SEVERANCE PAYMENT PLAN Sample Clauses

SEVERANCE PAYMENT PLAN. 28.01 The parties agree to grandparent the current gratuity plans for teachers hired on or before May 27, 1999 as they apply in the respective predecessor boards’ collective agreements. Notwithstanding the above, the gratuity plan in the Perth collective agreement is deemed to apply to both full and part-time teachers and to teachers retiring who will be in receipt of a pension or the commuted value of a pension from the Ontario Teachers’ Pension Plan. Notwithstanding the above, the gratuity plan in the predecessor Perth collective agreement is deemed to credit teachers with total years of teaching employment with the predecessor Boards. 28.02 For teachers hired with an effective date of employment after May 27, 1999, the language below shall apply. A teacher, having at least ten years of continuous employment immediately prior to retirement with the Board or the predecessor boards shall be eligible to receive a severance payment using the calculation provided below. Such payment shall in no circumstances exceed one-half of the annual salary rate of the teacher for the 12 months immediately preceding retirement. In this respect, the term ‘annual salary’ shall be interpreted as being the normal rate of pay, excluding night school, benefits, etc, during the year immediately preceding retirement. Reasons for retirement shall be: (a) age 65 or older for any teacher; and (b) receipt of a pension or the commuted value of a pension from the Ontario Teachers’ Pension Plan. Calculation of Severance Payment Plan = accumulated sick leave X annual salary 2 200 The severance payment payable shall not be greater than the allowance in the following schedule: 10 20% 11 22% of annual salary rate for the year 12 24% immediately preceding retirement
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SEVERANCE PAYMENT PLAN. Retirement Gratuities were frozen as of August 31, 2012. An employee is not eligible to receive a sick leave credit gratuity or any non-sick leave credit retirement gratuity (such as, but not limited to, service gratuities or RRSP contributions) after August 31, 2012, except a sick leave credit gratuity that the employee had accumulated and was eligible to receive as of that day. The following language applies only to those teachers eligible for the gratuity above: 14.01 Teachers who were hired to teach in Huron County secondary schools prior to September 30, 1998 shall be entitled to a Severance Payment in accordance with Articles 14.03, 14.04 and Appendix B which is attached. 14.02 All other teachers shall be entitled to a Severance Payment as described below. A teacher, having at least ten years of continuous employment immediately prior to retirement with the Board or the predecessor boards shall have the teacher’s salary continued for a period equal to 50% of the teacher’s accumulated sick leave credit for the continuous period but the payment shall not exceed one-half of the annual salary rate of the teacher for the 12 months immediately preceding retirement. In this respect, the term ‘salary rate’ shall be interpreted as being the normal rate of pay, excluding night school, fringe benefits, etc, during the year immediately preceding retirement. Acceptable reasons for retirement shall be: (1) age 65 or older for any teacher; and (2) receipt of a pension or the commuted value of a pension from the Ontario Teachers’ Pension Plan. Calculation of Severance Payment Plan = accumulated sick leave X annual salary 2 200 The gratuity payable shall not be greater than the allowance in the following schedule: Years of Experience Maximum Allowance 10 20%
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SEVERANCE PAYMENT PLAN. 14.01 Teachers who were hired to teach in Huron County secondary schools prior to September 30, 1998 shall be entitled to a Severance Payment in accordance with Articles 14.03, 14.04 and Appendix D which is attached. 14.02 All other teachers shall be entitled to a Severance Payment as described below. A teacher, having at least ten years of continuous employment immediately prior to retirement with the Board or the predecessor boards shall have the teacher’s salary continued for a period equal to 50% of the teacher’s accumulated sick leave credit for the continuous period but the payment shall not exceed one-half of the annual salary rate of the teacher for the 12 months immediately preceding retirement. In this respect, the term ‘salary rate’ shall be interpreted as being the normal rate of pay, excluding night school, fringe benefits, etc, during the year immediately preceding retirement. Acceptable reasons for retirement shall be: (1) age 65 or older for any teacher; and (2) receipt of a pension or the commuted value of a pension from the Ontario Teachers’ Pension Plan. Calculation of Severance Payment Plan = accumulated sick leave X annual salary 2 200 The gratuity payable shall not be greater than the allowance in the following schedule: Years of Experience Maximum Allowance 10 20%
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SEVERANCE PAYMENT PLAN. ARTICLE LIAISON COMMITTEES ........................................................................
