Common use of Severance Amount Clause in Contracts

Severance Amount. Within thirty (30) days ---------------- after the Entitlement Date, the Company shall pay to the Executive as severance pay in a lump sum in cash, an amount equal to two times an amount equal to his then- current Annual Base Salary and Current Target Bonus. In the event such severance amount is payable pursuant to this Section on account of a Triggering Transaction, and the Executive is entitled to a benefit under Article IV of the An▇▇▇▇▇▇ ▇orporation Management Retention and Incentive Plan (the "Management Retention Plan") on account of a Change in Control (as defined in the Management Retention Plan), the Executive shall be entitled to the larger of the amounts computed pursuant to this Section and the amounts computed pursuant to the Management Retention Plan without regard to this Section. Such benefit shall be in lieu of any other benefit payable pursuant to the Management Retention Plan.

Appears in 1 contract

Sources: Employment Agreement (Angelica Corp /New/)

Severance Amount. Within thirty (30) days ---------------- after the Entitlement Date, the Company shall pay to the Executive as severance pay in a lump sum sum, in cash, an amount equal to two 2.99 times an amount equal to his then- current Annual Base Salary and Current Target Bonus. In the event such severance amount is payable pursuant to this Section on account of a Triggering Transaction, and the Executive is entitled to a benefit under Article IV of the An▇▇▇▇▇▇ ▇orporation Management Retention and Incentive Plan (the "Management Retention Plan") on account of a Change in Control (as defined in the Management Retention Plan), the Executive shall be entitled to the larger of the amounts computed pursuant to this Section and the amounts computed pursuant to the Management Retention Plan without regard to this Section. Such benefit shall be in lieu of any other benefit payable pursuant to the Management Retention Plan.

Appears in 1 contract

Sources: Employment Agreement (Angelica Corp /New/)

Severance Amount. Within thirty (30) days after ---------------- after the Entitlement Date, the Company shall pay to the Executive as severance pay in a lump sum sum, in cash, an amount equal to two 2.99 times an amount equal to his then- then-current Annual Base Salary and Current Target Bonus. In the event such severance amount is payable pursuant to this Section on account of a Triggering Transaction, and the Executive is entitled to a benefit under Article IV of the An▇▇▇▇▇▇ ▇orporation Corporation Management Retention and Incentive Plan (the "Management Retention Plan") on account of a Change in Control (as defined in the Management Retention Plan), the Executive shall be entitled to the larger of the amounts computed pursuant to this Section and the amounts computed pursuant to the Management Retention Plan without regard to this Section. Such benefit shall be in lieu of any other benefit payable pursuant to the Management Retention Plan.

Appears in 1 contract

Sources: Employment Agreement (Angelica Corp /New/)

Severance Amount. Within thirty (30) days ---------------- after the ---------------- Entitlement Date, the Company shall pay to the Executive as severance pay in a lump sum in cash, an amount equal to two times an amount equal to his then- then-current Annual Base Salary and Current Target Bonus. In the event such severance amount is payable pursuant to this Section on account of a Triggering Transaction, and the Executive is entitled to a benefit under Article IV of the An▇▇▇▇▇▇ ▇orporation Management Retention and Incentive Plan (the "Management Retention Plan") on account of a Change in Control (as defined in the Management Retention Plan), the Executive shall be entitled to the larger of the amounts computed pursuant to this Section and the amounts computed pursuant to the Management Retention Plan without regard to this Section. Such benefit shall be in lieu of any other benefit payable pursuant to the Management Retention Plan.

Appears in 1 contract

Sources: Employment Agreement (Angelica Corp /New/)

Severance Amount. Within thirty (30) days ---------------- after the ---------------- Entitlement Date, the Company shall pay to the Executive as severance pay in a lump sum sum, in cash, an amount equal to two 2.99 times an amount equal to his then- her then-current Annual Base Salary and Current Target Bonus. In the event such severance amount is payable pursuant to this Section on account of a Triggering Transaction, and the Executive is entitled to a benefit under Article IV of the An▇▇▇▇▇▇ ▇orporation Management Retention and Incentive Plan (the "Management Retention Plan") on account of a Change in Control (as defined in the Management Retention Plan), the Executive shall be entitled to the larger of the amounts computed pursuant to this Section and the amounts computed pursuant to the Management Retention Plan without regard to this Section. Such benefit shall be in lieu of any other benefit payable pursuant to the Management Retention Plan.

Appears in 1 contract

Sources: Employment Agreement (Angelica Corp /New/)

Severance Amount. Within thirty (30) days after ---------------- after the Entitlement Date, the Company shall pay to the Executive as severance pay in a lump sum sum, in cash, an amount equal to two 2.99 times an amount equal to his then- current Annual Base Salary and Current Target Bonus. In the event such severance amount is payable pursuant to this Section on account of a Triggering Transaction, and the Executive is entitled to a benefit under Article IV of the An▇▇▇▇▇▇ ▇orporation Management Retention and Incentive Plan (the "Management Retention Plan") on account of a Change in Control (as defined in the Management Retention Plan), the Executive shall be entitled to the larger of the amounts computed pursuant to this Section and the amounts computed pursuant to the Management Retention Plan without regard to this Section. Such benefit shall be in lieu of any other benefit payable pursuant to the Management Retention Plan.

Appears in 1 contract

Sources: Employment Agreement (Angelica Corp /New/)