Employee Severance Payment definition

Employee Severance Payment means, in addition to the salary and benefits due Employee during the Initial Term or the Renewal Term, one (1) additional year of salary and benefits at the then rate prevailing rate for the year in which Employee's employment is terminated by Employer without "Cause;"
Sample 1Sample 2
Employee Severance Payment means any amount payable to any employee of the Company pursuant to a Post-Signing Employee Severance Agreement.
Sample 1
Employee Severance Payment means a Severance Payment, as defined in an Employee Severance Agreement;
Sample 1

Examples of Employee Severance Payment in a sentence

  • If this Section 2 applies, then the Company shall pay the Employee a lump sum equal to his Total Compensation for the following period: Length of Service Completed Amount of by the Employee: Severance Payment: Less than 5 years 12 months 5 to 12 years 18 months 12 to 20 years 24 months More than 20 years 36 months The lump sum shall be paid within thirty (30) days after the Employee’s employment terminated, subject to the provisions of Section 7(b) of this Agreement.

  • The benefits provided under this Agreement shall be in lieu of, and in complete satisfaction of any rights pursuant to, the Bank’s Employee Severance Payment and Benefits Policy in the event of a Change in Control.

  • In addition to any other indemnification by the Vendor contained in this Agreement, the Vendor, shall, if the Closing occurs, indemnify, defend and save harmless the Purchaser, effective as of and from the Time of Closing, from and against Losses suffered or incurred by the Purchaser as a result of Excluded Employee Severance Payments (the "Excluded Employee Severance Payment Indemnity"), following which the Purchaser shall have no right to claim, and the Vendor shall have no liability, thereunder.

Related to Employee Severance Payment

  • 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)

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

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

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

  • Retention Bonus means the amount equal to:

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

  • Change in Control Benefits means the following benefits:

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

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

  • Severance Amount means:

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

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

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

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Accrued Compensation means an amount which shall include all amounts earned or accrued through the "Termination Date" (as hereinafter defined) but not paid as of the Termination Date, including (i) base salary, (ii) reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company during the period ending on the Termination Date, (iii) vacation pay and (iv) bonuses and incentive compensation (other than the "Pro Rata Bonus" (as hereinafter defined)).

  • 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.

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

  • Compensation Accrued at Termination means the following:

  • Severance Date means the date on which an Executive incurs a Severance, which shall be the date of termination as determined under Section 5.2.

  • Accrued Bonus means the bonus, which may be negative or positive, which is calculated in the manner set forth in Section V.A.

  • Severance Period means the period of time commencing on the date of the first occurrence of a Change in Control and continuing until the earlier of (i) the second anniversary of the occurrence of the Change in Control and (ii) the Executive’s death.

  • Severance means the complete separation and dismemberment of the part from the body.

  • 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.

  • Compensation Payment means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of an insurer to a complainant to compensate the complainant for a proven or estimated financial loss incurred as a result of the insurer’s contravention, non-compliance, action, failure to act, or unfair treatment forming the basis of the complaint, where the insurer accepts liability for having caused the loss concerned, but excludes any –

  • Employment benefits means all benefits provided or made