Date of Severance Sample Clauses

Date of Severance. EMPLOYEE and PHI mutually agree that EMPLOYEE’s employment with PHI will end no later than December 31, 2010, and that EMPLOYEE must remain in PHI’s employ through that date to be eligible for any benefits under this Agreement. However, should PHI decide to terminate EMPLOYEE before December 31, 2010, or should EMPLOYEE die or become physically or mentally unable to perform the duties of his job with PHI before December 31, 2010, benefits under this Agreement shall become available to EMPLOYEE as of the date of such earlier event. Payment of severance benefits under this Agreement will be made within seven (7) calendar days of the later of: 1) the date of the Employee’s actual termination; or 2) the date of the execution of this Agreement.
Sample 1
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Date of Severance. EMPLOYEE and PHI mutually agree that EMPLOYEE’s employment with PHI will end on March 31, 2017, however, if his replacement is employed and successfully transitions earlier than March 31, 2017, then EMPLOYEE will be paid through that date. Unless EMPLOYEE is disabled or dies, EMPLOYEE must remain in PHI’s employ through the date described above to be eligible for any benefits under this Agreement. However, should PHI decide to terminate EMPLOYEE before March 31, 2017, or should EMPLOYEE die or become physically or mentally unable to perform the duties of his job with PHI before March 31, 2017, benefits under this Agreement shall become available to Agreement, Release & Waiver February 21, 2017 EMPLOYEE as of the date of such earlier event. Except for those payments restricted by regulation, payment of severance benefits under this Agreement will be made within seven (7) calendar days of the later of: 1) the date of the Employee’s actual termination; or 2) the date of the execution of this Agreement.
Sample 1

Related to Date of Severance

  • Payment of Severance Subject to subsections (h) and (i) below and Section 4, if the Eligible Employee incurs a Severance during the Change in Control Protection Period, the Company shall pay to him a lump sum cash payment, no later than 10 days after the Severance Date (or the date of the Change in Control, if later), equal to two and ninety-nine one-hundredths (2.99) times the Eligible Employee’s Final Pay.

  • Reduction of Severance Benefits If any payment or benefit that the Executive would receive from any Company Group member or any other party whether in connection with the provisions in this Agreement or otherwise (the “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Payment will be equal to the Best Results Amount. The “Best Results Amount” will be either (x) the full amount of the Payment or (y) a lesser amount that would result in no portion of the Payment being subject to the Excise Tax, whichever of those amounts, taking into account the applicable federal, state and local employment taxes, income taxes and the Excise Tax, results in the Executive’s receipt, on an after-tax basis, of the greater amount. If a reduction in payments or benefits constituting parachute payments is necessary so that the Payment equals the Best Results Amount, reduction will occur in the following order: (A) reduction of cash payments in reverse chronological order (that is, the cash payment owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first cash payment to be reduced); (B) cancellation of equity awards that were granted “contingent on a change in ownership or control” within the meaning of Section 280G of the Code in the reverse order of date of grant of the awards (that is, the most recently granted equity awards will be cancelled first); (C) reduction of the accelerated vesting of equity awards in the reverse order of date of grant of the awards (that is, the vesting of the most recently granted equity awards will be cancelled first); and (D) reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first benefit to be reduced). In no event will the Executive have any discretion with respect to the ordering of Payment reductions. The Executive will be solely responsible for the payment of all personal tax liability that is incurred as a result of the payments and benefits received under this Agreement, and the Executive will not be reimbursed, indemnified, or held harmless by any member of the Company Group for any of those payments of personal tax liability.

  • Termination Severance Either party may terminate the employment relationship as evidenced by this Agreement at any time and for any reason upon ninety days written notice to the other.

  • Timing of Severance Payments Any severance payment to which Employee is entitled under Sections 3(a)(i)(1), 3(a)(i)(2) and 3(a)(i)(5) shall be paid by the Company to the Employee (or to the Employee's successors in interest pursuant to Section 7(b)) in cash and in full, not later than thirty (30) calendar days following the Termination Date, subject to any delay required under Section 9.

  • Amount of Severance Benefit If the Employee becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Bank shall:

  • Severance Pay In the event that your employment is terminated by the Company, except for “Cause” as defined below, you will be eligible to receive the following:

  • Bonus Severance A single, lump sum payment equal to 100% of the Executive’s target annual bonus as in effect for the fiscal year in which the Qualifying CIC Termination occurs, less applicable withholdings.

  • Salary Severance A single, lump sum payment equal to twelve (12) months of the Executive’s Salary, less applicable withholdings.

  • Death After Termination of Employment But Before Benefit Payments Commence If the Executive is entitled to benefit payments under this Agreement, but dies prior to the commencement of said benefit payments, the Company shall pay the benefit payments to the Executive's beneficiary that the Executive was entitled to prior to death except that the benefit payments shall commence on the first day of the month following the date of the Executive's death.

  • Form and Timing of Severance Benefits The Severance Benefits described in Sections 3.3(a), 3.3(b), and 3.3(c) herein shall be paid in cash to the Executive in a single lump sum as soon as practicable following the Effective Date of Termination, but in no event beyond thirty (30) days after such date (with the actual payment date during such 30-day period to be determined by the Company in its discretion).

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