Severance Salary definition

Severance Salary means the Executive’s current Annual Base Salary, as such amount may be prorated for the number of months such salary is payable Notwithstanding any other provision of this Agreement, the Executive shall automatically cease to be an officer of the Company and its Affiliates as of the Executive’s Termination Date and, to the extent permitted by applicable law, any and all monies that the Executive owes to the Company shall be repaid to the extent possible, through deduction of such amounts from any post-termination payments owed to the Executive pursuant to this Agreement. Notwithstanding any other provision of this Agreement, the Company may suspend the Executive from performing the Executive’s duties under this Agreement; provided, however, that during the period of suspension (which shall end no later than the Executive’s Termination Date), the Executive shall continue to be treated as an employee of the Company for other purposes, and the Executive’s rights to compensation or benefits hereunder shall be in effect.
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Severance Salary means the Executive’s current Annual Base Salary, as such amount may be prorated for the number of months such salary is payable. Additionally, Executive shall receive an amount equal to the most recent Incentive Bonus actually paid for the prior year, which will be paid to Executive at the time such Incentive Bonus normally would have been paid.
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Severance Salary shall equal (i) two (2) months base salary if the date of Termination occurs during the first six (6) months of the Employment Term, (ii) six (6) months' base salary if the date of termination occurs during the second six (6) months of the Employment Term, or (iii) twelve (12) months' base salary if Executive is terminated thereafter. Under no circumstances shall this Severance Salary exceed $130,000. In the event that this Agreement expires without renewal, Executive shall receive no Severance Salary. Such Severance Salary shall be subject to the continued satisfaction after termination of Section 4 of this Agreement. If Executive, after his termination from Company, conducts himself in a manner that adversely affects Company, as determined by the Board of Directors of Company in its sole discretion, then all payments under this Section 2.2.5 shall cease.
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Examples of Severance Salary in a sentence

  • The Severance Salary and the Severance Benefits are hereinafter collectively referred to as the "Severance Compensation".

  • The amount of such payment shall be determined based upon the Executive’s Severance Salary Rate.

  • Except for any rights which the Senior Officer may have to all of the above including unpaid Accrued Salary, Severance Salary, Vested Incentive Compensation, Vested Options, Expense Reimbursement, the Car Allowance and the Bonus, the Trust shall have no further obligations hereunder following such termination.

  • The Total Payments which constitute “parachute payments” within the meaning of Code Section 280G and its regulations shall be reduced in the following order: (A) reduction of any cash severance payments otherwise payable to the Executive, including without limitation, the Severance Salary Payment and the Severance Bonus (but with respect to the Severance Bonus only that portion of the full amount which is treated as contingent on the Code Section 280G change in control pursuant to paragraph (a) of Treas.

  • Following a Severance Event of the type described in (i) of the first paragraph above, that is, a severance without Cause, the Severance Salary shall be paid in even installments on a bi-weekly basis for a period of 12 months from your date of termination.

  • The Severance Salary shall be in lieu of, and not in addition to, any other payments otherwise payable to Employee under this Agreement including severance payments to which senior management employees of the Corporation may be entitled pursuant to policies of the Corporation applicable to such employees or employees generally.

  • The amount of such payment shall be determined based upon his Severance Salary Rate.

  • The Severance Salary, Severance Bonus and Severance Benefits provided hereunder as a result of a Severance Event described in clause (i) of the first paragraph of this letter, that is, a severance without "Cause", are intended to comply with the exemption from Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), for involuntary separation arrangements set forth in Proposed Treasury Regulation Section 1.409A-1(b)(9).

  • Executive shall not have the right to make contributions to the Company’s 401(k) savings plan from the Severance Salary payments made under this section 2(b)(i).

  • The 33 study hospitals were distributed across Switzerland and represented about 30% of all AMIs.[24] The higher num- ber of patients with “basic insurance cover only” in 2012 could be a simple consequence of a reclassification of pa- tients following the new hospital planning.


More Definitions of Severance Salary

Severance Salary shall equal twelve (12) months' base salary; provided, however, that under no circumstances shall the Severance Salary exceed $135,000. In the event that this Agreement expires without renewal, Executive shall receive no Severance Salary. Such Severance Salary shall be subject to the continued satisfaction after termination of Section 4 of this Agreement. If Executive, after his termination from Company, conducts himself in a manner that adversely affects Company, as determined by the Board of Directors of Company in its sole discretion, then all payments under this Section 2.2.5 shall cease.
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Related to Severance Salary

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

  • Base Salary shall have the meaning set forth in Section 3(a) hereof.

  • Salary as defined in Section 3.1(a).

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

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

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

  • 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)

  • Annual Salary means the salary given under this Part.

  • Severance Period means the period of time commencing on the date of the first occurrence of a Change in Control and continuing until the earlier of (i) the second anniversary of the occurrence of the Change in Control and (ii) the Executive’s death.

  • Accrued Compensation means an amount which shall include all amounts earned or accrued through the "Termination Date" (as hereinafter defined) but not paid as of the Termination Date, including (i) base salary, (ii) reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company during the period ending on the Termination Date, (iii) vacation pay and (iv) bonuses and incentive compensation (other than the "Pro Rata Bonus" (as hereinafter defined)).

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

  • Base Compensation means the amount equal to the sum of (i) the greater of Executive’s then-current Annual Base Salary or Executive’s Annual Base Salary as of the date one (1) day prior to the Change of Control; and (ii) the average of the Incentive Bonus paid (or payable) for the three (3) most recently completed fiscal years of the Company.

  • Employment benefits means all benefits provided or made

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

  • 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.

  • Accrued Base Salary means the amount of Executive's Base Salary which is accrued but not yet paid as of the Date of Termination.

  • Normal salary means the salary that would be paid to a participating employee if that person was not participating in a Plan and includes salary expressed as an annual rate, fortnightly rate, weekly rate, daily rate or hourly rate. It includes all allowances that are paid as an annual rate, fortnightly rate, weekly rate, daily rate or hourly rate but not overtime payments and shift work penalty rates unless they are paid as a component of an annualised rate.

  • Basic Salary shall have the meaning assigned to it in Section 5 of this Agreement.

  • 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.

  • Annual Base Salary shall have the meaning set forth in Section 3(a).

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Change in Control Benefits means the following benefits:

  • Earned Compensation means any Annual Base Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant to Section 3(a) (but excluding any salary and interest accrued thereon payment of which has been deferred).

  • Bonus Compensation shall have the meaning set forth in Section 3(b).

  • Retention Bonus means an incentive bonus provided under