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SEVERANCE PAYMENT PLAN. Teachers who were hired teach in Huron County secondary schools prior to September shall be entitled to a Severance Payment in accordance with Articles and Appendix D which is attached. All other teachers shall be entitled to a Severance Payment as described below. A teacher, having at least ten years of continuous employment immediately prior to retirement with the Board or the predecessor boards shall have the teacher’s salary continued for a period equal to of the teacher’s accumulated sick leave credit for the continuous period but the payment shall not exceed one-half of the annual salary rate of the employee for the months immediately preceding retirement. In this respect, the term ‘salary rate’ shall be interpreted as being the normal rate of pay, excluding night school, fringe benefits, during the year immediately preceding retirement. Acceptable reasons for retirement shall be: age or older for any teacher; and receipt of a pension or the commuted value of a pension from the Ontario Teachers’ Pension Plan. Calculation of Severance Payment Plan accumulated sick leave X annual The gratuity payable shall not be greater than the allowance in the following schedule: of annual salary rate for the year immediately preceding retirement and for each additional year of continuous employment a further up to a maximum allowance of years and over, of annual salary rate of the employee for the year immediately preceding retirement. The severance payment shall be paid immediately following separation from the Board. A teacher xxx choose the option of receiving two equal payments spread over two years. Under such two-payment option, the Board shall not be expected to pay any interest. In the event of death of a teacher after retirement, any gratuity accrued but unpaid in accordance with the foregoing terms and conditions shall be paid to the beneficiary or, failing designation in writing of a beneficiary by the teacher, shall be paid to the estate. In the event of death of a teacher with a minimum of ten years’ continuous employment, prior to death, with the Board and where death occurs prior to retirement, the benefits of this plan shall be calculated specific to the deceased teacher and this amount shall be paid to the beneficiary or, failing designation in writing of a beneficiary by the teacher, shall be paid to the estate. Liaison Committees exist for the purpose of discussion of matters of concern to the Board and the Bargaining Unit. Each Committee shall b...
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SEVERANCE PAYMENT PLAN. Teachers who were hired to teach in Huron County secondary schools prior to September shall be entitled to a Severance Payment in accordance with Articles and Appendix B which is attached. All other teachers shall be entitled to a Severance Payment as described below. A teacher, having at least ten years of continuous employment immediately prior to retirement with the Board or the predecessor boards shall have the teacher’s salary continued for a period equal to of the teacher’s accumulated sick leave credit for the continuous period but the payment shall not exceed one-half of the annual salary rate of the teacher for the months immediately preceding retirement. In this respect, the term ‘salary rate’ shall be interpreted as being the normal rate of pay, excluding night school, fringe benefits, during the year immediately preceding retirement. Acceptable reasons for retirement shall be: age or older for any teacher; and
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SEVERANCE PAYMENT PLAN. Xx. Xxxxxxx Xxxxxxx Labour Relations Officer Ontario Nurses' Association 00 Xxxxxxxxx Xxxxxx
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Related to SEVERANCE PAYMENT PLAN

