Common use of Lump-Sum Payment on Termination Clause in Contracts

Lump-Sum Payment on Termination. ‌ Upon termination, a faculty member is entitled to a lump-sum payment equal to one-fourth of the pay attributed to the accumulated sick leave except where otherwise provided for in Appendix A. The computation shall be based on the faculty member's salary for the last year of employment. Faculty members who are laid off shall have the option of receiving payment for unused sick leave at the time of layoff, maintaining sick leave balances for use upon recall, or receiving payment at the end of the recall period if recall does not occur.

Lump-Sum Payment on Termination. ‌ Upon termination, a faculty member is entitled to a lump-sum payment equal to one-fourth (1/4) of the pay attributed to the accumulated sick leave except where otherwise provided for in Appendix A. leave. The computation shall be based on the faculty member's salary for the last year of employment. Faculty members who are laid off shall have the option of receiving payment for unused sick leave at the time of layoff, maintaining sick leave balances for use upon recall, or receiving payment at the end of the recall period if recall does not occur.

Lump-Sum Payment on Termination. ‌ Upon termination, a faculty member is entitled to a lump-sum payment equal to one-fourth of the ofthe pay attributed to the accumulated sick leave except where otherwise provided for in Appendix A. The computation shall be based on the faculty member's salary for the last year of employment. Faculty members who are laid off shall have the option of receiving ofreceiving payment for unused sick leave at the time of layoff, maintaining sick leave balances for use upon recall, or receiving payment at the end of the ofthe recall period if recall does not occur.