Termination Date and Payments Sample Clauses

Termination Date and Payments. FNFG and the Executive agree and acknowledge that the Executive’s employment with FNFG shall end on the date specified by FNFG (“Termination Date”), provided that the Termination Date is no sooner than June 30, 2010 and no later than August 31, 2010. FNFG shall give the Executive advance notice of at least five (5) business days before the Termination Date. FNFG shall provide the following payments and benefits (“Payments”) to the Executive in connection with the discontinuance of Executive’s employment with FNFG as of the Termination Date, provided the Executive does not voluntarily sever his employment with FNFG before the Termination Date. All applicable payroll taxes and withholding will be applied to the Payments. The Payments will be reported to the Executive by FNFG on an annual Form W-2. The Payments will not be treated as compensation for purposes of calculating benefits under any other FNFG employee benefit plan. The benefits described in Sections 1(c), (d), (e), (f), (g) and (h) are further consideration for the Executive’s execution of this Agreement, and are in addition to the payments under the Severance Plan that are described in Sections 1(a) and (b). Even though, on the Termination Date, the Executive shall be a “specified employee” as defined in Treasury Regulations Section 1.409A-1(i), there will not be a six (6) month delay in the start of payments to the Executive because (i) the severance payments and reimbursement for outplacement services to be made to the Executive during the first six (6) months following the Termination Date are solely available to the Executive due to the Executive’s entitlement to benefits under Article III and Section 3.1(i) of the Severance Plan; and (ii) the payments to be made during the first six (6) months after the Termination Date are less than the “permitted amount” under Treasury Regulations Section 1.409A-1(b)(9)(iii) (i.e., $490,000). All other Payments are exempt from Section 409A of the Internal Revenue Code (“Code”) as current compensation or otherwise.
Sample 1
AutoNDA by SimpleDocs
Termination Date and Payments. The termination date of the Employee's employment at FNFG is June 28, 2013 (the “Termination Date”). If the Employee signs this Agreement after the Termination Date and does not thereafter revoke it as set forth herein, FNFG will provide the Employee the severance pay pursuant to Section 3.2 of the Executive Severance Plan and the other benefits described below, as follows: (a) During the twelve-month period commencing with the first regular FNFG payroll period following the Effective Date (as defined below) of this Agreement, the Employee will receive regular, bi-weekly payments of $33,509.62, less applicable taxes and withholdings. The sum of the bi-weekly payments is a gross payment of $871,250, which is equivalent to the Employee's annual base salary in effect as of the Termination Date, plus the Employee's 2013 targeted bonus amount; (b) FNFG will pay to Employee a one-time cash lump sum of $10,000 for expenses associated with his termination, including legal fees. Payment will be made to Employee within 30 days of the Effective Date of this Agreement; and (c) FNFG will continue to maintain the discounted interest rate on Employee's home mortgage at the same rate as in effect immediately prior to the Termination Date, until such time as Employee closes on the sale of the home to which the mortgage pertains. Any unreimbursed business expenses will be reimbursed consistent with the terms of FNFG's reimbursement policy applicable to the Employee prior to the Termination Date. The Employee is also entitled to all other amounts or benefits required to be paid or provided under the terms of FNFG's welfare, retirement and other employee plans in accordance with the terms of such plans. All applicable payroll taxes and withholdings will be applied to the payments made pursuant to this Paragraph 1, and will be reported to the Employee by FNFG on an annual Form W-2. The payments made under the Executive Severance Plan will not be treated as compensation for purposes of calculating benefits under any other FNFG employee benefit plan. The Employee is under no obligation to seek other employment, and there will be no offset against amounts due under or referenced in this Agreement, on account of any remuneration or benefits provided by any subsequent employment the Employee may obtain.
Sample 1
Termination Date and Payments. The Termination Date of the Employee’s employment at FNFG is February 28, 2014. If the Employee signs this Agreement after the Termination Date and does not thereafter revoke it as set forth herein, FNFG will provide the Employee the enhanced severance pay and outplacement services reimbursement pursuant to Sections 3.2 and 3.2A of the Executive Severance Plan, as follows: (a) During the eighteen (18) month period commencing with the first regular FNFG payroll period following the Effective Date (as defined below), the Employee will receive regular, bi-weekly payments of $43,458.33, less applicable taxes and withholdings. The sum of the bi-weekly payments is a gross payment of $1,564,500.00, which is equivalent to the Employee’s annual base salary in effect as of the Termination Date for eighteen (18) months, plus 150% the Employee’s 2013 targeted bonus amount; and (b) FNFG will reimburse the Employee for outplacement services in an amount not to exceed $10,000 in a cash lump sum within thirty (30) days of the Employee’s remittance to First Niagara of a receipt for such services no later than the one (1) year anniversary of the Effective Date. All applicable payroll taxes and withholdings will be applied to the payments made pursuant to this Section 1 and will be reported to the Employee by FNFG on an annual Form W‑2. The payments made pursuant to this Section 1 will not be treated as compensation for purposes of calculating benefits under any other FNFG employee benefit plan.
Sample 1

Related to Termination Date and Payments

  • Termination Date, Etc “Termination Date” shall mean in the case of the Executive’s death, his date of death, or in all other cases, the date specified in the Notice of Termination subject to the following:

  • Termination and Payment Upon any termination or expiration of this Agreement, Client shall pay all unpaid and outstanding fees through the effective date of termination or expiration of this Agreement. And upon such termination, Consultant shall provide and deliver to Client any and all outstanding services due through the effective date of this Agreement.

