Severance Payment Schedule Sample Clauses
POPULAR SAMPLE Copied 4 times
Severance Payment Schedule. Subject to Section 4.5 hereof, Severance Benefits (other than COBRA) due to the Executive or, if applicable, the Executive’s estate, shall be paid in four equal installments as follows: (a) an amount equal to six months of annual salary set forth in Article 3.1(a)(i) and twenty five percent (25%) of the total bonus amount set forth in Article 3.1(a)(ii) (the “Severance Installment Payment”), and the amounts set forth in Article 3.1(a)(iii) and (iv), upon the effectiveness of the General Release, provided, however that if the sixty (60) day period set forth in Article 3.2 commences in one calendar year and ends in the following calendar year, the Severance Installment Payment shall commence in the second year (the “First Installment”); (b) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the First Installment (the “Second Installment”); (c) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the Second Installment (the “Third Installment); and (d) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the Third Installment (the “The Final Installment”). The Company’s obligation to pay Severance Benefits due to the Executive pursuant to this Article 3, to the extent not already paid, shall cease immediately and such payments will be forfeited if the Executive violates any condition described in Article 4.
Severance Payment Schedule. Except as provided above, severance pay due to Executive under this Section 12.1 will be made over time in accordance with the Company’s regular payroll schedule after expiration of any applicable rescission periods, subject to the application of Code Section 409A as set forth in clause (d) below. Executive shall be entitled to the severance pay and benefits set forth in this Section 12.1 only if she remains in compliance with Articles 6, 7 and 8 of this Agreement and first executes, returns, does not rescind and complies with a release of claims agreement in favor of the Corporation in a form substantially similar to Exhibit C.
Severance Payment Schedule. Severance Benefits payable in the form of cash to the Executive or the Executive’s estate, pursuant to termination events described in this Article 3, shall be paid in two (2) semi-annual installments, as follows: (a) fifty percent (50%) of the total of the amounts set forth in Articles 3.1(a)(i) and (ii) (the foregoing amounts are hereinafter referred to as a “Severance Installment Payment”), and all amounts set forth in Article 3.1(a)(iii) and (iv), shall be paid within five (5) business days after the expiration of the Revocation Period (the “First Installment”); and (b) the remaining Severance Installment Payment shall be paid on the six (6) month anniversary of the Executive’s termination date . The Company’s obligation to pay Severance Benefits due to the Executive pursuant to this Article 3, to the extent not already paid, shall cease immediately, and such payments will be forfeited, in the event of Executive’s willful or material violation of any of the covenants contained in Article 3 or 4, as applicable.
Severance Payment Schedule. Payments due to the Executive or, if applicable, the Executive’s estate, pursuant to termination events described in this Article 3, shall be paid in two (2) installments as follows: (a) an amount equal to six months of annual salary set forth in Article 3.1(a)(i) and one-half of the total bonus amount set forth in Article 3.1(a)(ii) (the “Severance Installment Payment”), and the amounts set forth in Article 3.1(a)(iii) and (iv), within thirty (30) days after the expiration of any applicable statutory period in which revocation of the General Release is permitted (the “First Installment”); and (b) an amount equal to the Severance Installment Payment six (6) months from the date of payment of the First Installment (the “Second Installment) (the “Final Installment). The Company’s obligation to pay severance amounts due to the Executive pursuant to this Article 3, to the extent not already paid, shall cease immediately and such payments will be forfeited if the Executive violates any condition described in Article 3 or 4. The parties intend and agree that any payments contemplated by this Agreement constituting “deferred compensation” for purposes of Code Section 409A shall comply with the requirements of such section. No deferred compensation payable hereunder shall be subject to acceleration or to any change in the specified time or method of payment, except as otherwise provided under this Agreement and consistent with Code Section 409A. In no event shall the Company have any liability or obligation with respect to taxes for which Executive may become liable as a result of the application of Code Section 409A.
Severance Payment Schedule. The Superintendent of Schools, who is eligible for severance pay under this Article, shall have all such funds deposited in their health care savings plan accounts in accordance with plan documents as adopted by the School District. Payment of claims for health care expenses shall be subject to federal and state law and the plan documents as provided in the Trust Agreement and Health Care Savings Plan documents. Severance payments provided above shall not be made directly to any employee but rather shall be deposited by the School District into the employee’s health care savings account. The Superintendent of Schools may choose to select either single or family coverage.
Severance Payment Schedule. Subject to the provisions of Paragraph 10 of this Letter Agreement, the Severance Payment provided for in Paragraph 2(a) of this Letter Agreement, shall be paid as follows:
(a) $50,000 compensation for relocations costs, less appropriate withholdings, payable on or before February 15, 2015, subject to your execution of this Letter Agreement;
(b) The remaining amount ($700,000) will be paid in twenty-six (26) equal installments, less appropriate withholdings, in conjunction with regularly scheduled TeleTech payroll cycles; commencing in February, 2015.
(c) No obligations hereunder shall commence until and unless this Letter Agreement is executed by you. As provided in Paragraph 10 of this Letter Agreement, as required by law, you may take up to twenty-one (21) days to consider the terms of this Letter Agreement and may take up to seven (7) days to revoke it. Any Severance Payment as provided herein, shall not start until and unless the Letter Agreement is executed and delivered to TeleTech and only after the passage of the aforementioned revocation period.
Severance Payment Schedule. Subject to the provisions of Paragraph 10 of this Letter Agreement, the Enhanced Severance Payment and Benefits Enhancement provided for in Paragraph 2 of this Letter Agreement, shall be paid as follows:
(a) The Enhanced Severance Payment will be paid in 30 (thirty) equal installments, less appropriate withholdings, in conjunction with regularly scheduled TeleTech payroll cycles; commencing with the first TeleTech payroll period following the Effective Date or the first TeleTech payroll period following the seven (7) days after you sign this Letter Agreement without revoking it, whichever is occurs later;
(b) The Enhanced Benefits will be paid in nine (9) equal installments (or fewer installments as provided in Paragraph 2(c)) in conjunction with the 1st payment of the Enhanced Severance Payment in any given months;
(c) Notwithstanding the foregoing, no obligations hereunder shall commence until and unless this Letter Agreement is executed by you. As provided in Paragraph 10 of this Letter Agreement, as required by law, you may take up to twenty-one (21) days to consider the terms of this Letter Agreement and may take up to seven (7) days to revoke it thereafter. No Enhanced Severance Payment nor Benefits Enhancement as provided herein, shall start until and unless the Letter Agreement is executed and delivered to TeleTech and only after the passage of the aforementioned revocation period.