Separation Incentive Payment definition

Separation Incentive Payment shall be the greater of (i) Executive’s average payments under the Company’s normal, annual Corporate Incentive Plan (CIP) for the three years immediately preceding the year of termination (or annualized for such shorter period as Executive may have been employed by the Company), or (ii) one-half of Executive’s average participating salary under such Plan for the three years immediately preceding the year of termination (or annualized for such shorter period as Executive may have been employed by the Company).
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Separation Incentive Payment shall equal two times Executive’s Target Incentive Level in the Company’s annual, Corporate Incentive Plan (CIP) immediately prior to termination.
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Examples of Separation Incentive Payment in a sentence

  • The Employer shall make every effort to obtain Voluntary Early Retirement Authority (▇▇▇▇) and Voluntary Separation Incentive Payment (VSIP) authority.

  • The Agency recognizes that Voluntary Early Retirement Authority (▇▇▇▇) and Voluntary Separation Incentive Payment (VSIP) are useful authorities to help alleviate impact on employees and complete needed organization change with minimal disruption to the workforce.

  • Title 5, United States Code s9902(i) authorizes the Secretary of Defense to establish a program to pay a Voluntary Separation Incentive Payment (VSIP) or buyout to eligible employees.

  • Voluntary Separation Incentive Payment (VSIP)/”Buyout”- For areas that are undergoing substantial restructuring or downsizing; the allowance through OPM approval to offer employees lump-sum payments of up to $25,000 as an incentive to voluntarily separate.

  • Any action concerning the Voluntary Early Retirement Authority (▇▇▇▇) or the Voluntary Separation Incentive Payment (VSIP).

  • Persons whose applications for voluntary redundancy have been accepted may be eligible to apply for Early Separation Incentive Payment (ESIP) as outlined in Clause 7.5.