  • FEES AND PAYMENT SCHEDULE The fees and payment schedule for furnishing services under this Contract shall be based on the rate schedule which is attached hereto as Exhibit B and by this reference incorporated herein. Said fees shall remain in effect for the entire term of the Contract. Contractor shall provide County with his/her/its Federal Tax I.D. number prior to submitting the first invoice.

  • Effective Date and Termination Date The term of this SCIA shall commence on the Effective Date indicated on page 1 above and terminate on December 31, 2024, unless sooner terminated or extended as provided for below.

  • Termination Date Determination Seller will not designate the Termination Date (as defined in the Receivables Sale Agreement), or send any written notice to Originator in respect thereof, without the prior written consent of the Agent, except with respect to the occurrence of such Termination Date arising pursuant to Section 5.1(d) of the Receivables Sale Agreement.

  • Fees and Payment Terms 4.1. When Customer’s Fees are Due: All Fees charged under the Agreement are due and payable on the due date quoted on the invoices generated by Aptum, unless otherwise agreed to in writing by the Parties. Invoices shall be issued in accordance with the applicable Product Terms.

  • Required Payments; Termination Any outstanding Advances and all other unpaid Obligations shall be paid in full by the Borrower on the Facility Termination Date.

  • Expense Accrual and Payment Services (1) For each valuation date, calculate the expense accrual amounts as directed by the Trust as to methodology, rate or dollar amount. (2) Process and record payments for Fund expenses upon receipt of written authorization from the Trust. (3) Account for Fund expenditures and maintain expense accrual balances at the level of accounting detail, as agreed upon by USBFS and the Trust. (4) Provide expense accrual and payment reporting.

  • Calculation and Payment of Interest (a) Interest on the outstanding principal amount from time to time of each Prime Rate Loan and Base Rate Canada Loan shall accrue from day to day from and including the date on which credit is obtained by way of such Loan to but excluding the date on which such Loan is repaid in full (both before and after maturity and as well after as before judgment) and shall be calculated on the basis of the actual number of days elapsed divided by 365 or 366, as the case may be. (b) Interest on the outstanding principal amount from time to time of each LIBOR Loan shall accrue from day to day from and including the date on which credit is obtained by way of such Loan to but excluding the date on which such Loan is repaid in full (both before and after maturity and as well after as before judgment) and shall be calculated on the basis of the actual number of days elapsed divided by 360. (c) Accrued interest shall be paid, (i) in the case of interest on Prime Rate Loans and Base Rate Canada Loans, in arrears monthly on the 22nd day of each calendar month; and (ii) in the case of interest on LIBOR Loans, on the last day of the applicable Interest Period; provided that, in the case of Interest Periods of a duration longer than three months, accrued interest shall be paid no less frequently than every three months from the first day of such Interest Period during the term of such Interest Period and on the date on which such LIBOR Loans are otherwise required to be repaid.

  • Additional Deposits and Payments (a) On the date specified in Section 3.6 hereof or Section 3.4 of the Purchase Agreement, as applicable, the Servicer and Santander Consumer, as applicable, will deposit into the Collection Account the aggregate Repurchase Price with respect to Repurchased Receivables purchased or repurchased by the Servicer or Santander Consumer, respectively, on such date, and on the Payment Date specified in Section 8.1, the Servicer will deposit into the Collection Account all amounts, if any, to be paid under Section 8.1. All such deposits with respect to any such date which is a Payment Date will be made, in immediately available funds by noon, New York City time, on the Business Day immediately preceding such Payment Date related to such Collection Period. (b) The Indenture Trustee will, on or before the Payment Date relating to each Collection Period, withdraw from the Reserve Account the Reserve Account Draw Amount and deposit such amounts in the Collection Account in accordance with the Servicer’s Certificate. (c) The Indenture Trustee will, on each Payment Date, withdraw from the Reserve Account (i) all investment earnings (net of investment losses and expenses on funds on deposit in the Reserve Account during the related Collection Period) and distribute such investment earnings to the Servicer and (ii) the Reserve Account Excess Amount, if any, for such Payment Date and deposit such amount in the Collection Account. (d) On the Closing Date the Seller will cause the amount available in the Reserve Account to equal the Initial Reserve Account Deposit Amount through a cash deposit from proceeds of the sale of the Notes. (e) On or prior to the third Business Day preceding each Determination Date, the Relevant Trustee shall send a written notice, or make such information available electronically, to the Servicer stating the amount of investment income earned, if any, during the related Collection Period on each Trust Account maintained at the Relevant Trustee.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!