Additional Severance Payments Sample Clauses

Additional Severance Payments. The Company shall provide to Employee (1) an amount equal to the target annual incentive payment for the year 2006, said payment to equal $101,250.00; and (2) a lump-sum payment of $25,000.00, both to be paid not later than 30 days after the Separation Date, provided that the Waiver and Release has been executed by Employee and is irrevocable.
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Additional Severance Payments. Beginning September 13, 2006, Employer will pay to Xx. Xxxx an amount equal to fifty percent (50%) of her base monthly salary less deductions for applicable federal and state taxes and withholdings for a period of three (3) months, ending December 12, 2006. Xx. Xxxx will receive these payments in accordance with Employer’s normal payroll practices. The parties agree that if Xx. Xxxx is employed on September 12, 2006, or obtains employment thereafter, at any time prior to December 12, 2006, she will be ineligible for the severance payments described in this Section 3a that accrue after the date she obtains such employment.
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Additional Severance Payments. (a) In addition to the Initial Severance Payment, you will be entitled to receive cash severance payments in an aggregate amount of $73,333 (the “Additional Severance Payment”). The Additional Severance Payment shall be subject to the Company’s collection of all applicable withholding taxes, and you will only be paid the amount remaining after such withholding taxes have been collected. Fifty percent (50%) of the Additional Severance Payment will be paid on May 19, 2006, and the remaining 50% of the Additional Severance Payment will be paid in two equal installments on June 19, 2006 and July 19, 2006, respectively.
Sample 1
Additional Severance Payments. Company shall pay Employee additional severance payments, in the manner specified below, totaling an aggregate of $375,000.00 (Three Hundred Seventy-Five Thousand Dollars), less all applicable withholdings and deductions required by law ("Severance Payments"). The first Severance Payment shall be $125,000.00 (One Hundred Twenty-Five Thousand Dollars), less all applicable withholdings and deductions required by law, and shall be paid to Employee in a lump sum on March 31, 2003. The remaining Severance Payments totaling $250,000.00 (Two Hundred Fifty Thousand Dollars) shall be paid in bi-weekly installments of $9,615.38 (Nine Thousand Six Hundred Fifteen Dollars and 38/100), less all applicable withholdings and deductions required by law, on normal Company paydays for the 26 pay periods commencing on the next Company payday following the CEO Termination Date. The Severance Payments are in addition to the Transition Salary, the Bonus and any other amounts payable to Employee pursuant to paragraph 2 above.
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Additional Severance Payments. RMS has a severance policy ----------------------------- as set forth on Schedule 2.11(c)(i) attached hereto for employees who are ------------------- terminated by the Company without cause. Purchaser hereby agrees that any of the employees of the Company set forth on Schedule 6.11 (which schedule shall be ------------- provided to Purchaser no later than one week prior to the Closing Date) whose employment is terminated without cause by the Company or Purchaser within six months after the Closing Date shall be paid as severance in addition to the amount they would be entitled to under the Company's severance policy set forth on Schedule 2.11(c)(i), the additional amount set forth opposite their ------------------- respective name on such schedule (the aggregate of such amounts, plus applicable taxes payable by the Company or Xxxxxx with respect thereto, the "Maximum Severance Amount"), less applicable taxes. The aggregate amount of all such additional severance payments actually paid by the Company or Xxxxxx, plus the applicable taxes with respect thereto paid by the Company or Xxxxxx, are referred to herein as the "Additional Severance Amount."
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Additional Severance Payments. As consideration for Executive’s voluntary resignation from the Company’s Board of Directors, the Company shall also pay Executive one lump sum cash payment in the amount of $100,000.00) (“Additional Separation Benefit”), less all required withholdings, including federal and state withholding taxes and other deductions Company is required by law to make from the Additional Separation Benefit. The Additional Separation Benefit will be paid on the date that is thirty (30) days after separation from service (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended).
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Additional Severance Payments. The Parties acknowledge that they are entering into, or have entered into, a Consulting Agreement contemporaneously with this Agreement. Provided that Employee (a) re-executes this Agreement on the last day of the Term of the Consulting Agreement (as defined therein) and does not revoke it, and (b) complies fully with the terms of this Agreement and of the Consulting Agreement, then:
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Additional Severance Payments. With respect to the Annual Incentive Compensation Plan of Bankshares and its affiliates ("AICP"), Xx. Xxxxx shall be entitled to receive an incentive award for the 2002 Award Year in accordance with and subject to the terms of the AICP, based on his 2002 annual salary of $400,000 and his designation as a Class I participant for that year. The amount of such award is $184,600 and will be payable no later than March 31, 2003, and shall be subject to all lawful deductions. The Companies agree that Xx. Xxxxx will be eligible to receive bonus payments for the 2003 Award Year (payable in 2004) and 2004 Award Year (payable in 2005) to be calculated in accordance with and subject to the terms of the AICP as if he were still a Class I participant and based on his base annual salary of $400,000; provided, however, that such bonus payments shall be made only if and to the same extent that the Companies make incentive awards generally under the AICP to Class I participants for the 2003 and 2004 Award Years, and the parties expressly agree that if the AICP changes for Class I participants generally for the 2003 or 2004 Award Years, the calculation of any bonus payments to Xx. Xxxxx for such Award Years will change in a like manner. The obligations set forth in this paragraph 2 shall survive in the event of Xx. Xxxxx'x death prior to December 31, 2004, in which event any remaining payments due under this paragraph 2 shall be due and payable to Xx. Xxxxx'x estate or such other beneficiary designated by Xx. Xxxxx in a written notice delivered to the Companies.
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Related to Additional Severance Payments

