Other Severance Pay Sample Clauses
The 'Other Severance Pay' clause defines the terms under which an employee may receive additional compensation upon termination beyond standard severance arrangements. This clause typically outlines eligibility criteria, calculation methods, and any conditions or exceptions that apply to such extra payments, such as performance-based bonuses or payments for unused leave. Its core function is to clarify the circumstances and amounts of supplementary severance, thereby preventing disputes and ensuring both parties understand their rights and obligations regarding post-employment compensation.
Other Severance Pay. The Employee shall not be entitled to receive payment under any severance plan, policy or arrangement maintained by the Company (other than this Agreement). If the Employee is entitled to any notice or payment in lieu of any notice of termination of employment required by Federal, state or local law, including but not limited to the Worker Adjustment and Retraining Notification Act, the amounts to which the Employee would otherwise be entitled under this Agreement shall be reduced by the amount of any such payment in lieu of notice. If the Employee is entitled to any severance or termination payments under any employment or other agreement (other than award agreements issued pursuant to the HollyFrontier Corporation Long-Term Incentive Compensation Plan) with, or any plan or arrangement of, the Company, the payments to which the Employee would otherwise be entitled under this Agreement shall be reduced by the amount of such payment. Except as set forth above, the foregoing payments and benefits shall be in addition to and not in lieu of any payments or benefits to which the Employee and his dependents may otherwise be entitled to under the Company’s compensation and employee benefit plans. Nothing herein shall be deemed to restrict the right of the Company to amend or terminate any such plan in a manner generally applicable to similarly situated active employees of the Company, in which event the Employee shall be entitled to participate on the same basis (including payment of applicable contributions) as similarly situated active employees of the Company.
Other Severance Pay. Other than as stated in this Section 4, Executive shall not be entitled to, and Company shall not pay, any severance pay or benefits under any other plan, program, or policy of Company, including without limitation, no Discretionary Bonus for the year of termination.
Other Severance Pay. The Executive shall not be entitled to receive payment under any severance plan, policy or arrangement maintained by the Bank (other than this Agreement). If the Executive is entitled to any notice or payment in lieu of any notice of termination of employment required by Federal, state or local law, including but not limited to the Worker Adjustment and Retraining Notification Act, the amounts to which the Executive would otherwise be entitled under this Agreement shall be reduced by the amount of any such payment in lieu of notice. Except as provided herein, if the Executive is entitled to any severance or termination payments under any employment or other agreement (other than amounts payable under Section 3(a)(i)) with, or any plan or arrangement of, the Bank, the payments to which the Executive would otherwise be entitled under this Agreement shall be reduced by the amount of such payment actually made. Except as set forth above, the foregoing payments and benefits shall be in addition to and not in lieu of any payments or benefits to which the Executive and his dependents may otherwise be entitled to under the Bank’s compensation and Executive benefit plans. Nothing herein shall be deemed to restrict the right of the Bank to amend or terminate any such plan in a manner generally applicable to similarly situated active Executives of the Bank, in which event the Executive shall be entitled to participate on the same basis (including payment of applicable contributions) as similarly situated active Executives of the Bank.
Other Severance Pay. The Employee shall not be entitled to receive payment under any severance plan, policy or arrangement maintained by HFC, the General Partner, or the Partnership (other than this Agreement). If the Employee is entitled to any notice or payment in lieu of any notice of termination of employment required by Federal, state or local law, including but not limited to the Worker Adjustment and Retraining Notification Act, the amounts to which the Employee would otherwise be entitled under this Agreement shall be reduced by the amount of any such payment in lieu of notice. If the Employee is entitled to any severance or termination payments under any employment or other agreement (other than award agreements issued pursuant to the HollyFrontier Corporation Long-Term Incentive Compensation Plan, the HollyFrontier Omnibus Incentive Compensation Plan or the ▇▇▇▇▇ Energy Partners, L.P. Long-Term Incentive Plan) with, or any plan or arrangement of, HFC, the General Partner, or the Partnership, the payments to which the Employee would otherwise be entitled under this Agreement shall be reduced by the amount of such payment. Except as set forth above, the foregoing payments and benefits shall be in addition to and not in lieu of any payments or benefits to which the Employee and his dependents may otherwise be entitled to under the compensation and employee benefit plans of HFC, the General Partner, and the Partnership. Nothing herein shall be deemed to restrict the right of HFC, the General Partner, or the Partnership to amend or terminate any such plan in a manner generally applicable to similarly situated active employees, as applicable, in which event the Employee shall be entitled to participate on the same basis (including payment of applicable contributions) as similarly situated active employees.
Other Severance Pay. You agree that neither Merck nor any of the Released Parties owes you severance pay, termination indemnity or other amounts payable upon a termination of employment in the nature of severance or unemployment compensation (“Other Severance Pay”) under the laws or regulations of any state or country. In the event that a court, administrative agency or other such authority rules that you are owed Other Severance Pay, amounts payable under Section 3 of this Agreement will be reduced by the amount of such Other Severance Pay and you agree to be a constructive trustee of such amounts to carry out the purposes of this Section 17.