Common use of Severance Calculation Clause in Contracts

Severance Calculation. SSA may terminate your employment at any time with or without cause. Subject to ▇▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇, if SSA terminates your employment for any reason other than “For Cause” (as hereinafter defined), in which event SSA shall provide you with no less than thirty (30) days prior written notice, or You terminate your employment with Good Reason (as hereinafter defined), upon the effective date of your termination of employment (“Termination Date”), You will be entitled to the following: (a) Payment of any accrued but unpaid base salary through the Termination Date and any unpaid bonus earned but not yet paid with respect to any prior fiscal quarter; and (b) Continuation of payment of your base salary for TWELVE (12) months; said payments to be made periodically in accordance with SSA’s local payroll practices; (c) If applicable, continuation for a period of FOUR (4) fiscal quarters (inclusive of the fiscal quarter applicable to your actual Termination Date) of fifty percent (50%) of your quarterly base target bonus (based on 100% achievement and exclusive of any multipliers); said payments to be made on a quarterly basis in accordance with SSA’s local practices; and (d) If applicable, a pro rata portion of your annual target bonus (based on 100% achievement and exclusive of any multipliers) for the fiscal year in which such termination occurs, determined by multiplying fifty percent (50%) of your annual target bonus by a fraction the numerator of which is the number of days in the fiscal year prior to the Termination Date and the denominator of which is 365 (such amount to be paid to you at the end of SSA’s then current fiscal year in accordance with SSA’s local practice).