  • Additional Severance Benefits In the event that it is determined that any payment or benefit provided by the Company to or for the benefit of Executive, either under this Agreement or otherwise, will be subject to the excise tax imposed by section 4999 of the Internal Revenue Code or any successor provision ("section 4999"), the Company will, prior to the date on which any amount of the excise tax must be paid or withheld, make an additional lump-sum payment (the "gross-up payment") to Executive. The gross-up payment will be sufficient, after giving effect to all federal, state and other taxes and charges with respect to the gross-up payment, to make Executive whole for all taxes (including withholding taxes) imposed under section 4999. Determinations under this Section 2 will be made by the Company's then current firm of independent auditors (the "Firm"). The determinations of the Firm will be binding upon the Company and Executive except as the determinations are established in resolution (including by settlement) of a controversy with the Internal Revenue Service to have been incorrect. All fees and expenses of the Firm will be paid by the Company. If the Internal Revenue Service asserts a claim that, if successful, would require the Company to make a gross-up payment or an additional gross-up payment, the Company and Executive will cooperate fully in resolving the controversy with the Internal Revenue Service. The Company will make or advance such gross-up payments as are necessary to prevent Executive from having to bear the cost of payments made to the Internal Revenue Service in the course of, or as a result of, the controversy. The Firm will determine the amount of such gross-up payments or advances and will determine after resolution of the controversy whether any advances must be returned by Executive to the Company. The Company will bear all expenses of the controversy and will gross Executive up for any additional taxes that may be imposed upon Executive as a result of its payment of such expenses.

  • Severance Payments 6.1 If the Executive's employment is terminated following a Change in Control and during the Term, other than (A) by the Company for Cause, (B) by reason of death or Disability, or (C) by the Executive without Good Reason, then the Company shall pay the Executive the amounts, and provide the Executive the benefits, described in this Section 6.1 ("Severance Payments") and Section 6.2, in addition to any payments and benefits to which the Executive is entitled under Section 5 hereof; provided, however, that the Executive shall not be entitled to the Severance Payments unless and until the Executive (or, in the event of the Executive's death, the executor, personal representative or administrator of the Executive's estate) has signed a written waiver and release substantially in the form set forth on Exhibit A hereto. For purposes of this Agreement, the Executive's employment shall be deemed to have been terminated following a Change in Control by the Company without Cause or by the Executive with Good Reason, if (i) during the Term the Executive's employment is terminated by the Company without Cause following a Potential Change in Control but prior to a Change in Control (whether or not a Change in Control ever occurs) and such termination was at the request or direction of a Person who has entered into an agreement with the Company the consummation of which would constitute a Change in Control, (ii) during the Term the Executive terminates his employment for Good Reason following a Potential Change in Control but prior to a Change in Control (whether or not a Change in Control ever occurs) and the circumstance or event which constitutes Good Reason occurs at the request or direction of such Person or (iii) during the Term the Executive's employment is terminated by the Company without Cause or by the Executive for Good Reason and such termination or the circumstance or event which constitutes Good Reason is otherwise in connection with or in anticipation of a Change in Control (whether or not a Change in Control ever occurs). An Executive will not be considered to have been terminated by reason of the divestiture of a facility, sale or other disposition of a business or business unit, or the outsourcing of a business activity with which the Executive is affiliated, notwithstanding the fact that such divestiture, sale or outsourcing takes place within two years following a Change in Control, if the Executive is offered comparable employment by the successor company and such successor company agrees to assume the Company's obligations to the Executive under this Agreement.

  • Cash Severance Payment Executive shall receive a lump sum payment in an amount equal to twelve (12) months of Executive's base salary (less applicable withholding), paid within five (5) business days after the conclusion of the transition period (or after the termination date if there is no transition period requested by the Company).

  • Lump Sum Severance Payment Payment of a lump sum amount equal to twelve (12) months of Executive’s then-current Base Salary plus the Pro Rated Bonus, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the Release required by Paragraph 4(g) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.

  • Severance Payment Executive will be paid continuing payments of severance pay at a rate equal to Executive’s base salary rate, as then in effect, for twelve (12) months from the date of such termination of employment, to be paid periodically in accordance with the Company’s normal payroll policies.

  • Compensation Other Than Severance Payments 5.1 Following a Change in Control and during the Term, during any period that the Executive fails to perform the Executive's full-time duties with the Company as a result of incapacity due to physical or mental illness, the Company shall pay the Executive's full salary to the Executive at the rate in effect at the commencement of any such period, together with all compensation and benefits payable to the Executive under the terms of any compensation or benefit plan, program or arrangement maintained by the Company during such period (other than any disability plan), until the Executive's employment is terminated by the Company for Disability.

  • Cash Severance Benefits Severance equal to the amount set forth in the Participant’s Participation Agreement and payable in cash in a lump sum in accordance with the terms and conditions of this Plan, including without limitation Section 7 hereof.

  • Severance Payments and Benefits For purposes of this Agreement, the term "Severance Payments and Benefits" shall mean:

  • Other Severance Benefits The severance pay and benefits provided for in Section 6.1(b) shall be in lieu of any other severance or termination pay to which the Executive may be entitled under any Company severance or termination plan, program, practice or arrangement. The Executive’s entitlement to any other compensation or benefits shall be determined in accordance with the Company’s employee benefit plans and other applicable programs, policies and practices then in effect.

  • Change of Control Severance Benefits A Covered Termination of Executive’s employment on or within twelve (12) months following the effective date of a Change of Control entitles Executive to receive the benefits set forth in this Section 3.2.

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