Enhanced Severance Pay Clause Samples

The Enhanced Severance Pay clause establishes the employer’s obligation to provide an increased severance payment to an employee upon termination under specified circumstances. Typically, this clause outlines the conditions that trigger enhanced severance, such as termination without cause or following a change in company ownership, and details the calculation method for the additional payment, which may be based on years of service or a fixed multiplier. Its core practical function is to offer greater financial security to employees facing job loss, thereby addressing concerns about income stability and incentivizing retention during periods of organizational change.
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Enhanced Severance Pay. As soon as practicable following the Termination Date, ▇▇▇▇▇▇▇ will pay Executive, in lieu of benefits otherwise described in the ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Benefits Plan, severance pay equal to two times the sum of (i) Executive's annual base salary at the highest rate in effect during the three (3) years immediately preceding the last day of employment and (ii) the higher of either Executive's target bonus for the period in which the last day of employment occurs or Executive's average annual bonus award for the three annual bonus periods immediately preceding the last day of employment.
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Enhanced Severance Pay. As soon as practicable following the Termination Date, ▇▇▇▇▇▇▇ will pay Executive, in lieu of benefits otherwise described in the ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Benefits Plan, severance pay in the following amount: (1) If Executive's last day of employment occurs outside a Control Termination Period, the severance pay amount will be equal to the sum of (i) Executive's annual base salary at the highest rate in effect during the three (3) years immediately preceding the last day of employment and (ii) the higher of either Executive's target bonus for the period in which the last day of employment occurs or Executive's average annual bonus award for the three annual bonus periods immediately preceding the last day of employment. (2) If Executive's last day of employment occurs during a Control Termination Period, the severance pay amount will be equal to [three (3) for ▇▇▇▇▇ ▇. ▇▇▇▇▇] [two (2) for all other Executives] times the amount determined under (c)(1) above.
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Enhanced Severance Pay. As soon as practicable within sixty (60) days following the Termination Date, ▇▇▇▇▇▇▇ will pay Executive, in lieu of payments and benefits otherwise described in the ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Benefits Plan, severance pay in a lump sum in the following amount: (1) If Executive’s last day of employment occurs outside a Control Termination Period, the severance pay amount will be equal to the sum of (i) Executive’s annual base salary at the highest rate in effect during the three (3) years immediately preceding the Termination Date and (ii) the higher of either Executive’s target bonus for the period in which the last day of employment occurs or Executive’s average annual bonus award for the three annual bonus periods immediately preceding the last day of employment. (2) If Executive’s Termination Date occurs during a Control Termination Period, the severance pay amount will be equal to two (2) times the amount determined under (b)(1) above.
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Enhanced Severance Pay. As soon as practicable following the Termination Date, ▇▇▇▇▇▇▇ will pay Executive, in lieu of benefits otherwise described in the ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Benefits Plan, the following: ▇. ▇▇▇▇▇▇▇▇▇ pay equal to the sum of (1) Executive’s annual base salary at the highest rate in effect during the three (3) years immediately preceding the last day of employment and (2) the higher of either Executive’s target incentive for the period in which the last day of employment occurs or Executive’s average annual incentive award for the three annual incentive periods immediately preceding the last day of employment. ii. If Executive’s last day of employment occurs during a Control Termination Period and Executive is a party to a Change in Control Agreement, section (i) shall not apply and the severance pay amount will be determined under the Change in Control Agreement.
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Enhanced Severance Pay. In case of termination of employment by arrangement, the Employee is eligible to a severance pay topped up by: a) Twice his average monthly salary – if and when employment is terminated by the end of the month in which either the suggestion to terminate the employment relationship was made, or the notice/ resignation submitted. b) A multiple of average monthly salary - provided that the employment relationship is terminated by the first month of the notice period.
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Enhanced Severance Pay. In exchange for Executive entering into this Agreement and signing the General Release and compliance with all covenants below, Alliance Data agrees to pay to Executive beginning no later than the second payroll cycle after the Effective Date, but no sooner than the first payroll cycle after the Termination Date, the enhanced severance pay of eight-hundred, ten thousand dollars ($810,000), which equals seventy-eight (78) weeks (“Enhanced Severance Pay Period”) of Executive’s current base salary, payable in bi-weekly installment payments. The first installment shall be a “catch-up” payment equal to Executive’s base salary for the period of time following the Termination Date through the date such first installment is paid, and the balance of the enhanced severance pay shall be paid in regular installments payable in accordance with their original schedule through the expiration of the Enhanced Severance Pay Period. All payments under this paragraph will be subject to appropriate payroll tax deductions and income tax withholdings. Executive agrees that the enhanced severance pay outlined in this paragraph is over and above any sums earned by Executive as wages, commissions and/or bonuses through the Termination Date. Alliance Data and Executive agree that as of the Termination Date, Executive is no longer eligible to participate in Alliance Data’s 401(k) savings plan, and therefore, the aforementioned severance payments shall not be subject to 401(k) withholdings or employer matching. Executive further agrees that if Executive is rehired by Alliance Data or any of its affiliates prior to the expiration of the Enhanced Severance Pay Period or prior to all severance payments hereunder being made to Executive, the severance payments to Executive will cease as of the rehire date.
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Enhanced Severance Pay. In consideration of Employee's covenants and obligations set forth in the Agreement and the attachments thereto, the Company shall pay Employee an additional three (3) months of enhanced severance pay (the "Enhanced Severance Pay"). Employee acknowledges said enhanced severance payments are over and above that to which Employee is otherwise entitled under any employment agreement or otherwise and are being given as additional consideration in exchange for Employee's agreement to the terms and conditions of the Agreement (including this Attachment and Attachment B thereto).
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Enhanced Severance Pay. As soon as practicable following the Termination Date and subject to Executive signing and not rescinding a general release in a form satisfactory to ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ will pay Executive, in lieu of benefits otherwise described in the ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Benefits Plan, the following: ▇. ▇▇▇▇▇▇▇▇▇ pay equal to the sum of (1) Executive’s annual base salary at the highest rate in effect during the twelve (12) months preceding the Termination Date, (2) any unpaid cash incentive under the Annual Cash Incentive Plan awarded for the fiscal year ended prior to the Termination Date, and (3) the target cash incentive under the Annual Cash Incentive Plan for the period in which the Termination Date occurs, prorated to the Termination Date based on a fraction, the numerator of which is the number of days the Executive was employed by ▇▇▇▇▇▇▇ during the performance period and the denominator of which is the number of calendar days in the performance period. Subject to Section 8, this amount will be paid in a lump sum within 10 calendar days after the rescission period ends under the general release. Notwithstanding the foregoing, if Executive is entitled to payment under this Section 5(b)(i) but was employed by ▇▇▇▇▇▇▇ less than 12 months, in place of item (1) above, Executive shall receive severance pay equal to (A) one-half of Executive’s annual base salary if Executive was employed by ▇▇▇▇▇▇▇ for 6 months or less, or (B) if Executive was employed by ▇▇▇▇▇▇▇ for more than 6 months but less than 12 months, a prorated portion of Executive’s annual base salary based on a fraction, the numerator of which is the number of days the Executive was employed by ▇▇▇▇▇▇▇ and the denominator of which is 365. ii. If Executive’s last day of employment occurs during a Control Termination Period and Executive is a party to a Change in Control Agreement, section (i) shall not apply and the severance pay amount will be determined under the Change in Control Agreement.
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Related to Enhanced Severance Pay

