Severance Award Sample Clauses

Severance Award. If, in anticipation of a Change of Control, or during the three-year period after a Change of Control Event has occurred, the Executive’s employment is terminated other than for Cause, or a Constructive Involuntary Termination occurs, then, so long as Executive is not in breach of Section 8 below, the following provisions shall apply:
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Severance Award. The Severance Award, which shall be in lieu of additional payments under this Agreement, shall consist of the following:
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Severance Award. The Employer will pay, at the Employee's election, a severance award to an Employee who is released from employment because he becomes physically or mentally unable to perform the work of his classification or that of another classification to which he might be eligible for transfer, provided he has 3 or more years of credited service and is ineligible for a pension. If the amount of such severance award, as determined below, exceeds $5,000, the payment of such award shall be in the form of a monthly annuity which is actuarially equivalent to the severance award, payable in the same manner as provided for a pension under Paragraph 8 of Article V hereof, unless the Employee and his spouse consent to the payment of the severance award in a lump sum. Subject to the preceding sentence, a severance award shall be payable in a lump sum, as follows:
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Severance Award. Kueneke's employment with the Company and PBC will terminate at the time of the Closing. At or as soon as practicable after the Closing, the Company will make a separation payment to Kueneke in an amount equal to X minus Y, where: X is equal to the lesser of $796,000, or an amount equal to 2.99 times Kueneke's "base amount" (as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986); and Y is equal to the total value (determined in accordance with Section 280G of the Internal Revenue Code and regulations thereunder) of all payments, accelerated vesting of stock options and other benefits (other than the severance award payable under this paragraph 2(d)) provided or to be provided to or for the benefit of Kueneke that are considered to be contingent on the change in ownership of the Company within the meaning and for the purposes of Section 280G(b)(2)(A)(i) of the Internal Revenue Code attributable to the transactions consummated as part of the Closing. The Company may cause payment of the severance award to be deferred if and to the extent that (1) the amount thereof cannot be finally ascertained, or (2) the deferral is necessary in order to avoid the loss of a deduction therefor by reason of the executive compensation deduction limitation of Section 162(m) of the Internal Revenue Code. The portion of the severance award that is deferred (if any) will be payable to Kueneke as soon as practicable after the amount thereof is ascertained or the section 162(m) deduction limitation no longer applies, as the case may be.
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Severance Award. Godsxx'x xxxloyment with the Company and PBC will terminate at the time of the Closing. At or as soon as practicable after the Closing, the Company will make a separation payment to Godsxx xx an amount equal to X minus Y, where:
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Severance Award. (a) When it becomes necessary to release an employee with five or more years of credited service who is retired because through no fault of his own is no longer able to meet the requirements of his job and who cannot qualify for transfer to another job within the local plant, and who cannot qualify for a disability allowance or one whose employment is terminated because of the permanent closing of the plant or a section thereof, he shall be paid a Severance Award calculated in the following manner: Any such employee who has five years of credited service but less than ten will be awarded a Severance Award of one week’s average pay for each year of service. Any such employee who has ten years of credited service but less than fifteen will be awarded a Severance Award of one and one half week’s average pay for each year of service. Any such employee who has fifteen or more years of credited service will be awarded a Severance Award of two week’s average pay for each year of service.
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Severance Award. If the Executive is involuntarily terminated after a Change of Control, the following provisions apply:
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Severance Award. At one (1) year of employment, Employee shall earn and ---------------- accrue severance payments based on "year-to-year" sales performance relating to the agreed to annual Company revenue plan. Such payments shall accrue at the rate of 1-month per year of employment, up to a maximum of 6-monthsseverance. --------------------------- Such payments shall accrue yearly based on the total annual compensation (to such date) earned by Employee. This Severance Award shall only be effective in the event that Company sxxxxx (terminates) the employment of Employee, for any reason, other than for a fully validated reason relating to SECTION VI. 1 "
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Related to Severance Award

  • Severance Benefit If the Employee’s employment is terminated by the Company for any reason other than Cause (as defined below) or if the Employee terminates his/her employment for Good Reason (as defined below), the Company shall provide Employee with the following:

  • Severance Benefits To the extent that Employee shall be entitled to receive Severance Benefits pursuant to Section 4(d) or 4(e) hereof, Company and Employee agree that the following shall apply: (i) "Severance Benefits" shall mean: (A) a continuation of Employee's then effective salary as payable pursuant to Section 3(a) hereof during the Severance Period (as defined below); (B) payment of any bonus payable to Employee pursuant to Section 3(c) hereof, calculated based on the full Company bonus payable thereunder (subject to attainment by Company of any objective financial or performance standards applicable to Company) and prorated for any period during the Severance Period that is less than the full twelve (12) month period in which such bonus would be earned; (C) immediate vesting and payment of any Option Payments; and (D) continuation during the Severance Period of any medical/dental care coverage (or the reasonable equivalent thereof) which Employee is receiving as of the date of termination of the Period of Employment, provided that such insurance coverage shall terminate prior to the expiration of the Severance Period as of the first date that Employee is covered under another employer's health benefit program which provides substantially the same level of benefits without exclusion for pre-existing medical conditions. Such coverage shall be in lieu of any other continued health care coverage to which Employee or his dependents would otherwise be entitled in accordance with the requirements of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), by reason of Employee's termination of employment. (ii) "Severance Period" shall mean a period of twenty-four (24) months following the termination of the Period of Employment pursuant to Section 4(d) or 4(e) hereof. (iii) Company shall be entitled to a credit for any amounts paid pursuant to Part One, Paragraph 1 of the Change of Control Agreement for any amounts payable pursuant to Paragraph (i)(A) and (i)(B) above as part of any Severance Benefits payable hereunder. (iv) Except as provided in Section 6 below, the Severance Benefits shall be received by Employee in lieu of any other right Employee may have under applicable law, Company or Parent policies or plans or otherwise with respect to any payments or compensation in connection with the termination of Employee's employment with Company. (v) Employee agrees that payment of the Severance Benefits may, in the discretion of the Company, be subject to the prior execution by the Employee of a release of claims in a form provided by the Company prior to any such payment and that payment of the Severance Benefits shall be consideration for such release. (g)

