.00 against the Severance Payment. Thus, Executive shall receive a cash lump sum payment of $298,417.68, less applicable withholdings. The Severance Payment shall be made to Executive within ten (10) days after the Effective Date of this Agreement.

Cash Lump Sum Payment. A cash lump-sum payment equal to ___ times the sum of (i) the greater of the Executive’s annual base salary when the Change of Control occurs or when his/her employment terminates, (ii) the greater of (A) the target bonus to which the Executive would be entitled for the year in which the Change of Control occurs under the Bank’s or the Parent’s annual incentive plan, (B) the target bonus to which the Executive would be entitled for the year in which the termination of employment occurs under the Bank’s or the Parent’s annual incentive plan, or (C) the annual incentive bonus which the Executive received which was attributable to services rendered during the year prior to the year in which the termination of employment occurs, and (iii) an amount equal to the contribution by the Bank or the Parent to any ERISA qualified retirement plan(s) on behalf of the Executive for the year prior to the year in which the termination of employment occurs. Such cash lump sum payment shall be paid to the Executive within 20 days after the termination of employment occurs, except as provided in the following sentence. If The Bank determines that the Executive is a “specified employee” within the meaning of Section 409A(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”) at the time of termination of employment, and payments to the Executive do not fit under the “short term deferral” or “separation pay plan” exceptions to Section 409A coverage contained in Treas. Reg. §1.409A 1(b)(4) and §1.409A 1(b)(9), respectively, then the Bank will delay such payments to the minimum extent necessary to avoid the 20% penalty tax under Code Section 409A. Any such delayed payments shall be paid to Executive on the first day of the seventh month after Executive’s termination of employment, and will bear interest from the date such payments were due under this Agreement to the date of payment at the applicable Federal short term rate under Section 1234(d) of the Code, as established by the IRS for the month in which the Executive’s employment terminated.