Severance Pay Upon Termination of Employment. An Employee who resigns after four (4) or more years of continuous employment is entitled to Severance Pay on resignation in accordance with the following formula: Number of years of service X weekly rate of pay on resignation The maximum Severance Pay grantable under this Clause is weeks pay, less the number of weeks of any previous Severance Pay granted.
Severance Pay Upon Termination of Employment. (a) If Executive’s employment with the Company is terminated by the Company without Cause or if Executive resigns with Good Reason and, in either instance, the Termination Date is not during the Change of Control Period, then the Company will pay to Executive as severance pay, an amount equal to (i) one and one-fourth (1.25) times the sum of his then current Base Salary and his target annual incentive bonus under the STIP for the Company’s fiscal year in which his Termination Date occurs, and (ii) a pro rata annual incentive bonus under the STIP for the Company’s fiscal year in which his Termination Date occurs (based upon the number of days that have elapsed in such fiscal year to the Termination Date) calculated based upon the Company’s actual performance for such fiscal year. Such payments are subject to the conditions in Section 8(j), including, without limitation, subject to the condition that Executive is in compliance with the terms of Sections 4, 5 and 6 hereof. In addition Executive shall be entitled to receive the Accrued Obligations and the rights set forth in Section 7(d) hereof.
Severance Pay Upon Termination of Employment. If the Company terminates an Executive’s employment, the Executive shall be provided severance pay in accordance with, and subject to, the terms of the Plan except where the Executive: • is terminated for Cause (as defined below), • accepts employment or refuses comparable employment with a purchaser as provided in Section 8, “Divestiture,” or • terminates his or her employment with the Company for any reason, or no reason, prior to the Scheduled Termination Date.
Severance Pay Upon Termination of Employment. An Employee who resigns after four (4) or more years of us employment is entitled to Severance Pay on resignation in accordance with the following formula: Number of years of service X weekly rate of pay on resignation The maximum Severance Pay grantable under this Clause is weeks pay, less the number of weeks of any previous Severance Pay granted Retirement and Termination for Health Reasons Where an Employee retires from service with the Employer under the terms of the Community Employees Benefits Act pension plan or where an Employee’s employment is terminated as a result of a recommendation made to the Employer that the Employee is incapable of performing his or her duties because of chronically poor health, the Employee shall be paid Severance Pay in accordance with the following formula: Number of completed Weekly rate of pay on years of continuous X termination service The maximum Severance Pay grantable under this Clause is weeks pay, less the number of weeks of any previous Severance Pay granted. An Employee, who is dismissed for cause or who has been declared to have abandoned position, shall not be entitled to Severance Pay. ARTICLE
Severance Pay Upon Termination of Employment. (a) If Executive’s employment with the Company is terminated by the Company without Cause or if Executive resigns with Good Reason and, in either instance, the Termination Date is not during the Change of Control Period, then the Company will pay to Executive as severance pay, an amount equal to (i) two (2) times the sum of his then current Base Salary and his target annual incentive bonus under the STIP for the Company’s fiscal year in which his Termination Date occurs, and (ii) a pro rata annual incentive bonus under the STIP for the Company’s fiscal year in which his Termination Date occurs (based upon the number of days that have elapsed in such fiscal year to the Termination Date) calculated based upon the Company’s actual performance for such fiscal year. Such payments are subject to the conditions in Section 8(j), including, without limitation, subject to the condition that Executive is in compliance with the terms of Sections 4, 5 and 6 hereof. In addition Executive shall be entitled to receive the Accrued Obligations and the rights set forth in Section 7(d) hereof.
