Old Severance definition

Old Severance. Program: Teachers nearing the end of their teaching careers may choose the former contract language for early retirement as stated in this Article XV of the master contract. Those choosing this option must do so on a form provided by the School District on or before November 15, 1998. Once the last teacher choosing this option retires, this section will be deleted from the contract.
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Examples of Old Severance in a sentence

  • This Agreement constitutes the entire agreement between the parties regarding the subject matter hereof and supersedes and terminates all prior agreements, understandings and representations between the parties with respect to the subject matter hereof, including, without limitation, the Old Severance Agreement which is hereby terminated effective on the date of this Agreement.

  • This Agreement constitutes the entire agreement between the parties and PlayCore Wisconsin with respect to the subject matter contained herein and, as of the effective date of the Merger, supersedes any and all prior understandings, representatives, negotiations, and agreements with respect thereto (including, without limitation, the Old Severance Agreement).

  • The Old Severance Agreement is hereby amended, restated and superseded in its entirety as of the date hereof.

  • Severance Pay Plan for Salaried Employees (the “Old Severance Plan”).1 The Old Severance Plan was an employee welfare benefit plan as defined by section 2(1) of the Employee Retirement Income Security Act of 1974 (“ERISA”).

  • Pursuant to the Debtors’ Motion for an Order Authorizing Payments Under the Pre-Petition Severance Program filed February 19, 2002, the Bankruptcy Court signed an order on March 19, 2002 (the “Severance Plan Order”), among other things, authorizing the Debtors to make all postpetition payments for amounts earned prepetition under the Old Severance Plans.

  • The Parties further agree that this Agreement and the Consulting Agreement set forth the entire agreement among the Parties with respect to the subject matter hereof and thereof and fully supersede any and all prior agreements or understandings between them, including, without limitation, the Old Severance Agreement, which is terminated hereby and rendered null and void.

  • You agree that by signing this Offer Letter you waive all rights to the Old Severance and Acceleration Benefits and, for the avoidance of doubt, you acknowledge and agree that no Company equity awards you may be granted, including but not limited to the RSUs, shall be subject to any acceleration pursuant to the Old Severance and Acceleration Benefits.

  • Payment of the New Severance Benefit shall satisfy in full the obligation of the Corporation to pay the Old Severance Benefit and all other obligations of the Corporation to the Executive under the Severance Agreement.

  • If, during the Employment Period ending March 31, 1996, the Executive shall voluntarily terminate his employment for any reason, the Corporation shall pay to the Executive the Old Severance Benefit, less the sum of $150,000 paid to him or for his account pursuant to Section 3(g) hereof, and the Corporation shall have no further obligation to pay the New Severance Benefit to the Executive.

Related to Old Severance

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

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

  • CIC Severance Plan means the Company’s Change in Control Severance Plan, as may be amended from time to time, or any successor plan, program or arrangement thereto.

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

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

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

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

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

  • Change in Control Benefits means the following benefits:

  • 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.

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

  • Non-Exempt Severance Arrangement means a severance arrangement or other agreement between the Participant and the Company that provides for acceleration of vesting of an Award and issuance of the shares in respect of such Award upon the Participant’s termination of employment or separation from service (as such term is defined in Section 409A(a)(2)(A)(i) of the Code (and without regard to any alternative definition thereunder) (“Separation from Service”) and such severance benefit does not satisfy the requirements for an exemption from application of Section 409A provided under Treasury Regulations Section 1.409A-1(b)(4), 1.409A-1(b)(9) or otherwise.

  • Retention Bonus means an incentive bonus provided under

  • 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).

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

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

  • Lease Termination Payments means all payments received by or on behalf of any Seller with respect to a Lease with respect to any terminations, surrenders, modifications, renewals or amendments of any such Lease.

  • Severance Agreement means the Amended and Restated Key Executive Severance Agreement, dated as of the date hereof, between the parties, as it may be amended from time to time, that provides for certain benefits related to termination of the Executive’s employment that are unrelated to a Change of Control.

  • 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 Obligation means the sum of (i) Executive’s Base Salary earned through the Date of Termination and (ii) to the extent permitted by the Company’s vacation policies as may exist from time to time, any accrued, unused vacation pay earned by Executive, in both cases, to the extent not theretofore paid.

  • 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 Plan means any severance plan maintained by the Company that is applicable to the Participant.

  • 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.