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").
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.
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 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.
The Company's Board of Directors upon recommendation of its Compensation Committee may in its discretion extend the Initial Severance Period, either before or concurrently with any termination of employment.
Separation Pay shall be payable to Executive for six (6) months following Executive’s termination of employment (“Initial Severance Period”) and up to an additional six (6) months thereafter so long as Executive has not accepted new employment (“Subsequent Severance Period” and together with the Initial Severance Period, the “Severance Period”).
During the Initial Severance Period and the Additional Severance Period (the “Consulting Period”), the Executive shall provide advice and consultation to the Company and such other services mutually agreed to by the Executive and the Company (the “Consulting Services”).
Payment of the Initial Severance shall commence on the date the Release becomes effective and shall be paid in equal installments through the remainder of the Initial Severance Period in accordance with the Company’s payroll practices in effect on the Effective Date.