Severance Entitlement. If the Executive's employment is terminated during the Term under the circumstances described in Section 11(c) hereof, in consideration of the Executive's covenants set forth in this Agreement, including the covenant not to compete set forth in Section 15 hereof, the Company shall pay the Executive the amounts, and provide the Executive the benefits, described in this Section 12(a) (the "Severance Payments"), in addition to the Accrued Obligations to which the Executive is entitled under Section 11(c) hereof. The payments provided in subsections (i) and (iii) of this Section 12(a) shall be paid not later than the fifth day following the Date of Termination.
(i) In lieu of any further Base Salary payments to the Executive for periods subsequent to the Date of Termination and in lieu of any severance benefit otherwise payable to the Executive, the Company shall pay to the Executive a lump sum severance payment, in cash, equal to two and one-half (2.5) times the sum of (A) the Executive's then current Base Salary or, if higher, the Base Salary in effect immediately prior to any reduction that would constitute Good Reason, and (B) the Executive's most current bonus in effect as of the Date of Termination or, if higher, the minimum annual bonus in effect immediately prior to any reduction that would consititute Good Reason.
(ii) For the thirty (30) month period immediately following the Date of Termination, the Company shall arrange to provide the Executive and his dependents health, life, disability and accident insurance benefits under the then current plans in effect and offered to the officers and employees of the Company.
(iii) Notwithstanding any provision of any annual or long-term incentive plan to the contrary, the Company shall pay to the Executive a lump sum amount, in cash, equal any unpaid annual bonus which has been allocated or awarded to the Executive for a completed fiscal year or other measuring period preceding the Date of Termination under any such plan and which, as of the Date of Termination, is contingent only upon the continued employment of the Executive to a subsequent date.
(i) Notwithstanding any other provisions of this Agreement, in the event that any payment or benefit received or to be received by the Executive in connection with a Change in Control or the termination of the Executive's employment (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement with the Company, any Person whose action...
Severance Entitlement. In the event Executive breaches any provision of this Article IV while he is entitled to receive severance pay pursuant to Section 5.1.2 of the Employment Agreement, he shall thereafter cease to have any further right to receive severance pay pursuant to said Section.
Severance Entitlement. In the event HUNTER terminates this Agreement after the introductory period defined in subsection (a) for any reason other than EMPLOYEE's termination for cause as defined in subsection (b), EMPLOYEE shall be entitled to two (2) weeks of base salary as severance for each six (6) months of completed service. In no event shall the severance entitlement exceed four (4) weeks of base salary.
Severance Entitlement. In the event that the Company must initiate layoffs, all affected permanent employees with a minimum of twelve (12) months continuous service will be entitled to severance pay as follows: more than one year and less than years of service: days per year of service more than years of service: days per year of service The minimum severance entitlement for eligible employees will be ten days. Severance is calculated on rate of pay at time of severance, and for employees, the rate includes the allowance. Employees will be eligible for severance payment on the expiration of their recall rights or on written authorization received by the Union on behalf of the employee waiving their recall rights.
Severance Entitlement. 28.1 In the event that the Company must initiate layoffs, all affected permanent employees with a minimum of twelve (12) months continuous service will be entitled to severance pay as follows: • more than one year and less than 5 years of service: 7.5 days per year of service • more than 5 years of service: 10 days per year of service
28.2 The minimum severance entitlement for eligible employees will be ten (10) days.
28.3 Severance is calculated on rate of pay at time of severance, and for co-located LSS employees, the rate includes the co-location allowance.
28.4 Employees will be eligible for severance payment on the expiration of their recall rights or on written authorization received by the Union on behalf of the employee waiving their recall rights. ARTICLE 29
Severance Entitlement. EMPLOYEE's employment with HUNTER is at-will and can be terminated for any reason, with or without cause, at any time. In the event HUNTER terminates this Agreement for any reason other than EMPLOYEE's termination for cause as defined in subsection (b), EMPLOYEE shall be entitled to advance notice, a severance payment in lieu thereof, or a combination of notice and severance payment solely determined by HUNTER, according to Hunter's policies then in effect.
