Contract Severance Clause Samples
A Contract Severance clause defines how individual provisions of a contract are treated if any part is found to be invalid, illegal, or unenforceable. Typically, this clause states that the remainder of the contract will continue to be effective even if one or more clauses are struck out or modified by a court. For example, if a non-compete provision is deemed too broad and unenforceable, the rest of the agreement remains intact. The core function of this clause is to preserve the validity and enforceability of the contract as a whole, preventing the entire agreement from failing due to a single problematic provision.
Contract Severance. In consideration for the termination of the Executive’s Prior Agreement, the Company hereby agrees to provide the Executive with a cash payment and restricted stock grant (the “Contract Severance”) according to the terms set forth below:
Contract Severance. If a teacher wished to be released from their contract after signing it, they will be allowed to do so only with Board permission and with payment to the District of $350, $500 if the contract is terminated after June 25th, $1000 if the contract is terminated after July 25th, and $1500 if the contract is terminated after August 15th or any time during the school year. No release from contract after August 15 according to MCA 20-4-110 subsection 1 Item G. This penalty will be invoked on those teachers who are initially hired after June 1, 1991. Under extenuating circumstances, the Board will have the option to waive the fee and/or release from contract. An incentive will be paid for teachers who provide early resignation notification to the District of $200 by the regular February Board meeting and $100 by the regular March Board meeting.
Contract Severance. In consideration for the termination of the Executive’s Prior Agreement, the Company hereby agrees to provide the Executive with a restricted stock grant (the “Contract Severance”) as soon as administratively practicable following the Effective Date, (the “Grant Date”) consisting of 12,892 shares of the Company’s common stock which shall be subject to certain restrictions (the “Restricted Stock”). The Restricted Stock shall be granted subject to the terms of the Company’s Long Term Incentive Plan and shall vested as provided therein.