  • Severance Payment If, during the Employment Term at any time during the period of twelve (12) consecutive months following the occurrence of a Change in Corporate Control, the Executive is involuntarily terminated (other than for Cause) or the Executive terminates his employment for Good Reason, then subject to compliance with the restrictive covenants in Section 9 and Section 10 and the execution and timely return by the Executive of the Release, the Executive shall be entitled to receive a lump sum severance payment equal to the present value of a series of monthly payments for twenty-four (24) months, each in an amount equal to one-twelfth (1/12th) of the sum of (i) the Executive’s Base Salary, as in effect at the time of the Change in Corporate Control, and (ii) the average of the annual bonuses paid to the Executive for the prior two fiscal years of the Company ending prior to the Change in Corporate Control, if any. Such present value shall be calculated using a discount rate equal to the interest rate on 90-day Treasury bills, as reported in the Wall Street Journal (or similar publication) on the date of the Change in Corporate Control. Such lump sum payment shall be made to the Executive within sixty (60) days following the date of such involuntary termination. In addition, if during the Employment Term within twelve (12) months after a Change in Corporate Control the Executive is involuntarily terminated (other than for Cause) or the Executive terminates his employment for Good Reason, he shall be entitled to continued coverage at the Company’s expense under any health insurance programs maintained by the Company in which the Executive participated at the time of his termination, which coverage shall be continued for eighteen (18) months or until, if earlier, the date the Executive obtains comparable coverage under a group health plan maintained by a new employer. To the extent the benefits provided under the immediately preceding sentence are otherwise taxable to the Executive, such benefits, for purposes of Section 409A of the Code (and the regulations and other guidance issued thereunder) shall be provided as separate monthly in-kind payments of those benefits, and to the extent those benefits are subject to and not otherwise excepted from Section 409A of the Code, the provision of the in-kind benefits during one calendar year shall not affect the in-kind benefits to be provided in any other calendar year.

  • Severance Payments 5.1 The Company shall pay the Executive the payments described in this Section 5.1 ("Severance Payments") upon the termination of the Executive's employment following a Change in Control during the term of this Agreement, including the Executive's termination of employment for Good Reason, unless such termination is (a) by the Company for Cause, or (b) by reason of the Executive's Death or Disability. The Executive's employment shall be deemed to have been terminated following a Change in Control by the Company without Cause if the Executive's employment is terminated prior to a Change in Control without Cause at the direction (or action which constitutes a direction) of a Person who has entered into an agreement with the Company the consummation of which will constitute a Change in Control. (i) Within three (3) business days after the Date of Termination, the Company shall make a lump sum or monthly, at the Executive's option, cash severance payment to the Executive in an amount equal to: (x) the Executive's annual base salary in effect immediately prior to the occurrence of the event or circumstance upon which the Notice of Termination is based or in effect immediately prior to the Change in Control; and (y) a pro-rated portion of Executive's Targeted Annual Bonus for the fiscal year in which the Date of Termination occurs. (ii) For a twelve (12) month period after the Date of Termination, the Company shall arrange to provide the Executive with medical and dental insurance benefits substantially similar to those that the Executive is receiving immediately prior to the Notice of Termination. Benefits otherwise receivable by the Executive pursuant to this Section 5.1(ii) shall be reduced to the extent comparable benefits are actually received by or made available to the Executive without cost during the twelve (12) month period following the Executive's termination of employment (and any such benefits actually received by the Executive shall be reported to the Company by the Executive). 5.2 The Company also shall pay to the Executive all legal fees and expenses incurred by the Executive in disputing the non-payment of Severance Payments in connection with a termination which entitles the Executive to Severance Payments. Such payments shall be made within five (5) business days after delivery of the Executive's written request for payment accompanied with such evidence of fees and expenses incurred as the Company reasonably may require.

