Eligible for Severance Sample Clauses
The 'Eligible for Severance' clause defines the conditions under which an employee is entitled to receive severance pay upon termination of employment. Typically, this clause outlines specific scenarios such as involuntary termination without cause, and may detail factors like length of service, position, or reason for separation that affect eligibility. By clearly establishing who qualifies for severance benefits, the clause provides transparency and helps prevent disputes over severance entitlements when employment ends.
Eligible for Severance. The following regular employees will be eligible for severance pay:
(a) an employee whose service is terminated by the University for reasons pursuant to Article 36 (Layoff and Recall) and Article 40 (Technological Change); or
(b) an employee on regular appointment as at March 6, 1989 who accumulated five or more years of service and voluntarily leaves the service of the University. This clause only pertains to the employees listed in Appendix E; or
(c) an employee who becomes eligible under the terms of Appendix E; or
(d) an employee on regular appointment as at July 1, 2005 who had accumulated 14 years of service and who was 48 years of age as of that date.
Eligible for Severance. Notwithstanding the foregoing, if the Participant's employment or service is terminated by the Company or an Affiliate and the Participant is entitled to receive severance benefits under any severance or change in control plan maintained by the Company or an Affiliate or pursuant to any agreement between the Company or an Affiliate and the Participant, then, to the extent not earned and payable previously, the Service-Based Restricted Stock Units shall become earned and payable on termination of the Participant’s employment or service by the Company or an Affiliate under circumstances in which the Participant is entitled to receive such severance benefits, to the same extent they would have become earned and payable if the Service-Based Restricted Stock Units had been scheduled to become earned and payable pro rata as of each monthly anniversary of the Date of Grant, from the Date of Grant through the third anniversary of the Date of Grant, based upon the Participant’s continued employment or service from the Date of Grant until the termination of the Participant's employment or service (rounded to the nearest whole share).
Eligible for Severance. Notwithstanding the foregoing, if the Participant's employment or service is terminated by the Company or an Affiliate and the Participant is entitled to receive severance benefits under any severance or change in control plan maintained by the Company or an Affiliate or pursuant to any agreement between the Company or an Affiliate and the Participant, then, to the extent not earned and payable previously, the Performance-Based Restricted Stock Units that are eligible to become earned and payable at that time shall become earned and payable on termination of the Participant’s employment or service by the Company or an Affiliate under circumstances in which the Participant is entitled to receive such severance benefits, on the same basis they would have become earned and payable if the Performance-Based Restricted Stock Units that are eligible to become earned and payable at that time had been scheduled to become earned and payable pro rata as of each monthly anniversary of the Date of Grant, from the Date of Grant through the third anniversary of the Date of Grant, based upon the Participant’s continued employment or service from the Date of Grant until the termination of the Participant's employment with or service to the Company and its Affiliates (giving the Participant credit for continuous employment or service from the Date of Grant until the termination of the Participant's employment or service) (rounded to the nearest whole share). Notwithstanding the foregoing, none of the Performance-Based Restricted Stock Units that are not then eligible to become earned and payable shall become earned and payable on termination of the Participant's employment or service by the Company or an Affiliate under circumstances in which the Participant is entitled to receive severance benefits under any severance plan maintained by the Company or an Affiliate.