Common use of Special Definition Clause in Contracts

Special Definition. As used herein, the term “Basic Severance” shall mean the aggregate of the following amounts and benefits: a. The continuation of Employee’s annualized Base Compensation in effect as of the date on which his or her employment ceases (Employee’s “Termination Date”), which amount shall be divided and paid in equal installments during the 12-month period following such date, in accordance with the Company’s regular pay date practices; b. The bonus due under the Company’s Annual Incentive Plan or a successor thereto with respect to the Company’s most recently completed fiscal year, if any, to the extent that such bonus has not yet been paid as of Employee’s Termination Date, which amount shall be paid on the payment date generally applicable to such bonus; and c. A monthly amount equal to the Company’s portion of Employee’s premium or similar contribution required under the Company’s group medical plan as an active employee, such amount to be (i) based upon Employee’s level of enrollment in such plan as of his or her Termination Date, (ii) paid during the 12-month period following Employee’s Termination Date or until Employee’s coverage ceases in accordance with Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”), if earlier, and (iii) contingent upon Employee’s timely election to continue his or her coverage under the Company’s group medical plan in accordance with Code Section 4980B.