Additional Severance Pay definition

Additional Severance Pay means an amount equal to the product of Executive’s Base Amount multiplied by three minus the amount permitted to be paid pursuant to Treas. Reg. §1.409A-1(b)(9)(iii)(A).

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Additional Severance Pay means an amount equal to the product of Executive’s Base Amount in effect on his Termination Date multiplied by two minus the amount permitted to be paid pursuant to Treas. Reg. §1.409A-1(b)(9)(iii)(A).

Additional Severance Pay means an amount equal to two times Employee's annual base salary at the highest rate in effect at any time during the twelve (12) months immediately preceding the Termination Date minus the Basic Severance Pay. Basic Severance Pay will be paid by the Company to Employee in equal bi-weekly installments according to the Company’s regular payroll periods and practices over the following period: the first such payment to which Employee is entitled shall be paid on the Company’s first pay date immediately following the first (1st) day of the month following the revocation period, if any, as set forth in Exhibit A, and the last such payment shall be paid on the Company’s last pay date immediately before the twenty-four (24) month anniversary of the Termination Date. Additional Severance Pay will be paid in a lump sum within sixty (60) days after the Termination Date; provided that if such sixty (60) day period begins in one (1) calendar year and ends in a second (2nd) calendar year, in accordance with Section 409A, payment shall always be made in the second (2nd) calendar year. “(B)” is a dollar amount determined pursuant to the following formula (which amount shall not be conditioned upon any election described in Section 9(a)(v) hereof): the sum of (1) and (2) where (1) is the sum of (aa) twenty four (24) multiplied by the amount of the monthly COBRA premium for the level of coverage in effect for Employee and his or her spouse and family under the Company’s medical, prescription drug, dental and vision plans on the Termination Date, and (bb) twenty four (24) multiplied by the amount of the monthly premium for the ArmadaCare coverage in effect for Employee and his or her spouse and family on the Termination Date, and (2) is fifty percent (50%) of (1); provided, however, if upon the issuance of future regulatory or other guidance, the foregoing formula would constitute or create a discriminatory insured plan of the Company in violation of Sections 2716(a) and 2716(b)(1) of the Public Health Service Act (as added by Section 1001(5) of the Patient Protection and Affordable Care Act, as amended by Section 10101(d) thereof) (a “Discriminatory Insured Plan”), the Company and Employee agree to amend such formula in a manner that shall provide substantially the same economic benefit to Employee but shall not be a Discriminatory Insured Plan. The amount payable under this subparagraph B shall be paid in a lump sum within sixty (60) days after the Termination Date; prov...

Examples of Additional Severance Pay in a sentence

• The amount of Additional Severance Pay provided for in Section 3.1(b)(ii) will be paid in a single lump sum cash payment by the Company to the Executive (or his designated beneficiary) on the earliest of (i) the first business day after six months following the Termination Date, (ii) the Executive’s death, or (iii) such other date that will cause such payment not to be subject to any additional tax imposed pursuant to the provisions of Section 409A.

• Notwithstanding anything in this Agreement to the contrary, if the period during which Employee may consider and revoke the Release spans two (2) calendar years, any lump sum payment of Additional Severance Pay to which Employee is entitled pursuant to subparagraph A of Section 9.a.(ii), any lump sum payment pursuant to subparagraph B of Section 9.a.(ii), and any lump sum payment pursuant to subparagraph A of Section 9.e.

• The remaining Severance Pay and Additional Severance Pay installments will be paid over time during the time periods described above on a semi-monthly basis in accordance with Premier’s normal payroll practices for its employees.

• The amount of such Additional Severance Pay shall be pro rated for the month during with Employee commences new employment.

• In the event that the Corporation undergoes a Change in Control prior to the Corporation’s Annual Meeting of Stockholders in 2011, K▇▇▇▇ shall resign from the Board effective as of the effective date of the Change in Control and all of the then outstanding Severance Pay and Additional Severance Pay shall be made in a lump sum (less applicable taxes and withholdings) within ten (10) days following the effective date of such Change in Control.

• Notwithstanding the foregoing, because of the timing and optional revocation requirements mandated by law as set forth in Section 14 and 15 below, the Severance Pay and Additional Severance Pay described above will begin on Premier’s first regular payday that is 60 days following the Effective Date of this Agreement or the Separation Date, whichever is later, and will include Severance Pay and Additional Severance Pay for the period from your Separation Date through the first installment payment date.

• EMPLOYEE INITIALS In order to be eligible to receive Additional Severance Pay for any such month, the Employee must submit written or e-mail confirmation within 10 days of the end of each month, satisfactory to the Employer, stating that the Employee did not commence employment and the amount of fees, if any, that the Employee will be paid for consulting services provided in the prior month.

• In order to be eligible to receive Additional Severance Pay for any such month, the Employee must submit written or e-mail confirmation within 10 days of the end of each month, satisfactory to the Employer, stating that the Employee did not commence employment and the amount of wages or fees, if any, that the Employee is paid for part-time employment or consulting services in the prior month.

• In consideration of the conditions and settlement of Additional Severance Pay, Employee hereby releases Houghton Brasil Ltda., Houghton International Inc.

• The amount of Additional Severance Pay will be paid in a single lump sum cash payment by the Company to the Executive (or his designated beneficiary) on the earliest of (i) the first business day after six months following his Termination Date, (ii) the Executive’s death, or (iii) such other date that will cause such payment not to be subject to any additional tax imposed pursuant to the provisions of Section 409A.

More Definitions of Additional Severance Pay

Additional Severance Pay means the amount of severance pay payable under Section 2(a) of this Agreement minus the Basic Severance Pay. For purposes of this Agreement, each installment payment shall be treated as a separate payment for purposes of Section 409A. The Basic Severance Pay portion of severance pay under Section 2(a) hereof will be paid by the Company to you in installments beginning within sixty (60) days after the Separation Date; provided that you have returned a signed copy of this Agreement and the release to the Company before the end of such sixty- (60-) day period and have not revoked such Agreement

Additional Severance Pay means the amount of severance pay payable under Section 2(a) of this Agreement minus the Basic Severance Pay. For purposes of this Agreement, each installment payment shall be treated as a separate payment for purposes of Section 409A. The Basic Severance Pay portion of severance pay under Section 2(a) hereof will be paid by the Company to you in installments beginning within sixty (60) days after the Separation Date; provided that you have returned a signed copy of this Agreement and the release to the Company before the end of such sixty- (60-) day period and have not revoked such Agreement and release within such sixty- (60-) day period; and provided further that if such sixty- (60-) day period begins in one (1) calendar year and ends in a second (2nd) calendar year, in accordance with Section 409A, payment shall always be made in the second (2nd) calendar year. To the extent that, as a result of the timing of your return of a signed copy of this Agreement and release to the Company, any payroll date following the Separation Date has elapsed without a payment being made, the missed installment payment(s) shall be made together with the first permitted installment payment of Basic Severance Pay hereunder (without interest), and any coverage under COBRA shall be made retroactive to the Separation Date or such other date, as applicable. If you commence Alternative Employment prior to May 31, 2014, you will receive fifty percent (50%) of the unpaid Basic Severance Pay, with the unpaid amount determined as if you had not commenced Alternative Employment, within thirty (30) days after you commence Alternative Employment. The Additional Severance Pay portion of severance pay under Section 2(a) of this Agreement will be paid in a lump sum between January 1 and March 15, 2014; provided that you have returned a signed copy of this Agreement and the release to the Company before the end of the sixty- (60-) day period following the Separation Date and have not revoked such Agreement and release. In addition, if you commence Alternative Employment prior to the payment of the Additional Severance Pay, you will receive fifty percent (50%) of the Additional Severance Pay (determined as if you had not commenced Alternative Employment), within thirty (30) days after you commence Alternative Employment but in all events no later than March 15, 2014.