Additional Cash Severance Payment Clause Samples
The Additional Cash Severance Payment clause defines the employer's obligation to provide an extra monetary payment to an employee upon termination under certain conditions, such as a layoff or restructuring. Typically, this payment is calculated based on the employee's salary or length of service and is provided in addition to any standard severance benefits. Its core function is to offer enhanced financial support to employees facing involuntary job loss, thereby helping to mitigate the impact of sudden unemployment and providing a clearer framework for severance entitlements.
Additional Cash Severance Payment. As part of this Agreement, the Company will pay you an additional cash severance payment in an amount equivalent to one-quarter of your target bonus amount under the Company’s annual bonus plan (the “Additional Severance Payment”). ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ May 7, 2015 The Severance Payment and the Additional Severance Payment will be subject to required payroll deductions and withholdings, and will be paid in a lump sum on the first payroll date following the Effective Date of this Agreement, as defined in Paragraph 14(c) below.
Additional Cash Severance Payment. If (i) at the time of the Eligible Termination the Executive is not covered by an Individual Agreement that provides for Company-subsidized COBRA coverage or any payment intended to serve as an allowance for post-termination health care coverage, and (ii) on the Payment Date the Executive is enrolled in COBRA continuation coverage under the Company's group health plan, the Company shall pay the Executive in a lump sum on the Payment Date six (6) times the monthly COBRA premium applicable to the Executive as of the Payment Date. Notwithstanding the foregoing, this
Additional Cash Severance Payment. If (i) at the time of the Eligible Termination the Executive is not covered by an Individual Agreement that provides for Company-subsidized COBRA coverage or any payment intended to serve as an allowance for post-termination health care coverage, and (ii) on the Payment Date the Executive is enrolled in COBRA continuation coverage under the Company’s group health plan, the Company shall pay the Executive in a lump sum on the Payment Date twelve (12) times the monthly COBRA premium applicable to the Executive as of the Payment Date. Notwithstanding the foregoing, this Section 2.C shall cease to apply as of the effective date of any regulation or other guidance under which payment of such component would be deemed to violate any nondiscrimination requirements under the Patient Protection and Affordable Care Act.
Additional Cash Severance Payment. If (i) at the time of the Eligible Termination the Executive is not covered by an Individual Agreement that provides for Company-subsidized coverage under Part 6 of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974, as amended ("COBRA") or any payment intended to serve as an allowance for post-termination health care coverage, and (ii) on the Payment Date the Executive is enrolled in COBRA continuation coverage under the Company’s group health plan, the Company shall pay the Executive in a lump sum on the Payment Date an amount equal to the monthly COBRA premium applicable to the Executive as of the Payment Date multiplied by the number of months for which the Executive is entitled to payment under Section 2.B above. Notwithstanding the foregoing, this Section 2.C shall cease to apply as of the effective date of any regulation or other guidance under which payment of such component would be deemed to violate any nondiscrimination requirements under the Patient Protection and Affordable Care Act.
Additional Cash Severance Payment. If on the Payment Date the Executive is enrolled in continuation coverage under Part 6 of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974, as amended (“COBRA”) under the Company’s group health plan, the Company shall pay the Executive in a lump sum on the Payment Date an amount equal to twelve months of COBRA premiums applicable to the Executive as of the Payment Date. Notwithstanding the foregoing, this Section 2.C shall cease to apply as of the effective date of any regulation or other guidance under which payment of such component would be deemed to violate any nondiscrimination requirements under the Patient Protection and Affordable Care Act.
Additional Cash Severance Payment. If on the Payment Date the Executive is enrolled in continuation coverage under Part 6 of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974, as amended (“COBRA”) under the Company’s group health plan, the Company shall pay the Executive in a lump sum on the Payment Date an amount equal to the monthly COBRA premium applicable to the Executive as of the Payment Date multiplied by the number of months for which the Executive is entitled to payment under Section 2.B above. Notwithstanding the foregoing, this Section 2.C shall cease to apply as of the effective date of any regulation or other guidance under which payment of such component would be deemed to violate any nondiscrimination requirements under the Patient Protection and Affordable Care Act.