Severance of Employment means (a) the termination of the Executive's employment with the Corporation within two (2) years after the date of a Change in Control by (i) discharge by the Corporation or (ii) resignation of the Executive following a Constructive Discharge, or (b) the termination of the Executive's employment with the Corporation by resignation of the Executive within the thirty (30) day period immediately following the first anniversary of a Change in Control. Despite the foregoing, neither of the following will constitute a Severance of Employment:
i. The termination of the Executive's employment by reason of death or disability.
ii. A Just Cause Termination of the Executive's employment.
Severance of Employment means a participant has ceased rendering services as an employee or an independent contractor of a plan sponsor for a minimum of 30 consecutive days, including services as a temporary employee, and has no intention to return to work for the plan sponsor.
Severance of Employment means termination of the contract of employment by an employer under section 7(a) or (c)(ii);”
Examples of Severance of Employment in a sentence
A Participant's Vested benefit shall not include (1) qualified voluntary employee contributions within the meaning of Code §72(o)(5)(B) and (2) if selected in the Conditions for Distributions Upon Severance of Employment Section of the Adoption Agreement, the Participant's Rollover Account.
The substance of decisions to terminate by a non-renewal, a reduction in force, or a for adequate cause termination of disciplinary action shall not be subject to the grievance procedure described in this Agreement except to ensure that there has been appropriate compliance with the Severance of Employment procedures described above.
Includible Compensation does not include any Compensation received during a period when the Employer is not an Eligible Employer or any Compensation, other than Post-Severance Compensation, paid after Severance of Employment.
For purposes of this Subsection, the Participant's Accounts shall not include, if selected in the Conditions for Distributions Upon Severance of Employment Section of the Adoption Agreement, the Participant's Rollover Account.
In the event of the Executive's death after a Change in Control, Severance of Employment or Non-Change in Control Termination but prior to payment to the Executive of amounts due under this Agreement, such payment shall be made to the Executive's surviving spouse, issue by right of representation or estate, in that order.
More Definitions of Severance of Employment
Severance of Employment means a Participant whose resignation has been requested by an executive or officer of the Employer under threat of discharge due to reorganization, change of control, or merger of the Company as designated by the Company.
Severance of Employment means the termination of the Executive’s employment with the Parent Corporation and the Corporation (i) by discharge by the Parent Corporation or the Corporation on or within two (2) years after the date of a Change in Corporate Control; (ii) by resignation of the Executive on or after, but less than one hundred eighty (180) days after, the date of a Change in Corporate Control due to the occurrence of (a) a material diminution in the Executive’s base compensation, (b) a material diminution in the Executive’s authority, duties, or responsibilities or (c) a relocation of the location at which the Executive must perform services by more than fifty (50) miles, in each case, without the Executive’s written consent; or (iii) by resignation of the Executive at any time within the period commencing one hundred eighty (180) days after the date of a Change in Corporate Control and ending two (2) years after the date of such Change in Corporate Control. Notwithstanding the foregoing, in no event shall a Severance of Employment be deemed to occur for purposes of this Agreement until the Executive experiences a “separation from service” within the meaning of Section 409A of the Code, and notwithstanding anything contained herein to the contrary, the date on which such “separation from service” takes place shall be the date of the Severance of Employment. Despite the foregoing, neither of the following will constitute a Severance of Employment:
1. The termination of the Executive’s employment by reason of death.
2. The discharge of the Executive by the Corporation for gross and willful misconduct relating to the performance by the Executive of the Executive’s duties at the Corporation, provided that such misconduct is discovered after the date of the Change in Corporate Control. No act, or failure to act, by the Executive shall be considered “willful” unless committed without good faith and without a reasonable belief that the act or omission was in the Corporation’s best interest. Any act, or failure to act, based upon (A) authority given pursuant to a resolution duly adopted by the Parent Board, or if the Parent Corporation is not the ultimate parent corporation of the companies controlled by, controlling or under common control with the Corporation (the “Affiliated Companies”) and is not publicly-traded, the board of directors of the ultimate parent of the Affiliated Companies (the “Applicable Board”) or (B) the advice of counsel for the Corporation shall be conclus...
Severance of Employment means termination of the contract of employment by an employee under section 7(a) or (c) (ii);
Severance of Employment as used herein, shall mean the termination of the Executive’s employment with the Parent Corporation and the Corporation (i) by discharge by the Parent Corporation or the Corporation on or within two (2) years after the date of a Change in Corporate Control, (ii) by resignation of the Executive on or after, but less than one hundred eighty (180) days after, the date of a Change in Corporate Control, provided that such resignation was preceded by a material and detrimental alteration in the Executive’s position, responsibilities, compensation or benefits from those in effect immediately prior to the Change in Corporate Control or (iii) by resignation of the Executive at any time within the period commencing one hundred eighty (180) days after the date of a Change in Corporate Control and ending two (2) years after the date of such Change in Corporate Control. Despite the foregoing, neither of the following will constitute a Severance of Employment:
1. The termination of the Executive’s employment by reason of death.
2. The discharge of the Executive by the Corporation for gross and willful misconduct relating to the performance by the Executive of the Executive’s duties at the Corporation, provided that such misconduct is discovered after the date of the Change in Corporate Control.
Severance of Employment means termination of the contract of employment by an employer under section 7 (a) or (c) ii of the Act.
Severance of Employment as used herein, shall mean the termination of the Executive's employment with the Corporation either by discharge by the Corporation or by resignation of the Executive on or within two (2) years after the date of a Change in Control. Despite the foregoing, either of the following will constitute a Severance of Employment:
1. The termination of the Executive's employment by reason of death.
2. The discharge of the Executive by the Corporation for gross and willful misconduct relating to the performance by the Executive of the Executive's duties at the Corporation, provided that if there is at least one Change in Control before such discharge, such misconduct occurs or is discovered at any time after the date of the last Change in Control before such discharge.
Severance of Employment means the date that the Employee dies, retires, or otherwise has a severance from employment with the City and taking into account guidance issued under the Code.