Severance Pay. Notwithstanding the provisions of Article 62 (Severance Pay) of this Agreement, where the period of continuous employment in respect of which severance benefit is to be paid consists of both full and part-time employment or varying levels of part-time employment, the benefit shall be calculated as follows: the period of continuous employment eligible for severance pay shall be established and the part-time portions shall be consolidated to equivalent full-time. The equivalent full-time period in years shall be multiplied by the full-time weekly pay rate for the appropriate group and level to produce the severance pay benefit.
Severance Pay. 19.01 Under the following circumstances and subject to clause 19.02, an employee shall receive severance benefits calculated on the basis of his weekly rate of pay:
Severance Pay. In the event of termination, Employee shall be entitled to compensation (the "Severance Pay") in accordance with the following:
(a) If Employee's employment is terminated by reason of a disability, Employee shall be entitled to Severance Pay in an amount equal to the amount of monthly Base Salary (at his then current Base Salary rate excluding any increases that would have taken effect beyond the date of termination and any bonus and noncash benefits) the Employee would have earned for the three month period subsequent to the effective date of termination, payable at such time or times as would have been paid to Employee had he remained employed by the Company. In addition, for a three year period commencing on the date of termination, Employee shall be entitled to a pro rata amount of Deferred Compensation, equal to the product of (i) the amount of Incentive Bonus Plan compensation payable or paid to Employee during the twelve months immediately preceding the date of such termination (the "Bonus Amount"), times (ii) the product (the "Pro-Rata Period Amount") of three times a fraction, the numerator of which is the total number of months in which Employee shall have been employed under this Agreement, and the denominator of which is sixty. Such Deferred Compensation shall be prorated and paid over a three year term as if it were Deferred Compensation under Section 2.2.
(b) If (i) Employee voluntarily terminates his employment (other than due to a breach of this Agreement by the Company), (ii) the Company terminates this Agreement for Cause, (iii) if Employee's employment is terminated by reason of his death, or (iv) this Agreement is terminated pursuant to Section 3.5 hereof, Employee shall not be entitled to receive any additional salary, bonus or benefits beyond those earned or accrued as of the effective date of the termination of his employment; except that, in the case of Employee's death or termination of this Agreement pursuant to Section 3.5 hereof, for a three year period commencing as of such termination, Employee or Employee's estate, as the case may be, shall be entitled to a pro rata amount of Deferred Compensation equal to the product of (i) the Bonus Amount, times (ii) the Pro Rata Period Amount. Such Deferred Compensation shall be prorated and paid over a three year term as if it were Deferred Compensation under Section 2.2.
(c) If Employee's employment hereunder is terminated prior to the Expiration Date of this Agreement, and such termina...
Severance Pay. An employee, other than an employee of a small employer as defined in this clause whose employment is terminated by reason of redundancy is entitled to the following amount of severance pay in respect of a period of continuous service: Less than 1 year Nil 1 year and less than 2 years 4 weeks’ pay 2 years and less than 3 years 6 weeks’ pay 3 years and less than 4 years 7 weeks’ pay 4 years and less than 5 yeas 8 weeks’ pay 5 years and less than 6 years 10 weeks’ pay 6 years and less than 7 years 11 weeks’ pay 7 years and less than 8 years 13 weeks’ pay 8 years and less than 9 years 14 weeks’ pay 9 years and less than 10 years 16 weeks’ pay 10 years and over 12 weeks’ pay
Severance Pay. Employees discharged, laid off or displaced from their regular job because of mechanization, technological change or automation shall be entitled to severance pay of seven (7) days’ pay for each year of service with the Company. The amount calculated under such entitlement shall not exceed a maximum of thirty (30) weeks’ pay. This Section shall not apply to employees covered by Section 2 (b) above.
Severance Pay. Employees who are separated because of a layoff or reduction in force shall be entitled to severance pay in accordance with Part 435 of the Employee and Labor Relations Manual.
Severance Pay. Subject to consummation of a Sale of the Company (but not a Spin-Off), if Executive is terminated by the Company not for Cause, or if Executive voluntarily terminates his employment with the Company with Good Reason, at any time after the Final Transaction Date up to and including the two-year anniversary of the Final Transaction Date, Executive shall be entitled to receive from the Company the following:
(i) An amount equal to Executive's annualized base salary in effect at the effective time of such termination plus an amount equal to Executive's (A) earned and unused and (B) accrued vacation pay through the effective time of such termination.
