Severance Pay definition

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 Pay means the payment determined pursuant to Section 2.1 hereof.
Severance Pay means the amounts payable as set forth in Section 5(a).

Examples of Severance Pay in a sentence

  • Each Severance Pay Installment pursuant to this section is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

  • Severance Pay will not be subject to voluntary employee deferral or employer matching contributions pursuant to any pension or other retirement plan.

  • Severance Pay payments will be deposited directly into Executive’s bank account(s) as Executive has designated in the Company’s payroll service.

  • Notwithstanding the foregoing, this Agreement does not affect or supersede the Employee’s right to participate in the Company’s Severance Pay Plan.

  • The total amount of Severance Pay which may be paid under this Clause will not exceed days pay.


More Definitions of Severance Pay

Severance Pay means the amount, if any, payable under Section 4 of the Plan to an Eligible Employee.
Severance Pay means compensation in addition to regular salaries and wages that is paid by a school to an employee whose employment is being terminated.
Severance Pay has the meaning set forth in Section 6(b)(i).
Severance Pay refers to the cashing out a combination of accrued but unused sick leave, vacation and paid time off (PTO) under certain conditions and subject to the limitations stated in this article herein titled “Severance Pay”. For purposes of an employee’s contributions to a Health Care Savings Plan (HCSP), “severance” also includes unused sick leave, vacation, and PTO balances subject to the limitations of this article, as well as Articles 11A Vacation and 11B Paid Time Off. See Article 22.
Severance Pay means the sum payable as set forth in Section 3.1 of the Plan.
Severance Pay means the sum payable to a Covered Employee upon Termination of Employment as set forth in Section 3.1 of the Plan.
Severance Pay means Severance Allowance as provided in Section 3(a) and Exhibit A plus Alternate AIP Award or Alternate SIP Award, as applicable, as provided in Section 3(c) and (d).