  • Severance Pay 4.4.2(a) Severance pay - other than employees of a small employer An employee, other than an employee of a small employer, whose employment is terminated by reason of redundancy is entitled to the following amount of severance pay in respect of a period of continuous service: Period of continuous service Severance pay Less than 1 year Nil 1 year and less than 2 years 4 weeks’ pay* 2 years and less than 3 years 6 weeks’ pay 3 years and less than 4 years 7 weeks’ pay 4 years and less than 5 yeas 8 weeks’ pay 5 years and less than 6 years 10 weeks’ pay 6 years and less than 7 years 11 weeks’ pay 7 years and less than 8 years 13 weeks’ pay 8 years and less than 9 years 14 weeks’ pay 9 years and less than 10 years 16 weeks’ pay 10 years and over 12 weeks’ pay * Week’s pay is defined in 4.4.1.

  • Severance Compensation In the event (i) Employee terminates this Agreement for Good Reason in accordance with Paragraph 11.3 hereof; (ii) Employee is terminated for any reason (except death or disability) upon, or within six months following, a "Change in Management or Control (as such term is defined in Paragraph 11.5 hereof);" or (iii) Employee is terminated without Cause, the Company shall be obligated to pay severance compensation to Employee in an amount equal to his salary compensation (at the rate payable at the time of such termination) for a period of six (6) months from the date of termination. Notwithstanding the foregoing, if Employee is employed by a new employer, or as a consultant after the termination of this Agreement, the severance compensation payable to Employee hereunder shall be reduced by the amount of compensation that Employee actually receives from the new employer, or as a consultant. However, Employee shall have a duty to inform the Company that he has obtained such new employment, and the failure to do so is a material breach of this Agreement. In such event, the Company shall be entitled to (i) cease all payments to Employee under this Paragraph 11.4; and (ii) recover any unauthorized payments to Employee in an action for breach of contract. Notwithstanding anything else in this Agreement to the contrary, solely in the event of a termination upon or following a Change in Management or Control, the amount of severance compensation paid to Employee hereunder shall not include any amount that the Company is prohibited from deducting for federal income tax purposes by virtue of Section 280G of the Internal Revenue Code of 1986, as amended, or any successor provision. In addition to the foregoing severance compensation, the Company shall pay Employee (i) all compensation for services rendered hereunder and not previously paid; (ii) accrued vacation pay; and (iii) any appropriate business expenses incurred by Employee in connection with his duties hereunder and approved pursuant to Section 4 hereof, all through the date of termination. Employee shall not be entitled to any bonus compensation, whether vested or unvested; or any other compensation, benefits or reimbursement of any kind.

  • Change in Control Severance Benefits If there is a Change in Control, and within one (1) year of such Change in Control, the Executive’s employment is terminated under the circumstances described in Sections 4(a) through 4(f) above, the Executive shall be entitled to the following: (I) if such termination is a termination by the Company without Cause pursuant to Section 4(a) or the Executive resigns for Good Reason pursuant to Section 4(b), the Company shall pay the Executive the Accrued Obligations and the Pro Rata Bonus and, in addition, subject to the provisions of Section 19, (A) an amount equal to twenty-four (24) months of the Executive’s Base Salary at the rate in effect on the date of termination or resignation, payable in a lump sum within sixty (60) calendar days of the date of termination or resignation; and (B) provided the Executive timely elects continuation coverage under COBRA, the Company shall also pay, on the Executive’s behalf, the portion of monthly premiums for the Executive’s group health insurance, including coverage for the Executive’s dependents, that the Company paid immediately prior to the date of termination or resignation, during the eighteen (18) month period following the date of termination or resignation, subject to the Executive’s continued eligibility for COBRA coverage. The Company will pay for such COBRA coverage for eligible dependents only for those dependents who were enrolled immediately prior to the date of termination or resignation. The Executive will continue to be required to pay that portion of the premium for the Executive’s health coverage, including coverage for the Executive’s eligible dependents, that the Executive was required to pay as an active employee immediately prior to the date of termination or resignation. Notwithstanding the foregoing, in the event that under applicable guidance the reimbursement of COBRA premiums causes the Company’s group health plan to violate any applicable nondiscrimination rule, the parties agree to negotiate in good faith a mutually agreeable alternative arrangement; and (II) if such termination is a termination or resignation under the circumstances described in Sections 4(c), 4(d), 4(e) or 4(f), the Executive shall be entitled to the compensation and benefits for which the Executive is eligible under such sections.

  • 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.

  • Change in Control Benefits Agreement shall mean any separate agreement between Participant and the Corporation which provides Participant with special vesting acceleration and/or other special benefits with respect to one or more awards of restricted stock units made to Participant for shares of Common Stock, including (to the extent applicable) the restricted stock units evidenced by this Agreement, in the event of a change in control or ownership of the Corporation (whether or not constituting a Change in Control hereunder).

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

  • Severance Payment Executive will be paid continuing payments of severance pay at a rate equal to Executive’s base salary rate, as then in effect, for twelve (12) months from the date of such termination of employment, to be paid periodically in accordance with the Company’s normal payroll policies.

  • Termination of Employment with Severance Benefits (a) The Executive shall be entitled to the severance benefits described in section 9(b) in the event that:

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