  • 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 Benefit (a) If the employment of the Employee with the Company is terminated by the Company for any reason other than Cause (as defined below) or if the Employee terminates his or her employment with the Company for Good Reason (as defined below), the Company shall pay the Employee, from the date of termination, in addition to any payments to which the Employee is entitled under the Company’s severance pay plan, twelve (12) months of base salary at the Employee’s annual base salary level in effect at the time of such termination or immediately prior to the salary reduction that serves as the basis for termination for Good Reason. Employee will also be entitled to payment of an amount of cash equal to $20,000. The aggregate base salary and other cash amount payable shall be paid by the Company to the Employee in one lump sum on the first day following the six (6) month anniversary of the date of the Employee’s termination. For purposes of this Agreement, the term “termination” when used in the context of a condition to, or timing of, payment hereunder shall be interpreted to mean a “separation from service” as that term is used in Section 409A of the Code. (b) Employee will also be entitled to twelve (12) months of health benefits continuation if terminated under circumstances described in subpart (a) above. To the extent any such benefits cannot be provided to the Employee on a non-taxable basis and the provision thereof would cause any part of the benefits to be subject to additional taxes and interest under Section 409A of the Code, then the provision of such benefits shall be deferred to the earliest date upon which such benefits can be provided without being subject to such additional taxes and interest. (c) Solely for purposes of this Agreement, “Cause” shall include: i. the conviction of a felony, a crime of moral turpitude or fraud or having committed fraud, misappropriation or embezzlement in connection with the performance of his duties hereunder, ii. willful and repeated failures to substantially perform his assigned duties; or iii. a violation of any provision of this Agreement or express significant policies of the Company. (d) Solely for purposes of this Agreement, termination for “Good Reason” shall mean termination of employment by the Employee within ninety (90) days after:

  • Severance Benefits The Executive shall receive the following Severance Benefits (in addition to accrued compensation and vested benefits) if eligible under Paragraph 3: (a) A lump sum cash amount (which shall be paid not later than thirty (30) days after the date of termination of employment) equal to Executive’s Average Base Salary, multiplied by one (1); (b) A lump sum cash amount (which shall be paid not later than thirty (30) days after the date of termination of employment) equal to the Executive’s Average Bonus, multiplied by one (1); (c) For the twelve (12) month period after the date the employment is terminated, the Corporation will arrange to provide to Executive at the Corporation’s expense, with: (i) Health care coverage equal to that in effect for Executive prior to the termination (or, if more favorable to Executive, that furnished generally to salaried employees of the Corporation), including, but not limited to, hospital, surgical, medical, dental, prescription and dependent coverages. Health care benefits otherwise receivable by Executive pursuant to this subparagraph 4(c) shall be reduced to the extent comparable benefits are actually received by Executive from a subsequent employer during the twelve (12) month period following the date the employment is terminated and any such benefits actually received by Executive shall be reported to the Corporation; (ii) Life and accidental death and dismemberment insurance coverage (including supplemental coverage purchase opportunity and double indemnity for accidental death) equal (including policy terms) to that in effect at the time Notice of Termination is given (or on the date the employment is terminated if no Notice of Termination is required) or, if more favorable to Executive, equal to that in effect at the date the Change of Control occurs; and (iii) Disability insurance coverage (including policy terms) equal to that in effect at the time Notice of Termination is given (or on the date employment is terminated if no Notice of Termination is required) or, if more favorable to Executive, equal to that in effect immediately prior to the Change of Control; provided, however, that no income replacement benefits will be payable under such disability policy with regard to the twelve (12) month period following a termination of employment provided that the payments payable under subparagraphs 4(a) and (b) above have been made. (d) In computing and determining Severance Benefits under subparagraphs 4(a) through (c) above, a decrease in Executive’s salary, incentive bonus, or insurance benefits shall be disregarded if such decrease occurs within six (6) months before a Change of Control, is in contemplation of such Change of Control, and is taken to avoid the effect of this Agreement should such action be taken after such Change of Control; in such event, the salary, incentive bonus, and/or insurance benefits used to determine Average Base Salary, Average Bonus, and therefore Severance Benefits shall be that in effect immediately before the decrease that is disregarded pursuant to this subparagraph 4(d); (e) All previously awarded stock grants and stock options shall immediately vest and become fully exercisable. (f) Executive shall not be required to mitigate the amount of any payment provided for in this Paragraph 4 by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Paragraph 4 be reduced by any compensation earned by Executive as the result of employment by another employer after the date the employment is terminated, or otherwise, with the exception of a reduction in health insurance coverage as provided in subparagraph 4(c)(i).

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