Severance Payments to Employee Sample Clauses

Severance Payments to Employee. The Company will pay Employee severance in the total gross amount of Three Hundred Eighty Thousand Dollars ($380,000) (the "Severance Payment"). The Severance Payment will be paid in two equal installments with the first installment payment ($190,000) being paid within fifteen (15) business days following the Effective Date of this Agreement (as defined below) and no later than the pay period following the 60th day after the Employee’s Separation Date provided that Employee has signed this release of claims, not revoked such release, and is in compliance with the other terms of this Agreement. The second installment payment ($190,000) shall be paid four (4) months after the first installment payment. These payments are subject to all applicable taxes and withholdings. Employee agrees that the Company shall deduct from the first installment payment the amount of $9,332.86 which amount represents personal expenses that Employee owes to the Company. With the exception of any taxes that the Company withholds from the amount described in this paragraph, Employee remains responsible and liable for any and all taxes on the amount paid to her (and/or her estate if applicable).
Sample 1
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Severance Payments to Employee. The Company will pay Employee one (1) year of severance in the total gross amount of Three Hundred Thirty Thousand Dollars ($330,000) (the "Severance Payment"). The Company will also pay an additional payment in the gross amount of Four Hundred Twenty Thousand Dollars ($420,000) (the “Additional Payment”). The Severance Payment and the Additional Payment will each be paid in two equal installments with the first aggregate installment payment (totaling $375,000) being paid within fifteen (15) business days following the Effective Date of this Agreement (as defined below) provided that Employee has signed this Agreement, not revoked such Agreement, and is in compliance with the terms of this Agreement. The second aggregate installment payment (totaling $375,000) shall be paid on the first regular payroll date following six (6) months after the Effective Date of this Agreement provided that Employee is in compliance with the terms of this Agreement. These payments are subject to all applicable taxes and withholdings. Employee agrees that the Company shall deduct from the first installment payment any personal expenses that Employee owes to the Company. With the exception of any taxes that the Company withholds from the amounts described in this paragraph, Employee remains responsible and liable for any and all taxes on the amount paid to him (and/or his estate if applicable).
Sample 1
Severance Payments to Employee. The Company will pay Employee severance in the total gross amount of Four Hundred Fifty Thousand Dollars ($450,000) (the "Severance Payment"). The Severance Payment will be paid in two equal installments with the first installment payment ($225,000) being paid within fifteen (15) business days following the Effective Date of this Agreement (as defined below) and no later than the pay period following the 60th day after the Employee’s Separation Date provided that Employee has signed this Agreement, not revoked such Agreement, and is in compliance with the other terms of this Agreement. The second installment payment ($225,000) shall be paid on the first regular payroll date in January 2016. These payments are subject to all applicable taxes and withholdings. Employee agrees that the Company shall deduct from the first installment payment any personal expenses that Employee owes to the Company. With the exception of any taxes that the Company withholds from the amount described in this paragraph, Employee remains responsible and liable for any and all taxes on the amount paid to him (and/or his estate if applicable).
Sample 1
Severance Payments to Employee. (a) Within ten (10) days of the Termination Date, the Company shall pay to Employee a lump sum severance payment in cash (the "SEVERANCE PAYMENT") equal to the sum of:
Sample 1
Severance Payments to Employee. In consideration of this Agreement, the Parent agrees to pay Employee severance pay at his last annualized salary level of $400,000, payable in accordance with the Parent's standard payroll practices (but not less than two times each month), at the address specified in Section 16 of this Agreement, up to and including September 30, 1998. Such severance payments shall be less applicable withholding for social security, Medicare, and income taxes. Until the earlier of September 30, 1998 or the date of Employee's employment with another entity, the Parent shall provide Employee with medical and dental benefits (including coverage for Employee's immediate family) on the same terms and conditions as provided to Employee immediately prior to the Resignation Date. After September 30, 1998, Employee shall be entitled to COBRA continuation benefits at his expense. On or before February 15, 1998, the Parent will pay Employee $65,000, which represents the annual bonus due and owing to Employee and accrued as of June 30, 1997, less applicable withholding for social security, Medicare and federal income taxes. Upon Employee's execution of this Agreement, the Parent shall transfer to Employee title to the Cadillac STS, fax machine and portable personal computer currently provided to Employee by the Parent. The cash and other consideration paid to Employee under this Section 4 shall also constitute sufficient consideration for the consulting services Employee renders to the Company and Parent after the Resignation Date, and neither the Company nor the Parent shall have any other compensation obligations to Employee with respect to such services.
Sample 1
Severance Payments to Employee. Subject to Paragraph 1, the Company shall pay the following amounts to employee:
Sample 1

