Additional Severance definition

Additional Severance with respect to an Executive means the sum of Executive’s Benefits Continuation Amount and Executive’s Bonus Severance as set forth in Section 4B.
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Additional Severance has the meaning specified in Section 12.2(b).
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Additional Severance has the meaning set forth in Section 6.5(d).
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Examples of Additional Severance in a sentence

  • It is expressly agreed and understood that no Severance Benefits or Additional Severance Benefits shall be required to be paid or provided unless and until the foregoing Release of Claims requirement is satisfied.

  • Additional Severance Benefits specified in this subsection are to be provided on an unfunded basis, are not intended to meet the qualification requirements of Section 401 of the Internal Revenue Code, and shall be payable solely from the general assets of the Company.

  • The payment of this Additional Severance will become due to Employee from the Company upon any event of involuntarily termination during the Term, whether it be with or without cause, or an event of individual involuntary termination or in connection with a layoff, plant closing or force reduction.

  • Without limiting the generality of the foregoing, so much of the Executive’s Severance Benefits and Additional Severance Benefits as does not exceed the "exempt amount" as hereinafter defined shall in no event be paid later than by December 31 of the second calendar year following the calendar year in which the involuntary separation from service occurs.

  • In the event that Employee elects for any reason to voluntarily terminate his/her employment with the Company during the Term, then in such event Employee will not be entitled to receive the Additional Severance and will be only entitled to receive such severance and compensation benefits, if any, Employee may be entitled to receive pursuant to the policies of the Company in effect as of that date of voluntarily termination.

  • The Executive agrees that CCOW’s payment of the Severance Benefit and Additional Severance Benefit are in lieu of any and all claims and/or damages that the Executive may have with respect to (i) the Change in Control of CCOW, other than claims to benefits expressly provided in other written agreements that provide for Change in Control benefits or (ii) the termination of the Executive’s employment.

  • In addition, Executive agrees that CCOW’s payment of the Severance Benefit and Additional Severance Benefit are in full satisfaction of all such claims and damages.

  • For example, such Additional Severance benefit may consist of a pro-rata portion of the Executive’s annual bonus for the performance year in which the Executive’s termination occurs, with such pro-rata portion calculated based upon the number of days that Executive was employed during such performance year divided by the total number of days in such performance year.

  • If paid, the Additional Severance Payment will be subject to required payroll deductions and withholdings and paid in a lump sum within ten (10) business days after the effective date of the Release.

  • For purposes of this Plan, “Plan Benefits” consist of (i) Scheduled Severance Pay calculated as provided in Section 4A, (ii) Additional Severance calculated as provided in Section 4B and Section 4C, and (iii) Equity Benefits as provided in Section 4D.

Related to Additional Severance

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 of this Agreement.

  • Additional Benefits means quantifiable and verifiable enhancement of conservation of biodiversity and/or improvement of local livelihoods realized as a result of implementation of the REDD activities;

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Change in Control Benefits means the following benefits:

  • Additional Compensation has the meaning set out in Section 13.3(1).

  • Severance Costs means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Contingent Compensation Payment means any payment (or benefit) in the nature of compensation that is made or made available (under this Agreement or otherwise) to a “disqualified individual” (as defined in Section 280G(c) of the Code) and that is contingent (within the meaning of Section 280G(b)(2)(A)(i) of the Code) on a Change in Ownership or Control of the Company.

  • Additional Payment is as defined in Section 6 of the Agreement.

  • Severance Amount means:

  • Additional Payments means the amounts required to be paid by the Company pursuant to the provisions of Section 4.2 hereof.

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Additional gap medical benefits means the benefits (if any) payable in respect of medical expenses that are more than the schedule fee and which otherwise meet the requirements of the fund’s no or known gap policy, provided always that the medical expenses relate to a professional service that:

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Nonqualifying Termination means a termination of the Executive’s employment (1) by the Company for Cause, (2) by the Executive for any reason other than a Good Reason, (3) as a result of the Executive’s death or (4) by the Company due to the Executive’s absence from his duties with the Company on a full-time basis for at least 180 consecutive days as a result of the Executive’s incapacity due to physical or mental illness.

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • Section 409A Payment Date means the earlier of (a) the date of Executive’s death or (b) the date that is six months after the date of termination of Executive’s employment with the Company.

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Extended benefits means benefits, including benefits payable to federal civilian employees and to ex-servicemen under 5 U.S.C. Chapter 85, payable to an individual under the provisions of this section for weeks of unemployment in his eligibility period.

  • AHYDO Catch-Up Payment means any payment, including payments made on subordinated debt obligations, in each case to the extent such payment is necessary to avoid the application of Section 163(e)(5) of the Code.

  • Executive Severance Plan means the Company’s Senior Executive Employee Severance Pay Plan, as in effect from time to time.