Final Payroll Clause Samples

The Final Payroll clause outlines the employer's obligation to pay all outstanding wages and compensation to an employee upon the termination of their employment. This typically includes regular salary, accrued but unused vacation time, bonuses, and any other earned benefits up to the last day worked. By specifying the timing and components of the final payment, this clause ensures that employees receive all due compensation promptly and helps prevent disputes over unpaid wages at the end of employment.
POPULAR SAMPLE Copied 1 times
Final Payroll. Seller shall pay the amount of salaries, wages and benefits earned through the Closing Date by each employee of Seller who may become an employee of Buyer on the Closing Date on Seller’s next regularly scheduled pay date for that employee.
View SourceView Similar (3)
Final Payroll. Seller shall pay all of its employees not later than as of the close of business on the Closing Date all sums due for all wages earned, including overtime pay, and all accrued vacation leave as of such time.
View SourceView Similar (3)
Final Payroll. Mid-Cal or Prime, as the case may be, shall pay the amount of salaries, wages and benefits earned through the Transaction Date by each employee of Mid-Cal and/or Prime who may become an employee of USTI on the Transaction Date.
View SourceView Similar (2)
Final Payroll. Sellers shall be responsible for the final payroll and all accrued employee obligations (including, but not limited to, accrued paid time off) and associated payroll taxes (collectively, the “Final Payroll Obligations”) immediately prior to the Closing Date. If the Parties agree that the Closing shall occur at such other time than at the end of a payroll period, then the Purchaser shall reimburse Seller by the amount necessary to cover the Final Payroll Obligations accrued through the day prior to Closing Date, as a post-closing adjustment made within seven days of Closing. In addition and notwithstanding Seller's Employment Obligations as provided in Section 5.1 below, Purchaser shall also reimburse Seller for (i) pro-rated health and welfare payroll benefits through the end of the month in which Closing occurs, (ii) pro-rated September rent for leases included in Assumed Liabilities and (ii) deposits related to the leases included as Assumed Liabilities as a post-closing adjustment. The foregoing reimbursements shall be made via a cash payment within seven days from the date of Closing.
View Source

Related to Final Payroll

  • Final Paycheck As soon as administratively practicable on or after the Termination Date, the Company will pay Executive all accrued but unpaid base salary and all accrued and unused vacation earned through the Termination Date, subject to standard payroll deductions and withholdings. Executive is entitled to these payments regardless of whether Executive executes this Agreement.

  • Final Pay On the Termination Date, the Company will pay You $__________, less all applicable withholdings. This amount represents all of Your salary earned through the Termination Date and all of Your accrued but unused vacation time or PTO. You acknowledge that, prior to the execution of this Agreement, and other than as set forth in Attachment A to Your Offer Letter, You are not entitled to receive any additional money from the Company, and that the only payments that You are entitled to receive from the Company in the future are those specified in this Agreement and Attachment A.

  • Final Payment A. Upon final completion and acceptance of the Work in accordance with Paragraph 15.06 of the General Conditions, Owner shall pay the remainder of the Contract Price as recommended by Engineer as provided in said Paragraph 15.06.

  • Payroll Nothing in this Agreement shall limit the Company’s right to modify its payroll practices, as it deems necessary.

  • Terminal Pay Any employee at normal retirement or his/her beneficiary if service is terminated by death, shall be provided terminal pay. Such terminal pay shall not exceed an amount determined as follows: 1. During the first three (3) years of service: a. The affected employee’s daily rate of pay on July 1, 1994, multiplied by 35 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. The affected employee’s daily rate of pay at the time sick leave is earned times 35 percent times the number of days of accumulated sick leave earned after July 1, 1994. 2. During the fourth (4th) through sixth (6th) years of service: a. The affected employee’s daily rate of pay on July 1, 1994, multiplied by 40 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. The affected employee’s daily rate of pay at the time sick leave is earned times 40 percent times the number of days of accumulated sick leave earned after July 1, 1994. 3. During the seventh (7th) through ninth (9th) years of service: a. The affected employee’s daily rate of pay on July 1, 1994, multiplied by 45 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. The affected employee’s daily rate of pay at the time sick leave is earned times 45 percent times the number of days of accumulated sick leave earned after July 1, 1994. 4. During the tenth (10th) through the twelfth (12th) year of service: a. The affected employee’s daily rate of pay on July 1, 1994, multiplied by 50 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. The affected employee’s daily rate of pay at the time sick leave is earned times 50 percent times the number of days of accumulated sick leave earned after July 1, 1994. 5. During and after the thirteenth (13th) year of service: a. The affected employee’s daily rate of pay on July 1, 1994, multiplied by the number of unused sick leave days held on July 1, 1994. b. The affected employee’s daily rate of pay at the time sick leave is earned* multiplied by the number of days of accumulated sick leave earned. 6. No employee who meets the eligibility requirements listed above may receive any compensation for sick leave payments unless they sign and execute the Payment of Sick Leave Upon Retirement Agreement provided by the Superintendent. This Agreement requires the retiring Board employee to seek, accept, and cash the first retirement benefit check issued by the Florida Retirement System. The employee must qualify for “normal retirement” which under this policy shall mean retirement under plan A, B, C, D, E under the Florida Retirement System or any other plan established by the Legislature with either full or reduced benefits as provided by law. Normal retirement shall not be interpreted to include disability retirement. *Note: “At the time sick leave is earned” shall be interpreted to mean the value of sick leave at the end of each school year or at the time the affected employee retires, whichever comes first.