  • Severance Pay 19.01 Under the following circumstances and subject to clause 19.02, an employee shall receive severance benefits calculated on the basis of his weekly rate of pay:

  • Severance Payments 5.1 The Company shall pay the Executive the payments described in this Section 5.1 ("Severance Payments") upon the termination of the Executive's employment following a Change in Control during the term of this Agreement, including the Executive's termination of employment for Good Reason, unless such termination is (a) by the Company for Cause, or (b) by reason of the Executive's Death or Disability. The Executive's employment shall be deemed to have been terminated following a Change in Control by the Company without Cause if the Executive's employment is terminated prior to a Change in Control without Cause at the direction (or action which constitutes a direction) of a Person who has entered into an agreement with the Company the consummation of which will constitute a Change in Control. (i) Within three (3) business days after the Date of Termination, the Company shall make a lump sum or monthly, at the Executive's option, cash severance payment to the Executive in an amount equal to: (x) the Executive's annual base salary in effect immediately prior to the occurrence of the event or circumstance upon which the Notice of Termination is based or in effect immediately prior to the Change in Control; and (y) a pro-rated portion of Executive's Targeted Annual Bonus for the fiscal year in which the Date of Termination occurs. (ii) For a twelve (12) month period after the Date of Termination, the Company shall arrange to provide the Executive with medical and dental insurance benefits substantially similar to those that the Executive is receiving immediately prior to the Notice of Termination. Benefits otherwise receivable by the Executive pursuant to this Section 5.1(ii) shall be reduced to the extent comparable benefits are actually received by or made available to the Executive without cost during the twelve (12) month period following the Executive's termination of employment (and any such benefits actually received by the Executive shall be reported to the Company by the Executive). 5.2 The Company also shall pay to the Executive all legal fees and expenses incurred by the Executive in disputing the non-payment of Severance Payments in connection with a termination which entitles the Executive to Severance Payments. Such payments shall be made within five (5) business days after delivery of the Executive's written request for payment accompanied with such evidence of fees and expenses incurred as the Company reasonably may require.

