Initial Severance Period definition

Initial Severance Period has the meaning specified in Section 5(a) ------- --------- ------ hereof.
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Initial Severance Period means the period beginning on the Effective Date and ending on the later of (i) March 1, 2015 or (ii) the day immediately prior to the first day of the Special Severance Period.
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Examples of Initial Severance Period in a sentence

  • If Executive’s employment is terminated by Employer without Cause, during the six-month period commencing on the date of termination (the “Initial Severance Period”), Employer shall pay to Executive each month during the Initial Severance Period an aggregate amount equal to 1/12th of his Annual Base Salary in effect as of the end of the Employment Period, payable in equal installments on the Employer’s regular salary payment dates.

  • If Executive's employment is terminated by Employer without Cause, during the six-month period commencing on the date of termination (the "INITIAL SEVERANCE PERIOD"), Employer shall pay to Executive each month during the Initial Severance Period an aggregate amount equal to 1/12th of his Annual Base Salary in effect as of the end of the Employment Period, payable in equal installments on the Employer's regular salary payment dates.

  • Base Salary then in effect from and after the Date of Termination through the earlier of (i) the expiration of the Term ------- and (ii) the date twelve (12) months after the Date of Termination (the "Initial Severance Period"), less all applicable payroll deductions, including deductions for federal, state, local and Social Security taxes (the "Initial Severance Payments").

  • Payment of the Initial Severance shall commence on the date the Release (as defined in Section 11(c)(vi) below) becomes effective and shall be paid in equal installments through the remainder of the Initial Severance Period in accordance with the Employer’s payroll practices in effect at the Termination Date.

  • In addition, to be eligible to continue to receive Severance Benefits during the additional Severance Period, the Officer must provide to the Corporation at the conclusion of his or her Initial Severance Period and each week during the additional Severance Period thereafter, an attestation that the Officer has not obtained a Comparable Job.

  • Employer may (in its sole discretion) elect to extend the Initial Severance Period for one additional one-year period (the “Additional Severance Period”) by providing Executive written notice of such extension no less than 60 days prior to the last day of the Initial Severance Period and paying Executive an additional amount equal to his Annual Base Salary plus the Prior Year Bonus, payable in equal installments on the Employer’s regular salary payment dates.

  • If Executive’s employment is terminated by Employer without Cause, during the six-month period commencing on the date of termination (the “Initial Severance Period”), Employer shall pay to Executive each month during the Initial Severance Period an aggregate amount equal to 1/12th of her Annual Base Salary in effect as of the end of the Employment Period, payable in equal installments on the Employer’s regular salary payment dates.

  • If an Officer obtains a Comparable Job during the Initial Severance Period, such Officer must immediately notify the Corporation of such Comparable Job and will be entitled to continue to receive Severance Benefits for the duration of the Officer’s Initial Severance Period under Article III provided the Officer continues to satisfy the terms and conditions of the Plan and the Officer’s Agreement, but the Officer shall not be eligible for the additional Severance Period under this Article IV-A.

  • If the Release does not become effective and irrevocable on or prior to the last date of the Initial Severance Period, you shall not be entitled to any payments or benefits pursuant to this Section 11(b) other than the Basic Severance.

  • Upon the expiration of the Initial Severance Period referenced in subparagraph 7B(i), if the Executive’s services have terminated pursuant to Xxxxxxxxx 0X or 6D at any time prior to the end of the Term, the Executive may elect to implement an additional six (6) months of severance (the “Additional Severance Period”), during which the Executive will remain subject to the protective covenants in subparagraph 8D.

Related to Initial Severance Period

  • 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.

  • Change in Control Benefits means the following benefits:

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

  • 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.

  • Retention Period means the time period that the Customer Data is stored within the cloud storage, as specified in the product addenda.

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.

  • Severance Amount means (A) for any Termination other than during a Covered Period, an amount equal to one hundred percent (100%) of Executive’s then-current Annual Base Salary as of the respective Termination; or (B) for a Termination during a Covered Period, an amount equal to two hundred percent (200%) of Executive’s Base Compensation as of the respective Termination.

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.

  • Severance Term means the twenty-four (24) month period following Executive’s termination by the Company without Cause (other than by reason of death or Disability) or by Executive for Good Reason.

  • 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.

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

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

  • 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.

  • Change in Control Period means the period beginning three (3) months prior to a Change in Control and ending twelve (12) months following a Change in Control.

  • Extended benefit period means a period which:

  • Severance Benefits means the payment of severance compensation as provided in Section 3.3 herein.

  • Termination Period means the period of time beginning with a Change in Control and ending on the earlier to occur of (1) two years following such Change in Control or (2) the Executive’s death.

  • 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).

  • Post-Termination Period means a period of 12 months (subject to extension as set forth in Section 8(f)) following the effective date of the termination of Executive’s employment.

  • Benefit Period means the period of time from the date of the Accident causing the Injury for which benefits are payable, as shown in the Schedule of Benefits, and the date after which no further benefits will be paid.

  • COBRA Continuation Period means the continuation period for medical and dental insurance to be provided under the terms of this Agreement which shall commence on the first day of the calendar month following the month in which the date of termination falls and generally shall continue for an 18 month period.

  • Compensation Period has the meaning specified in Section 2.12(c)(ii).

  • Post-Employment Period means the eighteen month period beginning on the date of termination of the Executive's employment with the Employer. If any covenant in this Section 8.2 is held to be unreasonable, arbitrary or against public policy, such covenant shall be considered to be divisible with respect to scope, time, and geographic area, and such lesser scope, time, or geographic area, or all of them as a court of competent jurisdiction may determine to be reasonable, not arbitrary, and not against public policy, shall be effective, binding, and enforceable against the Executive. The period of time applicable to any covenant in this Section 8.2 will be extended by the duration of any violation by the Executive of such covenant. The Executive shall, while the covenant under this Section 8.2 is in effect, give notice to the Employer, within ten days after accepting any other employment, of the identify of the Executive's employer. The Employer may notify such employer that the Executive is bound by this Agreement and, at the Employer's election, furnish such employer with a copy of this Agreement or relevant portions thereof.

  • Stated Termination Date means, with respect to the Revolving Credit Facility, March 4, 2027 and, with respect to any Extended Revolving Credit Facility, the maturity date set forth in the Extension Agreement related thereto.

  • Compensation Accrued at Termination means the following: