Twelve-Months Severance Sample Clauses

Twelve-Months Severance. Employee acknowledges that under Xxxxxxx Mac’s applicable Severance Policy, Employee may be eligible to receive Severance upon termination of employment. In the event Employee’s employment is terminated and the facts and circumstances of the termination qualify Employee for Severance under the Severance Policy, then Employee shall receive Severance following termination for a total of twelve (12) months.
Sample 1
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Twelve-Months Severance. Executive acknowledges that under Fxxxxxx Mac’s Severance Policy, Executive may be eligible to receive Severance upon termination of employment, the duration of which is within the discretion of Fxxxxxx Mac. In exchange for Executive agreeing to be bound by this Agreement, Fxxxxxx Mac agrees to provide Executive with Severance pursuant to the Severance Policy for a period of twelve (12) months following termination, provided the circumstances of the Executive’s termination qualify for Severance under the Severance Policy. In the event that at the time of termination, Executive occupies a position that is an “Executive Officer” of Fxxxxxx Mac as Fxxxxxx Mac interprets that term to be defined in Section 1303(7) of the Federal Housing Enterprise Financial Safety and Soundness Act of 1992 and related administrative guidance, then Executive acknowledges that receipt of the twelve (12) months severance under this paragraph is contingent upon any legally required approval from the Office of Federal Housing Enterprise Oversight (“OFHEO”). If such approval is not received, then Executive will not be eligible for Severance. The twelve (12)-month Severance guarantee provided by this Paragraph V(A) is in place of, and not in addition to, Severance to which Executive would otherwise be entitled under any other agreement between Executive and Fxxxxxx Mac.
Sample 1

Related to Twelve-Months Severance

  • Cash Severance The Company shall make a single lump sum severance payment to Executive in an amount equal to Executive’s Base Annual Salary in effect as of the Termination Date plus an amount equal to Executive’s Annual Bonus target in effect as of the Termination Date, less required tax withholdings and deductions (the “Change in Control Payment”). The Change in Control Payment will be paid within sixty (60) days after the Termination Date, but in no event later than March 15 of the year following the year of termination.

  • Termination Severance Either party may terminate the employment relationship as evidenced by this Agreement at any time and for any reason upon ninety days written notice to the other.

  • Severance Period For purposes of this Agreement, “Severance Period” means the period of time commencing immediately after Executive’s separation of service from the Company through the date that is six (6) months following such separation date, plus an additional two (2) months for every fully completed Year of Service; provided, however, that in all cases the Severance Period will end no later than on the twelve (12)-month anniversary of the date of Executive’s termination of employment.

  • Payments Within Twelve Months The Company has not made any direct or indirect payments (in cash, securities or otherwise) (i) to any person, as a finder's fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company, (ii) to any NASD member or (iii) to any person or entity that has any direct or indirect affiliation or association with any NASD member, within the twelve months prior to the Effective Date, other than payments to EBC.

  • Bonus Severance A single, lump sum payment equal to 100% of the Executive’s target annual bonus as in effect for the fiscal year in which the Qualifying CIC Termination occurs, less applicable withholdings.

  • Salary Severance A single, lump sum payment equal to twelve (12) months of the Executive’s Salary, less applicable withholdings.

  • Pro-Rated Bonus Pro Rated Bonus" shall mean, a bonus equal to the product of (i) the bonus Employee did not receive but would have received under Section 1.4(b) if he had remained an employee through the end of the Employment Term, it being understood that the amount of such bonus Employee would have received shall be determined by reference to the average amount of bonus actually awarded to other officers who were at the same or comparable level of responsibility as Employee immediately prior to his termination, and (ii) a fraction, the denominator of which is 365 and the numerator of which is the number of days in the fiscal year being considered through the date of death, determination of disability or notice of termination of employment, whichever is applicable. In the event that a majority of SCI officers do not receive a bonus for the fiscal year being considered, then the Pro Rated Bonus shall not be applicable and Employee shall not be entitled to a Pro Rated Bonus. The Pro Rated Bonus, if any, payable to Employee shall be paid within 90 days after the date that bonuses, if any, are awarded for a majority of SCI officers for the year being considered.

  • consecutive months An Employee will receive a year of Service for vesting purposes for each twelve (12)

  • Payments Within Twelve (12) Months Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (i) any person, as a finder’s fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (ii) any FINRA member; or (iii) any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the twelve (12) months prior to the Effective Date, other than the payment to the Underwriters as provided hereunder in connection with the Offering.

  • 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.

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