Calculation of Severance Payment. Payment under this clause will be made in accordance with the provisions below. For the purpose of these provisions, ordinary pay is defined as basic taxable salary, plus regular taxable allowances paid on a continuous basis as at the effective date of disestablishment of the position. For teachers on leave without pay, ordinary pay shall be the ordinary pay at the time of taking leave.
Calculation of Severance Payment. The "Severance Payment" hereunder shall be a lump sum equal to three (3) times the sum of (i) the Executive's annual base salary and (ii) the Executive's target bonus as provided in the Company's Management Incentive Plan, as said salary and target bonus are in effect immediately prior to the termination of Executive's employment or in effect immediately prior to the Change in Control, whichever is higher.
Calculation of Severance Payment. Upon termination pursuant to Section 3.1(f), the Employee shall be entitled to receive an amount equal to (i) his Base Salary for the Company's immediately preceding fiscal year plus, (ii) the average of his bonus compensation over the Company's two immediately preceding fiscal years, payable in equal installments over a twelve-month period beginning as soon as practicable after the Termination Date.
Calculation of Severance Payment i) For the purposes of these provisions "ordinary pay" is defined as basic taxable salary plus regular taxable allowances paid on a continuous basis which either attract overtime or penal time payments or are paid on an hourly basis for all hours worked, plus penal payments (T1/4, T1/2) or allowances in lieu thereof. Except in the case of employees on parental leave where ordinary pay shall be the ordinary pay at the time of taking leave.
Calculation of Severance Payment. (i) Redundancy payments shall be calculated at the Employee's Base Salary and any applicable Performance Payment;
Calculation of Severance Payment. 1. An Employee whose employment is terminated by reason of redundancy and who is not engaged in a different position with the Company or in another position in accordance with Clause 15.8, will receive a severance payment as follows:
