Common use of Basis of Severance Payment Clause in Contracts

Basis of Severance Payment. A teacher, upon retirement, shall be eligible to receive a severance payment which shall be equal to 5 days of the teacher's base salary rate for each full year of full-time continuous service to the School District, not to exceed a total of 128 days' pay.

Basis of Severance Payment. A teacher, upon retirement, shall be eligible to receive a severance payment which shall be equal to 5 days of the teacher's ’s base salary rate for each full year of full-time continuous service to the School District, not to exceed a total of 128 days' ’ pay.