Common use of Salary and Bonus Amount Clause in Contracts

Salary and Bonus Amount. The Company will pay to the Officer within fifteen (15) business days of such termination of employment a lump sum cash amount equal to the present value of the product obtained by multiplying (1) the sum of (i) salary at the annualized rate which was being paid by the Company and/or subsidiaries to the Officer immediately prior to the time of such termination or, if greater, at the time of the Change in Control plus (ii) the annual target bonus and/or any other cash bonus awards last determined for the Officer or, if greater, most recently paid prior to the Change in Control, by (2) two; for purposes of this Paragraph 4, present value shall be calculated using an interest rate equal to the rate reported for the auction of thirteen week United States Treasury Bills on the date coincident with or most immediately preceding the date of such termination as reported in The Wall Street Journal;