Payment of Severance Pay. Full-time regular employees eligible for severance pay under Clause 23.4 and Clause 23.5, or whose employment is terminated due to closure of all or part of the Commission's operation, shall be paid severance pay according to the following formula: employees with more than one year of continuous employment shall receive two weeks' pay for each full year of service, to a maximum of 26 weeks' pay. An employee who is paid severance pay shall also be entitled to any accrued vacation entitlement (or pay in lieu) under Article 14 Annual Vacations.
Payment of Severance Pay. The severance pay shall be paid upon termination of the employment relationship together with the normal wage/salary settlement. If the employer cannot reasonably, on economic grounds, be expected to pay the severance pay in a single instalment, payment may be made pursuant to Para 4 of Section 23 AngG combined with ArbAbfG.
Payment of Severance Pay. 10.10.1 The University, at the election of the designated employee, will pay the severance pay to the designated employee in accord with Clause 10.10.2 or Clause 10.10.3.
Payment of Severance Pay. In the event that a Covered Executive’s Qualifying Termination occurs during the portion of the Protection Period that precedes any Change of Control described in Section 2.1(g)(i), Section 2.1(g)(ii) or Section 2.1(g)(iii), the Covered Executive will receive Severance Pay that will be paid on a bi-weekly basis commencing on the date of the Qualifying Termination pursuant to the Employer’s ordinary payroll schedule for the duration of the Severance Period subject to the six (6) month delay applicable to Key Employees described in Section 3.3 (i.e., the payment of Severance Pay in excess of the 409A Exempt Amount that would otherwise be payable to a Key Employee during the six (6) month period following the Qualifying Termination will be delayed). To the extent that such Change of Control is described in Section 2.1(g)(iv), such Severance Pay in excess of the 409A Exempt Amount will be paid on a bi-weekly basis commencing on the date of the Qualifying Termination pursuant to the Employer’s ordinary payroll schedule for the duration of the Severance Period specified in Section 3.1(a) subject to the six (6) month delay applicable to Key Employees described in Section 3.3 (i.e., the payment of Severance Pay in excess of the 409A Exempt Amount that would otherwise be payable to a Key Employee during the six (6) month period following the Qualifying Termination will be delayed). In the event that a Covered Executive’s Qualifying Termination occurs during the portion of the Protection Period that occurs on or after a Change of Control described in Section 2.1(g)(i), Section 2.1(g)(ii) or Section 2.1(g)(iii), the Covered Executive will receive, subject to the six (6) month delay for distributions in excess of the 409A Exempt Amount as set forth in Section 3.3, a lump sum payment of Severance Pay, in the amount determined pursuant to Section 3.2(a), within ninety (90) days following such Qualifying Termination. To the extent that such Change of Control is described in Section 2.1(g)(iv), such Severance Pay in excess of the 409A Exempt Amount will be paid on a bi-weekly basis commencing on the date of the Qualifying Termination pursuant to the Employer’s ordinary payroll schedule for the duration of the Severance Period subject to the six (6) month delay applicable to Key Employees described in Section 3.3 (i.e., the payment of Severance Pay in excess of the 409A Exempt Amount that would otherwise be payable to a Key Employee during the six (6) month period followin...
Payment of Severance Pay. Company will pay to the Executive Severance Pay as described in Exhibit A, attached hereto, in accordance with the terms of the Change in Control Agreement. Severance Pay will be paid as a lump sum within thirty (30) days following the date upon which this Agreement becomes irrevocable. Executive acknowledges and agrees that Executive is not entitled to any other compensation or benefits than those described in Exhibit A and will only receive the Severance Pay described in Exhibit A, contingent upon execution and non-revocation of this Agreement.
Payment of Severance Pay. The Severance Pay shall be paid in ------------------------ equal instalments over the Severance Period at the times and in accordance with the Company's customary pay periods and payroll practices as may be established or modified from time to time and shall be subject to all applicable federal, provincial and/or local payroll and withholding taxes. Notwithstanding anything to the contrary herein contained, the Severance Pay shall terminate once Employee finds "Alternative Employment" or in the event of a breach of any terms of this Agreement by Employee, including Sections 8 and 9. "Alternative Employment" means any employment(s) or other relationship(s) (such as consultant or contractor) with any other Person which in the aggregate provide Employee, directly or indirectly, with compensation equal to at least 80% of Employee's then applicable Base Salary.
Payment of Severance Pay. Bargaining unit members eligible for severance pay shall submit a written application for payment to the Treasurer. The payment will be made in one (1) lump sum within seventy-five (75) calendar days of the last day under contract with the District or as agreed upon by the bargaining unit member and Treasurer. If the member wishes to receive the payment via a tax sheltered annuity, that request must be submitted in writing prior to the effective date of retirement and will be paid pursuant to law.
Payment of Severance Pay. Employer shall pay the Severance Pay as ------------------------- set forth in Section 1. Employer shall also pay $68,000 in consideration for past sales results.
Payment of Severance Pay. Each Selling Entity shall make payment in full to all Transferred Employees of all severance pay, bonuses, other accrued employment benefit payments on or before the due date for such payment under applicable Laws, and otherwise in a manner in accordance with applicable Laws. If Buyer Parent and/or any of its Subsidiaries are required to assume any of these amounts, such amount assumed shall be reimbursed by Seller or may be a Purchase Price * Confidential treatment requested pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. Omitted portions have been filed separately with the Commission. adjustment or offset at Buyer’s discretion. Notwithstanding the foregoing, the amount set forth in Schedule 6.8(c) shall be assumed by Buyer Parent or any of its Subsidiaries, shall be offset against the portion of the Purchase Price due at Closing in accordance with Section 3.6, and shall not be subject to reimbursement from Seller.” Schedule 6.8(c) is attached hereto.
Payment of Severance Pay. In the event the Company is obligated to pay the Employee any severance pay pursuant to Section 10(b) above, such severance pay shall be amortized over the applicable period of the covenant not to compete and paid by the Company to the Employee in arrears in equal monthly installments (with any deductions or withholdings that may be required under applicable state or federal tax laws or regulations) within ten (10) days after the end of the last day of each of the first five (5) months of the applicable non-competition period, the balance of which severance payments will be paid to the Employee in a lump sum (with any deductions or withholdings that may be required under applicable state or federal tax laws or regulations) within ten (10) days after the end of the sixth month of the applicable non-competition period if there has been no breach by the Employee of Section 11(e) below during said six (6) month period; provided, however, that if there has been any breach by the Employee of Section 11(e) below during said six (6) month period, the Employee shall not be entitled to any remaining severance pay hereunder, but rather shall promptly repay to the Company all severance pay that was paid to the Employee pursuant to this Section 10(d) and the Employee shall nevertheless be subject to the legal remedies set forth in Section 11(f) below.
