Maximum Severance Sample Clauses

Maximum Severance. Effective December 1, 2008, the maximum amount of money that any employee may obtain through the Severance Plan from the combination of early notification incentive and pay for unused sick leave is $18,500.
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Maximum Severance. For employees providing less that six (6) months notification, the maximum amount of money the employee may obtain through the Severance Plan from the combination of early notification incentive and pay for unused sick leave is $22,500. Effective January 1, 2015, employees providing six (6) months notification, the maximum amount of money the employee may obtain through the Severance Plan from the combination of early notification incentive and pay for unused sick leave is $26,500.
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Maximum Severance. As required by Government Code §53260, and except as otherwise provided for in any other separate settlement agreement between EMPLOYEE and EMPLOYER, in the event this Agreement and any extension and/or automatic extension/renewal hereof is terminated, the maximum cash settlement that EMPLOYEE may receive shall be an amount equal to the monthly salary of EMPLOYEE multiplied by the number of months left on the unexpired term of this Agreement or any extension hereof, not to exceed a multiplier of 12; for example, if the unexpired term of the contract is 18 months, the maximum cash settlement shall be an amount equal to the monthly salary of EMPLOYEE multiplied by 12.
Sample 1
Maximum Severance. Effective July 1, 2016, the maximum amount of money that any employee may obtain through the Severance Plan from the combination of December 1 early notification incentive and pay for unused sick leave is $33,000. Subd. 4. Pay for Earned, Unused Vacation. Principals who meet the eligibility requirements of 2.1 of this Section, who qualify for severance pay per 3.1 or 3.2 of this Section, and who retire with earned, unused vacation shall receive pay for such vacation. Principals who retire at the end of a school year will not be prorated for five (5) days of vacation credited in January of that year. Payment for earned, unused vacation shall be made to the Severance Plan.
Sample 1
Maximum Severance. For employees providing six (6) months or more notification, the maximum amount of money the employee may obtain through the Severance Plan from the combination of early notification incentive and pay for unused sick leave is $30,000. This maximum does not include unused earned vacation as noted in Subd. 3. For employees providing less than six (6) months and more than or equal to three (3) months notification, the maximum amount of money the employee may obtain through the Severance Plan from the combination of early notification incentive and pay for unused sick leave is $29,000. 2.3.1. For employees providing less than three (3) months notification, the maximum amount of money the employee may obtain through the Severance Plan for unused sick leave is $26,500. Subd. 3. Pay for Earned, Unused Vacation. ASAP Members who meet the eligibility requirements of 1.1 of this Section, who qualify for severance pay per 2.1 or 2.2 of this Section, and who retire with earned, unused vacation shall receive pay for such vacation. Payment for earned, unused vacation shall be made to the Severance Plan. This is an addition to the Maximum Severance for unused sick leave and early notification incentive. The maximum vacation pay received will be up to 240 hours unused vacation.
Sample 1

Related to Maximum Severance

  • 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.

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