Special Severance definition

Special Severance means an amount equal to the average Incentive Bonus paid or earned but unpaid to Executive in respect of the three (3) previous fiscal years.
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Special Severance. If CBRE terminates your employment without Cause (as defined below) from the effective date up to one (1) year following the date on which a new CFO commences his or her employment, CBRE will pay the following Special Severance payment in lieu of the payment of severance under any other severance policy or program upon the following terms and conditions: • You will be paid your salary through the date of termination. • The Special Severance shall be paid only upon your execution of a full release of all claims against the Company in the form that is generally used by the Company for severance paid under the Company’s Severance Policy. • The Special Severance payment shall be paid in a lump sum and equal to the sum of the following: (i) a pro-rated amount (through the most recently completed calendar month) of your target bonus for the calendar year of the date of termination; plus (ii) one and one-half times your salary; plus one and one-half times your target bonus. • As part of your Special Severance, your vesting in the cliff-vest equity grant of $500,000 restricted stock granted in 2007 shall be accelerated and shall be fully vested as of the date of termination. • Payment of the Special Severance shall be delayed for six months if required by internal Revenue Code §409A or other deferred compensation rules. • As part of your Special Severance, CBRE will pay the employer portion of COBRA for you and your family for the earlier of (i) twelve (12) months after the date of termination, or (ii) the date on which you are eligible for comparable benefits from a new employer. You will continue to be responsible for the employee portion of COBRA.
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Examples of Special Severance in a sentence

  • Executive may, but is not obligated to, use such Special Severance Payment toward the cost of COBRA premiums.

  • Such Special Severance Payment shall end upon expiration of the COBRA Payment Period.

  • You may, but are not obligated to, use such Special Severance Payment toward the cost of COBRA premiums.

  • In addition to the foregoing and subject to the provisions thereof, Employee shall be eligible to receive Special Severance as described in subsection 7(g) and Incentive Payments as described in subsection 7(h).

  • In consideration for the payment of Special Severance, Employee agrees to the terms and provisions set forth in this Release.

  • Any Special Severance and Incentive Payments shall be subject to usual and customary employee payroll practices and all applicable withholding requirements.

  • On the first payroll date following the effectiveness of the Separation Agreement, the Company will make the first payment to the insurer under this clause (and, in the case of the Special Severance Payment, such payment will be to you, in a lump sum) equal to the aggregate amount of payments that the Company would have paid through such date had such payments instead commenced on the Separation Date, with the balance of the payments paid thereafter on the schedule described above.

  • Any Special Severance, Additional Special Severance and Incentive Payments shall be subject to usual and customary employee payroll practices and all applicable withholding requirements.

  • All such Special Severance shall be subject to the provisions of Section 9(c).

  • Executive is not obligated to use such Special Severance Payment for COBRA premiums.