  • Severance Payment If, during the Employment Term at any time during the period of twelve (12) consecutive months following the occurrence of a Change in Corporate Control, the Executive is involuntarily terminated (other than for Cause) or the Executive terminates his employment for Good Reason, then subject to compliance with the restrictive covenants in Section 9 and Section 10 and the execution and timely return by the Executive of the Release, the Executive shall be entitled to receive a lump sum severance payment equal to the present value of a series of monthly payments for twenty-four (24) months, each in an amount equal to one-twelfth (1/12th) of the sum of (i) the Executive’s Base Salary, as in effect at the time of the Change in Corporate Control, and (ii) the average of the annual bonuses paid to the Executive for the prior two fiscal years of the Company ending prior to the Change in Corporate Control, if any. Such present value shall be calculated using a discount rate equal to the interest rate on 90-day Treasury bills, as reported in the Wall Street Journal (or similar publication) on the date of the Change in Corporate Control. Such lump sum payment shall be made to the Executive within sixty (60) days following the date of such involuntary termination. In addition, if during the Employment Term within twelve (12) months after a Change in Corporate Control the Executive is involuntarily terminated (other than for Cause) or the Executive terminates his employment for Good Reason, he shall be entitled to continued coverage at the Company’s expense under any health insurance programs maintained by the Company in which the Executive participated at the time of his termination, which coverage shall be continued for eighteen (18) months or until, if earlier, the date the Executive obtains comparable coverage under a group health plan maintained by a new employer. To the extent the benefits provided under the immediately preceding sentence are otherwise taxable to the Executive, such benefits, for purposes of Section 409A of the Code (and the regulations and other guidance issued thereunder) shall be provided as separate monthly in-kind payments of those benefits, and to the extent those benefits are subject to and not otherwise excepted from Section 409A of the Code, the provision of the in-kind benefits during one calendar year shall not affect the in-kind benefits to be provided in any other calendar year.

  • Change in Control Severance Benefits If there is a Change in Control, and within one (1) year of such Change in Control, the Executive’s employment is terminated under the circumstances described in Sections 4(a) through 4(f) above, the Executive shall be entitled to the following: (I) if such termination is a termination by the Company without Cause pursuant to Section 4(a) or the Executive resigns for Good Reason pursuant to Section 4(b), the Company shall pay the Executive the Accrued Obligations and, in addition, subject to the provisions of Section 19, (A) an amount equal to twenty-four (24) months of the Executive’s Base Salary at the rate in effect on the date of termination or resignation, payable in a lump sum within sixty (60) calendar days of the date of termination or resignation; and (B) provided the Executive timely elects continuation coverage under COBRA, the Company shall also pay, on the Executive’s behalf, the portion of monthly premiums for the Executive’s group health insurance, including coverage for the Executive’s dependents, that the Company paid immediately prior to the date of termination or resignation, during the eighteen (18) month period following the date of termination or resignation, subject to the Executive’s continued eligibility for COBRA coverage. The Company will pay for such COBRA coverage for eligible dependents only for those dependents who were enrolled immediately prior to the date of termination or resignation. The Executive will continue to be required to pay that portion of the premium for the Executive’s health coverage, including coverage for the Executive’s eligible dependents, that the Executive was required to pay as an active employee immediately prior to the date of termination or resignation. Notwithstanding the foregoing, in the event that under applicable guidance the reimbursement of COBRA premiums causes the Company’s group health plan to violate any applicable nondiscrimination rule, the parties agree to negotiate in good faith a mutually agreeable alternative arrangement; and (II) if such termination is a termination or resignation under the circumstances described in Sections 4(c), 4(d), 4(e) or 4(f), the Executive shall be entitled to the compensation and benefits for which the Executive is eligible under such sections.

  • Termination and Severance Pay A. In the event the Employee is terminated pursuant to Paragraph B hereof and the Employee is willing and able to perform the duties of the position under this agreement, upon execution of a Separation Agreement and General Release, the Employer agrees to pay the Employee a lump sum cash payment equal to three (3) months aggregate annual salary, exclusive of other forms of compensation, less standard withholdings, in addition to the continuation of medical, dental and vision insurance benefits during the three (3) month period immediately following the date of termination. However, in the event the Employee is terminated because the Employee has been convicted of a misdemeanor or a felony, or if the County determines that the Employee has engaged in unprofessional and improper practice, other than negligence, and breach of public trust, including but not limited to illegal acts involving personal gain, or moral turpitude, the County shall be entitled to terminate the Employee immediately without any severance pay, or medical, dental and vision insurance continuation aside from COBRA. B. In the event the Employer at any point during the term of this agreement reduces the salary or other financial benefits of the Employee in a greater percentage than reductions to all other employees of Employer, or if Employer refuses, following a written request to comply with any provision benefiting Employee herein; or the Employee resigns following a suggestion, whether formal or informal, by the Sheriff that he or she resign, then, in that event, Employee may, at his or her option, be deemed to be terminated at the date of such reduction or refusal to comply within the meaning and context of the herein severance pay provision. C. In the event the Employee voluntarily resigns his or her position with the County as Major then the Employee shall give the County thirty (30) days written notice in advance, unless the parties otherwise agree. The provision for severance pay and continuation of employment benefits detailed in SECTION 3, Paragraph A shall not apply to a voluntary resignation.