Severance Entitlement. Except to the extent otherwise required by applicable Law or Order or an Acquired Company Labor Agreement, for the twelve (12) month period immediately following the Closing Date, Buyer shall, or shall cause the Acquired Companies to provide each Transferred Employee whose employment terminates in such period with cash severance no less favorable than the cash severance such employee would have received upon any such Transferred Employee’s termination of employment under the same or similar circumstances immediately prior to the Closing Date under the applicable severance plans, policies or customs and practices of Seller, and for purposes of any severance formula, factoring in his or her additional length of service and changes in his or her eligible pay between the Closing Date and the date of his or her termination.
Severance Entitlement. (a) The Executive’s employment with the Company shall be at-will, meaning that both the Executive and the Company will retain the right to terminate the Executive’s employment at any time, with or without Cause or notice.
(b) If the Company terminates the Executive’s employment without Cause (and not as result of the death or disability of the Executive), the Company will continue to pay the Executive’s base salary, at the rate in effect at the time of termination, for a period of twelve (12) months following the date of termination (the “Severance Payments”). Any obligation of the Company to provide the Severance Payments to the Executive is conditioned on her signing and returning, without revoking, to the Company a timely and effective separation agreement containing a general release of claims and other customary terms in the form provided to the Executive by the Company at the time that the Executive’s employment terminates (the “Separation Agreement”) and the Executive’s continuing compliance with her obligations pursuant to this Agreement and any other Restrictive Covenants. The Separation Agreement must become effective, if at all, by the sixtieth (60th) calendar day following the date the Executive’s employment terminates. Any Severance Payments to which the Executive is entitled will be payable in accordance with the normal payroll practices of the Company. The first such payment will be made on the Company’s next regular payday following the expiration of sixty (60) calendar days from the date that the Executive’s employment terminates, but will be retroactive to the day following such date of termination.
Severance Entitlement. All severance and/or termination payments paid during the life of the collective agreement will be calculated at the employee’s hourly wage plus the $0.40/hr wage adjustment that was due to be paid on April 12, 2009.
Severance Entitlement. 25.01 Where an Employee has received notice of layoff and has not been recalled to employment by the earlier of: (i) twenty-four (24) months from the date of layoff; or (ii) a period of time equivalent to the Employee’s length of service; the Employees’ employment will be deemed terminated in accordance with Article 13.01 (d) and the Employee will receive the greater of:
(a) a lump sum payment equivalent to the Employee’s entitlement to statutory termination pay and severance pay, if applicable, in accordance with the ESA; or
(b) a lump sum payment equivalent to:
i) two (2) weeks’ pay for each completed year of employment, calculated from the Employee’s last date of hire to the extent permitted by the ESA, for the first ten (10) years of employment, up to a maximum of twenty (20) weeks; and
ii) three (3) weeks’ pay for each completed year of employment after the Employee has accrued ten (10) years of employment with the Employer, calculated from the Employee’s last date of hire to the extent permitted by the ESA, up to a maximum of fifteen (15) weeks.
25.02 The maximum payment that Employees may receive under Article 25.01 (b) is thirty-five (35) weeks’ pay.
25.03 Employees who receive the entitlements under Article 25.01, will also be entitled to payment of any accrued but unused vacation days and lieu time as of the date of the termination.
25.04 At any time during the recall period, an Employee who has received notice of layoff may elect to receive their severance entitlement as set out in Article 25.01 provided that it is paid to the Employee as a salary continuance and not as a lump sum. When the Employee notifies the Employer that they have waived their right to recall, the Employer will provide the Employee with the dollar amount of their severance entitlement to which they are entitled under Article 25.01.
25.05 The severance entitlement in Article 25.01 (b) includes the Employees’ right to statutory termination pay and statutory severance pay as required by the Employment Standards Act, 2000 (Ontario).
