Bonus Severance Payment Sample Clauses
The Bonus Severance Payment clause defines the employer's obligation to pay an additional sum to an employee upon termination, typically beyond standard severance. This payment may be calculated based on factors such as the employee's length of service, position, or recent performance bonuses, and is often triggered by specific types of termination, such as layoffs or mutual separation agreements. Its core function is to provide financial security to the departing employee and to incentivize cooperation during the transition, while also clarifying the employer's financial responsibilities in the event of separation.
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Bonus Severance Payment. As an additional Severance Benefit, the Company will pay you an amount equal to your Target Bonus (as defined in your Employment Agreement) as of the date of this Agreement (the "Bonus Severance Payment"). This Bonus Severance Payment will be paid in a lump sum, subject to standard payroll deductions and withholdings, on the Company's next regular payroll date following the Effective Date, provided you have signed and not revoked the Agreement by such date.
Bonus Severance Payment. The Company will pay you (or your estate, as applicable) a lump sum cash amount equivalent to your target Annual Bonus for the year in which the Separation from Service Date occurs (the “Bonus Severance Payment”). Your base salary as in effect on the Separation from Service Date, ignoring any decrease that forms the basis of your resignation for Good Reason, if applicable, shall be used for calculating the Bonus Severance Payment. The Bonus Severance Payment will be paid within sixty (60) days of the effective date of the Release (namely, the date it can no longer be revoked) but in no event later than March 15th of the year following the year in which the Separation from Service Date occurs.
Bonus Severance Payment. If you have been employed with the Company or another Affiliate (defined below) through at least January 31 of the calendar year in which the Involuntary Termination occurs, an amount equal to (A) your target bonus for such calendar year, multiplied by (B) a ratio, the numerator of which is the number of calendar days that you were employed by the Company or an Affiliate during such calendar year and the denominator of which is the total number of calendar days in such calendar year. In addition, if the date of Involuntary Termination occurs in the first quarter of the calendar year and such date is prior to the scheduled payment date for previous year annual bonus(es), you will receive payment of the annual bonus for such previous calendar year at the target amount.
Bonus Severance Payment. Executive shall receive an additional severance payment in an amount equal to 100% of Executive’s target annual bonus in effect for the fiscal year in which the Termination Date occurs (the “Bonus Severance Payment”). The Bonus Severance Payment shall be paid on the first regular payroll date following the effective date of the Release, subject to any delay in payment required by Section 5.5.
Bonus Severance Payment. Executive will receive a lump sum severance payment (less applicable tax withholdings) equal to one and one‑half (1.5) times Executive’s annual target incentive bonus amount (as in effect immediately prior to (A) the Change of Control, or (B) termination of Executive’s employment, whichever is greater).
Bonus Severance Payment. Employee shall receive a lump-sum severance payment (less applicable tax withholding) equal to the greater of 150% of: (i) the Employee’s annual target bonus for the fiscal year in which the date of Employee’s termination occurs or (ii) the actual bonus that the Employee would earn under the Company’s executive bonus plan in effect in the fiscal year in which the date of Employee’s termination occurs based on the Company’s achievement against the metrics established under the plan and assuming that any individual goals for Employee are achieved at target levels. Notwithstanding any other provision to the contrary, the payment in this paragraph will be made in the year following the year in which the Employee’s date of termination occurs at the same time as bonus payments are made to the Company’s other senior executive officers, subject to any delay as may be required pursuant to Section 409A.
Bonus Severance Payment. A single, lump sum, cash payment equal to the greater of (A) Executive’s annual target bonus in effect for the fiscal year in which the termination occurs, or (if greater) in effect immediately prior to the Change of Control, or (B) the bonus Executive would receive for the fiscal year during which the termination occurs based on actual performance being accrued for financial accounting purposes at the time of termination against the performance goals applicable to Executive’s bonus arrangement in effect immediately prior to Executive’s termination date, in either case, which will be pro-rated for the period during the fiscal year Executive was employed by the Company.
Bonus Severance Payment. 1. After a teacher has accumulated his/her maximum of two hundred twenty (220) days of sick leave, any additional sick leave which is accrued will be recorded for the purpose of increasing the severance pay calculation. Upon retirement (as defined in Section A. above) from the District, a teacher shall receive one-third (1/3) of his/her accumulated sick leave days over two hundred twenty (220) as part of his/her severance pay. The maximum number of additional days which may be earned under this Section shall be thirty (30) days, and the amount will be added to the amount entitled to in Section A. above.
2. Each teacher eligible to receive bonus severance days shall receive a statement in September containing the number of such days earned during the preceding school year and the total bonus severance days earned to date.
3. Once a bonus severance day has been placed in the bonus severance day “Bank” it will not be lost regardless of what happens to the teacher’s accumulated sick leave in the future.
Bonus Severance Payment. The Company will pay you (or your estate, as applicable) a lump sum cash amount equivalent to your target Annual Bonus for the year in which your Separation from Service Date occurs (the “Bonus Severance Payment”). Your base salary as in effect on your Separation from Service Date, ignoring any decrease that forms the basis of your resignation for Good Reason, if applicable, shall be used for calculating the Bonus Severance Payment. The Bonus Severance Payment will be paid on the First Payment Date but in no event later than March 15th of the year following the year in which your Separation from Service Date occurs.
Bonus Severance Payment. The Company will pay you an additional cash severance in an amount ranging from $86,940 to $96,600 to be determined by the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) related to your 2016 bonus and based on the Company’s proportional accomplishment of its 2016 goals, less applicable withholdings and deductions (the “Bonus Severance Payment”). The Bonus Severance Payment will be paid no later than March 15, 2017.