Termination Incentive Payment Sample Clauses

Termination Incentive Payment. The amount of the termination incentive payment for any voluntary or involuntary termination shall be as follows: Employees age 55 and over as of the effective date of this Agreement shall receive as a termination incentive payment an amount equal to three weeks pay at the Employee’s weekly salary in effect as of June 30, 2005 for every year of service (pro-rated for any partial year) up to a maximum of 104 weeks pay, such maximum to include any amount the Employee is eligible to receive as a lump sum payment upon termination of employment pursuant to the terms of The Media Guild’s Retirement Plan in effect as of July 15, 2005. Employees age 40 and less than 55 as of the effective date of this Agreement shall receive as a termination incentive payment an amount equal to two weeks pay at the Employee’s weekly salary in effect as of June 30, 2005 for every year of service (pro-rated for any partial year) up to a maximum of 104 weeks pay, such maximum to include any amount the Employee is eligible to receive as a lump sum payment upon termination of employment pursuant to the terms of The Media Guild’s Retirement Plan in effect as of July 15, 2005. Employees below age 40 as of the effective date of this Agreement shall receive as a termination incentive payment an amount equal to one week pay at the Employee’s weekly salary in effect as of June 30, 2005 for every year of service (pro-rated for any partial year) up to a maximum of 104 weeks pay, such maximum to include any amount the Employee is eligible to receive as a lump sum payment upon termination of employment pursuant to the terms of The Media Guild’s Retirement Plan in effect as of July 15, 2005. The following examples are provided for purposes of clarity only: • An Employee age 58 who has 25 years of service with the Employer at the time of termination of employment would be eligible to receive 50 weeks’ pay as a lump sum payment under The Media Guild’s Retirement Plan and 75 weeks pay as a termination incentive payment; however, because the maximum payable is 104 weeks, the Employee would receive an amount equal to 54 weeks pay as a termination incentive payment. • An Employee age 42 who has 20 years of service with the Employer at the time of termination of employment would be eligible to receive 40 weeks’ pay as a lump sum payment under The Media Guild’s Retirement Plan and an amount equal to 40 weeks pay as termination pay from the Employer and would not reach the maximum of 104 weeks pay. • An E...
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Related to Termination Incentive Payment

  • Incentive Payment 11.3.1 An employer may offer and an employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts Age at Retirement % of Annual Salary at Time of Retirement 55 to 59 100% 60 80% 61 60% 62 40% 63 20% 64 0%

  • Education Incentive Pay An employee shall be entitled to receive educational incentive pay as follows:

  • Incentive Payments The Settlement Fund Administrator will treat incentive payments under Section IV.F on a State-specific basis. Incentive payments for which a Settling State is eligible under Section IV.F will be allocated fifteen percent (15%) to its State Fund, seventy percent (70%) to its Abatement Accounts Fund, and fifteen percent (15%) to its Subdivision Fund. Amounts may be reallocated and will be distributed as provided in Section V.D.

  • 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.

  • Final Compensation Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS prior to January 15, 2011, is based on the highest average monthly pay rate during twelve (12) consecutive months of employment. Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS on or after January 15, 2011, is based on the highest average monthly pay rate during thirty-six (36) consecutive months of employment.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Incentive Pay (1) For any calendar year: in which twenty-five percent (25%) of the number of members employed as of January 1 of each year are rated as either Level II or Level III in every phase of the PFT then

  • 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.

  • Retirement Bonus 22:01 Employees retiring in accordance with the following:‌

  • Termination Payment The final payment delivered to the Certificateholders on the Termination Date pursuant to the procedures set forth in Section 9.01(b).

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