Separation Payment Method Sample Clauses

Separation Payment Method. Employees will receive a separation payment, extended medical/dental and vision benefits, and education benefits under VSPP or ISPP provisions in accordance with the following: (1) A lump sum payment to be made within sixty (60) calendar days after the employee has left the service of the Company. If an employee who has received a separation payment is re-employed as a Regular employee by any CenturylLink subsidiary or affiliates, they will repay the difference between (a) the lump-sum paid; and (b) the amount the employee would have received between the date of separation and date of re-engagement if the separation payment had been paid out using a bi- weekly payment method. Repayment of this amount shall be made at the time of re-employment or, if deemed appropriate by the Company, through the terms of the current Company payroll policy. If an employee who left the Company under VSPP or ISPP is subsequently re-employed and again paid payments under this Article, the separation payments in the case of the second or of any subsequent VSPP or ISPP participation, shall be based upon the employee's TOE, less any prior separation payments received (if required as outlined in the prior paragraph) and not refunded to the Company. (2) Regular employees who are not eligible for a service pension and whose employment is terminated as a result of a layoff or application of the force adjustment provisions of the VSPP, shall continue to remain eligible for extended coverage under COBRA for up to eighteen (18) months under the Company's health care, dental and vision plans or successor plans, as follows: To exercise any of the following options, the employee must complete and return the COBRA Election Form, contained within the COBRA packet sent to the employee following separation, within sixty (60) calendar days of receipt. (a) An employee with less than one (1) year of TOE, who is eligible for coverage at the time of termination of employment, may elect to continue such coverage at the employee's expense, for a period of eighteen (18) months following the month in which employment is terminated by paying the monthly premium amount. (b) An employee whose TOE is at least one (1) year, but less than five (5) years, will be eligible for coverage, at the Company subsidized active employee rate, for a period of three (3) months following the month in which employment is terminated. The employee may elect to continue such coverage for an additional fifteen (15) months, at ...
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Related to Separation Payment Method

  • Payment Method Payment shall be made by the Contractor to the Subcontractor as follows: (choose one) ☐ - Immediately upon completion of the Services to the satisfaction of the Contractor. ☐ - Within ____ business days after completion of the Services to the satisfaction of the Contractor. ☐ - Shall be paid on a ☐ weekly ☐ monthly ☐ quarterly ☐ other ______________________ basis. If the Subcontractor completes the Services to the satisfaction of the Contractor, before the full amount or balance has been fully paid, any remaining amount shall be payable immediately. ☐ - Other: ________________________________________________________

  • Separation Payment An ASF Member shall be compensated at the final rate of pay for all unused, accumulated vacation, leave time upon separation from state service, or movement to a vacation ineligible position. An employee on an unpaid leave of absence of more than one (1) year for a purpose other than accepting an unclassified position in state civil service, or an employee on layoff that results in separation from service, may elect to be compensated at the final rate of pay for unused accumulated vacation leave. This accumulated vacation payout shall not exceed two hundred and seventy-five (275) hours, except in the case of the ASF Member's death. Calculation of an ASF Member's hourly rate for purposes of computing vacation separation payment shall be based upon a base of two thousand eighty-eight (2,088) working hours per year. Appointment periods of less than one (1) year in duration shall be prorated on this basis. Except as provided in Article 16, Section C, Subdivision 4 which pertains to the separation payment to retirees, the separation payment will be made in cash.

  • Payment Methods A. Except as otherwise provided by this Contract, the payment method will be one or more of the following:

  • Separation Payments Following Executive’s separation from service with Company on or after his Vesting Date (as defined in Section 7), Company shall pay to Executive the sum of THIRTY-SEVEN THOUSAND THREE HUNDRED SIXTEEN and 74/100 Dollars ($37,316.74) per month, beginning six months and one week after Executive’s date of separation for a period of ten (10) years, or until Executive’s death, whichever first occurs (the “Separation Payments”). Such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax law. If Executive should die during the ten-year period during which payments are being made under this Paragraph 3, then those payments shall terminate and future payments, if any, shall be made to Executive’s designated beneficiary(ies) or Executive’s estate in accordance with the provisions of Paragraph 4 of this Agreement.

  • Settlement Method For any Option, Net Share Settlement; provided that if the Relevant Settlement Method set forth below for such Option is not Net Share Settlement, then the Settlement Method for such Option shall be such Relevant Settlement Method, but only if Counterparty shall have notified Dealer of the Relevant Settlement Method in the Notice of Final Settlement Method for such Option.

  • Payment Methodology The Contractor shall be compensated based on the Service Rates in Attachment for units of service authorized by the Institution in a total amount not to exceed the Contract Maximum Liability established in Section C. 1. The Contractor’s compensation shall be contingent upon the satisfactory completion of units of service or project milestones identified in Attachment B. The Contractor shall submit invoices, in form and substance acceptable to the Institution with all of the necessary supporting documentation, prior to any payment. Such invoices shall be submitted for completed units of service or project milestones for the amount stipulated.

  • Civil Penalty Payment Method Xxxxxx shall pay the civil penalty by check, credit card, wire transfer, or portal, payable to CARB, using instructions provided separately by CARB in a Payment Transmittal Form. Xxxxxx is responsible for all payment processing fees. Payments shall be accompanied by the Payment Transmittal Form to ensure proper application. CARB shall deposit the civil penalty amount into the Air Pollution Control Fund for the purpose of carrying out CARB’s duties and functions to ensure the integrity of its air pollution control programs. Should payment instructions change, CARB will provide notice to Xxxxxx in accordance with Paragraph 12 (Notices).

  • Settlement Method Election Date The third Scheduled Trading Day immediately preceding the First Expiration Date.

  • Termination Payment The final payment delivered to the Certificateholders on the Termination Date pursuant to the procedures set forth in Section 9.01(b).

  • Lump Sum Severance Payment Payment of a lump sum amount equal to twelve (12) months of Executive’s then-current Base Salary plus the Pro Rated Bonus, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the Release required by Paragraph 4(g) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.

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