Payment of Severance Compensation Sample Clauses

Payment of Severance Compensation. The severance compensation set forth in Section 3(a) will be payable in 36 equal monthly installments commencing on the first day of the month following the month in which the Separation from Service occurs. Notwithstanding the above, in the event that the Executive is a “specified employee” within the meaning of Code section 409A, the first six monthly installments shall be paid in a lump sum on the first day of the month following or coincident with the date that is six months following the Separation from Service and all remaining monthly installments shall be paid monthly.

Payment of Severance Compensation. (a) The severance compensation set forth in Section 3 (a) shall be payable in 36 equal monthly installments commencing on the first day of the month following the month in which Executive’s employment terminates. However, Executive may elect in writing, in accordance with the provisions of this Section, to receive Executive’s severance compensation in a lump sum at a later time or in installments in amounts and at times elected by Executive, but Executive’s election will not entitle Executive to receive severance compensation sooner than permitted by the preceding sentence. (b) Executive must elect to receive amounts in installments or to defer payments by filing a written election with the Company, which specifies the time at which payments are to be made and the amounts of such payments. Executive’s election to receive installment payments or to defer payments will not be valid unless it is made prior to the time Executive is entitled to receive any payments under this Agreement. The last such election in effect on the day before a termination of employment will be controlling. No election may be made on or after termination of employment. (c) The payment of deferred amounts must commence no earlier than the first business day of the calendar year following the termination of Executive’s employment and no later than the third calendar year following the attainment of normal retirement age under the Retirement Plan.

Payment of Severance Compensation. (a) The severance compensation set forth in Sections 8.1(a) and 8.1(b) will be payable in 36 equal monthly installments commencing on the first day of the month following the month in which employment terminates. However, the Employee may elect in writing, in accordance with the provisions of this Section, to receive his severance compensation in a lump sum at a later time or in installments in amounts and at times elected by the Employee, but that election will not entitle the Employee to receive severance compensation sooner than permitted by the preceding sentence. (b) The Employee must elect to receive amounts in installments or to defer payments by filing a written election with the Company. Such election must specify the time at which payments are to be made and the amounts of such payments. The election to receive installment payments or to defer payments will not be valid unless it is made prior to the time the Employee is entitled to receive any payments under this Agreement. The last such election in effect on the day before a termination of employment shall be controlling. No election may be made on or after termination of employment. (c) The payment of deferred amounts must commence no earlier than the first business day of the calendar year following the termination of employment and no later than the third calendar year following the attainment of normal retirement age under the Company's Salaried Employees' Retirement Plan.

Payment of Severance Compensation. The Company shall pay the Severance Compensation as follows: (A) continue to pay on a biweekly basis your Base Compensation in accordance with the rate in effect on the Termination Date, ; (B) pay you Bonus Compensation on the same annual schedule as if you continued to be employed and payments of such Bonus Compensation shall be calculated on a pro rata basis using the rate for a full calendar year that is equal to the greater of either: i) the average of your annual bonuses for the preceding three years or, ii) the amount of the last annual bonus you received prior to the Termination Date. (C) pay your monthly COBRA payments for any period of time that you have applied and qualify for COBRA coverage, and continue your life insurance and disability insurance coverage to the extent permitted under the applicable benefit plans This Severance Compensation shall be subject to usual and required withholding. In the event that your death occurs prior to the completion of payment of Severance Compensation, the remainder of your Severance Compensation will be paid in a single lump sum to your estate.

Payment of Severance Compensation. Severance Compensation calculated pursuant to Section 9(a)(ii) shall be due and payable to the Employee in 120 equal and consecutive semi-monthly installments. Such Severance Compensation shall be due and payable commencing in the month following such termination of the Employee's employment on the Company's regular payroll dates for its senior management employees.

Payment of Severance Compensation. Severance Compensation calculated pursuant to Section 9(a)(iii) shall be due and payable to the Employee in 24 equal and consecutive semimonthly installments unless funded by an insurance policy in which then the entire amount shall be immediately due and owing. Severance Compensation calculated pursuant to Section 9(a)(ii) shall be due and payable to the Employee in 120 equal and consecutive semi-monthly installments unless funded by an insurance policy in which then the entire amount shall be immediately due and owing. Such Severance Compensation shall be due and payable commencing in the month following such termination of the Employee's employment (which shall mean in the case of a voluntary termination by the Employee pursuant to Section 8(d), the expiration of the applicable written notice period or the date that the Employee is required to vacate the premises, whichever is earlier), on the Company's regular payroll dates for its senior management employees.

Payment of Severance Compensation. Bank will pay to the Executive, his estate or his designated beneficiary the sum of $352,500, less required withholdings for taxes, on the Termination Date (the "Payment"). The Executive hereby accepts and acknowledges this sum as payment in full, and in full satisfaction, of any and all salary, compensation, change in control payments and other entitlements, benefits or compensation of any type owed to the Executive under the Employment Agreement.

Payment of Severance Compensation. Severance Compensation shall not be granted to any Principal who is discharged for cause by the District. Principals who retire during the period covered by this contract will participate in a qualified Special Pay Deferral Plan and a Health Care Savings Plan. On the first business day after the final date of employment in District #200, the amounts of the compensation specified in Section 6, Subd. 1, below, will be transferred by the District to such plans on behalf of the retiring Principal. Subd. 1 - For those employees who receive both accumulated sick leave and severance days, 100% Severance Compensation will be transferred to a Special Pay Deferral Plan and 0% will be transferred to a Health Care Savings Plan. For those employees who only receive accumulated sick leave days, 0% of the Severance Compensation will be transferred to a Special Pay Deferral Plan and 100% will be transferred to a Health Care Savings Plan. Subd. 2 - In the event of the death of an employee who is eligible for severance pay under the provisions of this Article, the spouse of the employee shall be eligible for the severance pay. The estate will collect if there is no spouse. The requirement of a written resignation does not apply.

Payment of Severance Compensation. Although the Company is not otherwise obligated to do so, if you timely sign, date, and return this fully signed Agreement to the Company no later than _________________ and allow it to become effective, and you comply with your obligations hereunder, the Company will pay you severance compensation in the form of a continuance of the base salary (not bonus compensation) provided for in the Employment Agreement entered into between you and the Company effective ____________, 2012, payable according to the Company’s regular payroll schedule, policies, and practices, through a date that is 24 months after the effective date of the Employment Agreement, subject to applicable deductions and withholdings (the “Severance Compensation”). Payment of the Severance Compensation will be made in accordance with the Company’s regular payroll schedule, commencing ____ business days following the Effective Date of this Agreement (as defined in Section 13(d)). The first installment of the Severance Compensation will include retroactive payment of any compensation that would have accrued after the termination date and would have been payable to you on the Company’s regular payroll schedule but for the termination of the employment.