Severance Plan. The term “Severance Plan” shall mean the Assured Guaranty Ltd. Executive Severance Plan.
Severance Plan. It is the intention of the Parties that this -------------- Agreement provide special benefits to the Employee. If at any time the Company's Executive Severance Benefit Plan would provide better cash severance benefits to the Employee than this Agreement, the Employee may elect to receive such better cash severance benefits in lieu of the cash severance benefits provided under Subsections 5(a)(i) and 5(a)(ii), or Subsection 5(a)(v), of this Agreement, whichever is applicable, while continuing to receive any other benefits or coverages available under this Agreement. If this Agreement would provide better cash severance benefits to the Employee than the Company's Executive Severance Benefit Plan, the Employee shall receive the cash severance benefits under this Agreement, as well as any other benefits or coverages available under this Agreement. In such case, the cash severance benefits under this Agreement shall be in lieu of the cash severance benefits payable under the Company's Executive Severance Benefit Plan.
Severance Plan. For one (1) year from the Effective Time, Holding shall provide (or shall cause the Surviving Corporation to provide) employees of the Company and the Company's Subsidiaries with a severance plan that is no less favorable than the plan currently applicable to the Company's employees. Holding and the Surviving Corporation shall recognize (or cause to be recognized) service with the Company and its Subsidiaries or any predecessor entities (and any other services credited by the Company under similar severance plans) for all purposes; provided, however, that solely to the extent necessary to avoid duplication of benefits, amounts payable under other severance plans provided by Holding or the Surviving Corporation may be reduced by the amounts payable under the Company's severance plan.
Severance Plan. During the Employment Term, the Executive will not be eligible to participate in the Company's Amended and Restated Severance Plan for Certain Executives.
Severance Plan. It is the intention of the Parties that this Agreement provide special benefits to the Employee. If at any time the Company’s Executive Severance Benefit Plan would provide better cash severance benefits to the Employee than this Agreement, the Employee may elect to receive such better cash severance benefits in lieu of the cash severance benefits provided under Subsections 5(a)(i) and 5(a)(ii) this Agreement, while continuing to receive any other benefits or coverages available under this Agreement. If this Agreement would provide better cash severance benefits to the Employee than the Company’s Executive Severance Benefit Plan, the Employee shall receive the cash severance benefits under this Agreement, as well as any other benefits or coverages available under this Agreement. In such case, the cash severance benefits under this Agreement shall be in lieu of the cash severance benefits payable under the Company’s Executive Severance Benefit Plan.
Severance Plan. If the Employment Period is terminated, Executive shall receive the severance payments and benefits to which Executive is entitled pursuant to the Severance Plan (as defined below). Executive represents and certifies that Executive has carefully reviewed this Agreement and the Company's 2003 Severance and Change of Control Plan (the "Severance Plan"), a copy of which is attached as Exhibit A hereto and is entering into this Agreement in reliance upon the terms thereof. For purposes of Section 4(a) of the Severance Plan, "Payout Period" will be 1.88 and "Severance Multiple" will be 1.88, and for purposes of Section 4(b) of the Severance Plan, "Change of Control Multiple" will be 1.88.
Severance Plan. You hereby agree and acknowledge that your right to receive the Bonus Payment and the Option Payments is in lieu and in full satisfaction of the right to receive the payments and benefits set forth in Sections 2(a)(ii) and 2(a)(iv), respectively of the Severance Plan. You further agree and acknowledge that all other terms and conditions of the Severance Plan, including your right to receive the amounts set forth in Section 2(a)(i) and 2(a)(iii) (subject to the conditions set forth thereunder) in the event of a qualifying termination as described in this Agreement, shall continue in effect under the terms of the Severance Plan.
Severance Plan. Executive recognizes and agrees that pursuant to the Nucor Corporation Severance Plan for Senior Officers and General Managers (the “Severance Plan”), Executive shall receive certain Severance Benefits (as defined in the Severance Plan) contingent upon his execution of this Agreement and strict compliance with the covenants contained herein. Based on Executive’s (a) September 16, 1985 date of hire, (b) effective retirement date of December 31, 2009 and (c) current annual base salary of Four Hundred Thirty-Four Thousand Nine Hundred Dollars ($434,900), Executive would be eligible to receive Severance Benefits under the Severance Plan totaling Eight Hundred Eighty Thousand Nine Hundred Twenty Dollars and Seventy-Three Cents ($880,920.73) payable in twenty-four (24) monthly installments of Thirty-Six Thousand Seven Hundred and Five Dollars and Three Cents ($36,705.03) (the “Monthly Severance Plan Payments”). Subject to the provisions of Paragraph 3(c) of this Agreement, the payments of the Monthly Severance Plan Payments shall be made each month following the Effective Date. In the event Executive dies during the Severance Period and provided that Executive was not in breach of his obligations under this Agreement at the time of his death, the remaining Monthly Severance Plan Payments that would have been paid to Executive pursuant to the Severance Plan shall be paid to Executive’s estate in a single sum payment as soon as practicable (but in any event within ninety (90) days) following Executive’s death. All Monthly Severance Plan Payments shall be subject to regular and customary withholding.
Severance Plan. The Board agrees to establish and maintain a qualified Annuity Plan (hereinafter referred to as the Severance Plan) for all certified employees on a regular teaching contract covered under this collective bargaining agreement. The Severance Plan shall be available for all certified employees. The Severance Plan contributions shall continue each contract year. The contribution made to the Severance Plan by the Board will be one percent (1%) of the employee’s salary. Effective July 1, 2000, the maximum number of accumulated sick leave days is one hundred thirty (130). Unused sick leave days acquired after July 1, 2004, and remaining at the end of each subsequent school year above the 130-day maximum shall be paid on the second pay date after the last student attendance day in the amount of seventy- five dollars ($75) for each day. After fourteen (14) years of service in this school corporation, a teacher may receive separation pay. A teacher shall receive the greater of seventy five dollars ($75) per day for each unused sick day to a maximum of 130 days, or two hundred dollars ($200) per year of service within the Peru Community Schools upon separation. The chosen amount will be paid with equal payments to be made over four years. The corresponding dollar value for these accumulated days shall be offset by the Board contribution to the Severance Plan. This offset shall continue until such time as a certified employee receives a greater return from the Severance Plan than he or she would have received based on the valuation of these days on July 1, 2000. Employer profit Sharing Money (hereinafter referred to as ERPS) and Employer Match (hereinafter referred to as ERMAT) amounts are used to calculate the amount to be distributed. Total contributions to American Funds, Hartford and VALIC#3 that were made over the years are the board contribution amount offset for the Severance plan. All eligible employees participating in the Severance Plan, including the employer match, shall have a six-year graded vesting schedule as follows: Years of service with Peru Community Schools Vested 1 20% 2 40% 3 60% 4 80% 5 100% The Severance Plan shall be valued in the amount of the employer contributions effective the last contracted day of employment for each eligible employee.
Severance Plan. Severance payments to employees of the Company or the Company Subsidiaries who are terminated within twelve (12) months after the Effective Time will be made in accordance with the severance schedule below. Such severance schedule shall not apply to an employee covered by an employment agreement that provides for severance; shall not be available to an employee whose employment is voluntarily terminated or terminated for cause; and shall not duplicate any payment under any other severance plan of Associated or the Company, in the event the employee is also eligible under any such other plan.
