Statutory Severance Pay definition

Statutory Severance Pay means the amount equal to the statutory severance payable to an eligible employee under the PRC Law (subject to the local salary cap to the extent applicable) or as determined pursuant to legal proceedings governed by the PRC Law.
Sample 1Sample 2Sample 3
Statutory Severance Pay means any amounts to be paid to an Eligible Employee by ULS or by a governmental entity because of or in connection with the Eligible Employee’s termination of Employment (including, but not limited to, the Worker Adjustment and Retraining Notification Act (29 U.S.C. 2101 et seq.) or similar federal, state or local law to which the Eligible Employee’s employment is subject (“Applicable Law”), including without limitation, (a) payments made to an Eligible Employee while he or she remains on the payroll as an Employee to satisfy a requirement of Applicable Law to give notice prior to a termination of Employment, except for any such payments made to such Eligible Employee for any period during which he or she actually performs services for ULS; or (b) to the extent such notice is not given, payments made to an Eligible Employee in lieu of such notice to satisfy any financial obligation of ULS arising by its failure to give such notice. Statutory Severance Pay does not constitute Severance Benefits or CIC Severance Benefits pursuant to Section 4 or 5.
Sample 1Sample 2
Statutory Severance Pay means the amount of accrued amounts in the Pension Insurance and supplemental severance pay required under law if any).
Sample 1

Examples of Statutory Severance Pay in a sentence

  • In the case of Severance Benefits or CIC Severance Benefits payable other than in substantially equal installments (e.g., in the form of a lump sum), by the aggregate amount of Statutory Severance Pay paid to the Employee and such reduction will be dollar-for-dollar against the first dollars of Severance Benefits or CIC Severance Benefits that otherwise would have been paid, but for this reduction.

  • For the avoidance of doubt, without prejudice to all employees’ rights to the Statutory Severance Pay and other statutory benefits when payable under the PRC Law, a Participant shall not be entitled to any of the Severance Benefits if such Participant’s Employment terminates due to death, disability, for Cause, retirement or such Participant’s termination of Employment is not otherwise eligible for any severance pay under the PRC Law.

Related to Statutory Severance Pay

  • 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 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)

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

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 of this Agreement.

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

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Change in Control Benefits means the following benefits:

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

  • Termination Benefits means the benefits described in Section 4.1(b).

  • 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)).

  • Severance Amount means:

  • Change in Control Benefit means the benefit described in Section 2.4.

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

  • Retention Bonus means the amount equal to:

  • 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).

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • Leave Salary means the monthly amount paid by the University to an employee who is on leave.

  • 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).

  • Severance Period means the period of time commencing on the date of an occurrence of a Change of Control and continuing until the earlier of (i) the date which is one and one-half years following the occurrence of the Change of Control, and (ii) the Executive's death.

  • superannuation benefits means pensions, gratuities and other allowances payable on resignation, retirement or death;

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Severance Costs means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel.

  • 414(s) Compensation means any definition of compensation that satisfies the nondiscrimination requirements of Code Section 414(s) and the Regulations thereunder. The period for determining 414(s) Compensation must be either the Plan Year or the calendar year ending with or within the Plan Year. An Employer may further limit the period taken into account to that part of the Plan Year or calendar year in which an Employee was a Participant in the component of the Plan being tested. The period used to determine 414(s) Compensation must be applied uniformly to all Participants for the Plan Year.

  • Annual Cash Compensation means the sum of (a) the highest annual Base Salary in effect for the Executive and (b) the greater of (i) the Executive’s bonus for the most recently-completed year (excluding any special bonuses awarded for performance after the conclusion of the performance period), if any, or (ii) the annualized amount of the Executive’s target bonus for the then current year.

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