Common use of Severance Stipend Clause in Contracts

Severance Stipend. A. For those ESPs with thirteen (13) or more years of continuous service as of June 30, 2010, the employee’s severance stipend benefit shall be calculated as follows: The ESP’s 2016-2017 annual salary will be multiplied by .006 and then by the ESPs years of service as of June 30, 2010. This dollar amount will be frozen as the employee’s severance stipend. The stipend shall be paid out at the time of separation. Employees with less than thirteen (13) years of continuous service as of June 30, 2010 are not eligible for this stipend. B. If an ESP who is eligible for this service stipend dies before the severance payment is made, said payment shall be paid to the beneficiaries or the estate of the deceased.

Severance Stipend. A. For those ESPs with thirteen (13) or more years of continuous service as of June 30, 2010, the employee’s severance stipend benefit shall be calculated as follows: The ESP’s 2016-2017 annual salary will be multiplied by .006 and then by the ESPs ESP’s years of service as of June 30, 2010. This dollar amount will be frozen as the employee’s severance stipend. The stipend shall be paid out at the time of separation. Employees with less than thirteen (13) years of continuous service as of June 30, 2010 are not eligible for this stipend. B. If an ESP who is eligible for this service stipend dies before the severance payment is made, said payment shall be paid to the beneficiaries or the estate of the deceased.

Severance Stipend. A. For those ESPs with thirteen (13) or more years of continuous service as of June 30, 2010, the employee’s severance stipend benefit shall be calculated as follows: The ESP’s 20162009-20102016-2017 annual salary will be multiplied by .006 and then by the ESPs ESP’s years of service as of June 30, 2010. This dollar amount will be frozen as the employee’s severance stipend. The stipend shall be paid out at the time of separation. Employees with less than thirteen (13) years of continuous service as of June 30, 2010 are not eligible for this stipend. B. If an ESP who is eligible for this service stipend dies before the severance payment is made, said payment shall be paid to the beneficiaries or the estate of the deceased.

Severance Stipend. A. For those ESPs with thirteen (13) or more years of continuous service as of June 30, 2010, the employee’s severance stipend benefit shall be calculated as follows: The ESP’s 20162009-2017 2010 annual salary will be multiplied by .006 and then by the ESPs ESP’s years of service as of June 30, 2010. This dollar amount will be frozen as the employee’s severance stipend. The stipend shall be paid out at the time of separation. Employees with less than thirteen (13) years of continuous service as of June 30, 2010 are not eligible for this stipend. B. If an ESP who is eligible for this service stipend dies before the severance payment is made, said payment shall be paid to the beneficiaries or the estate of the deceased.