(ii) An amount equal to the greater of (A) Executive's target bonus established for the plan period commencing January 1, 1997 and (B) Executive's target bonus established for the plan period commencing in the year of such termination.
(iii) A continuation of the welfare benefits of health care (including dental insurance coverage), life and accidental death and dismemberment and long-term disability insurance coverage for one full year after the effective time of such termination. These benefits shall be provided to Executive at the same premium cost, and at the same coverage level, as in effect as of the effective time of such termination. However, in the event the premium cost and/or level of coverage shall change for all employees of the Company, or for management employees with respect to supplemental benefits, the cost and/or coverage level, as applicable, shall change for Executive in a corresponding manner.
(iv) Executive outplacement assistance in accordance with FMC's customary practices for persons in Executive's employment position from the outplacement firm employed by FMC as of the effective time of such termination. Executive shall also be entitled to receive severance benefits under this paragraph 1(c) upon voluntary termination of employment with the Company prior to the Final Transaction Date if the buyer of partnership interests of the Company ("Buyer") indicates in writing to FMC prior to the Final Transaction Date that Buyer intends to cause the Company to terminate Executive following the Final Transaction Date, unless Executive accepts an offer of employment with FMC prior to the Final Transaction Date. A liquidation or dissolution of the Company in connection with a Sale of the Company or as part of the integration of the operations of the Company and Buyer shall not be deemed to involve a t...
Severance Pay. A. All employees with ten (10) or more years of service to the Newark City Schools employed under provisions of the State Teachers Retirement System of Ohio or the School Employees Retirement System of Ohio, at the time of retirement from either of these systems, shall be eligible for compensation for one-fourth (1/4) of the value of their accrued but unused sick leave credit as defined below. Eligibility for severance pay shall not extend beyond the date of application for retirement which has been completed and forwarded to the appropriate retirement system by the Treasurer of the Board. Employees eligible for severance pay will be notified by the Treasurer of the Board upon receipt of notification of retirement.
B. The severance allowance shall be one-fourth (1/4) of the value of accrued unused sick leave to a maximum of seventy (70) days. Compensation shall be based upon the employee’s daily rate of pay at the time of separation. Payment for sick leave under this provision shall be considered to eliminate all sick leave credit accrued by the employee with such payment being made only once to any employee. Bargaining unit members who maintain perfect attendance (no sick leave days, no personal leave days and no salary deduct days) during a school year (July 1 to June 30) shall receive one (1) additional day of severance allowance.
C. Request for payment should be made to the Treasurer of the Board at the time application is made for retirement to the State Teachers Retirement System of Ohio. Said request for severance allowance shall also include the employee’s resignation from employment in the Newark City Schools. Payment shall be made the pay date following the effective date of resignation and official retirement. Employees who have been terminated from employment shall not be eligible for severance pay unless termination is ultimately overturned after all appeals have been exhausted.
D. This policy is pursuant to the authority of Section 124.39 of the Ohio Revised Code and shall be subject to interpretations and/or limitations which may be imposed by either the Attorney General of Ohio, the Bureau of Inspection, State Auditor’s Office and/or a court of law. Should an employee become eligible for retirement while on the recall list due to a reduction in force, he/she shall maintain all rights contained in this Article.
E. Employees who provide notice of retirement by March 1, and thereafter complete the balance of the school year, shall receive a on...
Severance Pay. Within the lesser of thirty (30) days from the date of notice of layoff or the notice provided above, an employee with more than twelve (12) months’ service with The Employer, who has received notice of layoff of a permanent or long-term nature, may resign, forfeiting the right to notice. Such employees will receive the balance of notice as severance pay.
Severance Pay. (1) In addition to the period of notice prescribed for ordinary termination in clause 7 – Termination of employment, an employee whose employment is terminated by reason of redundancy must be paid, subject to further order of a Court with jurisdiction, the following amount of severance pay in respect of a continuous period of service: Less than 1 year Nil 1 year but less than 2 years 4 weeks’ pay 2 years but less than 3 years 6 weeks’ pay 3 years but less than 4 years 7 weeks’ pay 4 years and over 8 weeks’ pay