Related to Severance Payments to Employee

  • Severance Payments 6.1 If the Executive's employment is terminated following a Change in Control and during the Term, other than (A) by the Company for Cause, (B) by reason of death or Disability, or (C) by the Executive without Good Reason, then the Company shall pay the Executive the amounts, and provide the Executive the benefits, described in this Section 6.1 ("Severance Payments") and Section 6.2, in addition to any payments and benefits to which the Executive is entitled under Section 5 hereof; provided, however, that the Executive shall not be entitled to the Severance Payments unless and until the Executive (or, in the event of the Executive's death, the executor, personal representative or administrator of the Executive's estate) has signed a written waiver and release substantially in the form set forth on Exhibit A hereto. For purposes of this Agreement, the Executive's employment shall be deemed to have been terminated following a Change in Control by the Company without Cause or by the Executive with Good Reason, if (i) during the Term the Executive's employment is terminated by the Company without Cause following a Potential Change in Control but prior to a Change in Control (whether or not a Change in Control ever occurs) and such termination was at the request or direction of a Person who has entered into an agreement with the Company the consummation of which would constitute a Change in Control, (ii) during the Term the Executive terminates his employment for Good Reason following a Potential Change in Control but prior to a Change in Control (whether or not a Change in Control ever occurs) and the circumstance or event which constitutes Good Reason occurs at the request or direction of such Person or (iii) during the Term the Executive's employment is terminated by the Company without Cause or by the Executive for Good Reason and such termination or the circumstance or event which constitutes Good Reason is otherwise in connection with or in anticipation of a Change in Control (whether or not a Change in Control ever occurs). An Executive will not be considered to have been terminated by reason of the divestiture of a facility, sale or other disposition of a business or business unit, or the outsourcing of a business activity with which the Executive is affiliated, notwithstanding the fact that such divestiture, sale or outsourcing takes place within two years following a Change in Control, if the Executive is offered comparable employment by the successor company and such successor company agrees to assume the Company's obligations to the Executive under this Agreement.

  • Severance Payment Executive will be paid continuing payments of severance pay at a rate equal to Executive’s base salary rate, as then in effect, for twelve (12) months from the date of such termination of employment, to be paid periodically in accordance with the Company’s normal payroll policies.

  • Severance Pay In the event that your employment is terminated by the Company, except for “Cause” as defined below, you will be eligible to receive the following:

  • Lump Sum Severance Payment Payment of a lump sum amount equal to twelve (12) months of Executive’s then-current Base Salary plus the Pro Rated Bonus, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the Release required by Paragraph 4(g) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.

  • Severance Payments; Salary and Benefits The Company agrees to provide Executive with the severance payments and benefits described in Section 4(b) [and Section 4(c)] of the Employment Agreement, payable at the times set forth in, and subject to the terms and conditions of, the Employment Agreement. In addition, to the extent not already paid, and subject to the terms and conditions of the Employment Agreement, the Company shall pay or provide to Executive all other payments or benefits described in Section 3(c) of the Employment Agreement, subject to and in accordance with the terms thereof.

  • Severance Payments and Benefits For purposes of this Agreement, the term "Severance Payments and Benefits" shall mean:

  • Cash Severance Payment Provided that Executive complies with Section 5 below, Executive shall receive a lump sum cash payment in an amount equal to fifteen (15) months of Executive’s the effective base salary (less applicable withholding), paid within ten (10) business days of the effective date of the Termination Upon a Change of Control.

  • Cash Severance Benefits Severance equal to the amount set forth in the Participant’s Participation Agreement and payable in cash in a lump sum in accordance with the terms and conditions of this Plan, including without limitation Section 7 hereof.

  • Severance Compensation In the event (i) Employee terminates this Agreement for Good Reason in accordance with Paragraph 11.3 hereof; (ii) Employee is terminated for any reason (except death or disability) upon, or within six months following, a "Change in Management or Control (as such term is defined in Paragraph 11.5 hereof);" or (iii) Employee is terminated without Cause, the Company shall be obligated to pay severance compensation to Employee in an amount equal to his salary compensation (at the rate payable at the time of such termination) for a period of six (6) months from the date of termination. Notwithstanding the foregoing, if Employee is employed by a new employer, or as a consultant after the termination of this Agreement, the severance compensation payable to Employee hereunder shall be reduced by the amount of compensation that Employee actually receives from the new employer, or as a consultant. However, Employee shall have a duty to inform the Company that he has obtained such new employment, and the failure to do so is a material breach of this Agreement. In such event, the Company shall be entitled to (i) cease all payments to Employee under this Paragraph 11.4; and (ii) recover any unauthorized payments to Employee in an action for breach of contract. Notwithstanding anything else in this Agreement to the contrary, solely in the event of a termination upon or following a Change in Management or Control, the amount of severance compensation paid to Employee hereunder shall not include any amount that the Company is prohibited from deducting for federal income tax purposes by virtue of Section 280G of the Internal Revenue Code of 1986, as amended, or any successor provision. In addition to the foregoing severance compensation, the Company shall pay Employee (i) all compensation for services rendered hereunder and not previously paid; (ii) accrued vacation pay; and (iii) any appropriate business expenses incurred by Employee in connection with his duties hereunder and approved pursuant to Section 4 hereof, all through the date of termination. Employee shall not be entitled to any bonus compensation, whether vested or unvested; or any other compensation, benefits or reimbursement of any kind.

  • Severance Benefit If the Employee’s employment is terminated by the Company for any reason other than Cause (as defined below) or if the Employee terminates his/her employment for Good Reason (as defined below), the Company shall provide Employee with the following:

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