Severance Pay Sample Clauses

Severance Pay. Notwithstanding the provisions of Article 62 (Severance Pay) of this Agreement, where the period of continuous employment in respect of which severance benefit is to be paid consists of both full and part-time employment or varying levels of part-time employment, the benefit shall be calculated as follows: the period of continuous employment eligible for severance pay shall be established and the part-time portions shall be consolidated to equivalent full-time. The equivalent full-time period in years shall be multiplied by the full-time weekly pay rate for the appropriate group and level to produce the severance pay benefit.

Severance Pay. Employees who are separated because of a layoff or reduction in force shall be entitled to severance pay in accordance with Part 435 of the Employee and Labor Relations Manual.

Severance Pay. (a) In the event the Executive’s employment with the Company is terminated: by the Company for Cause or Disability (as defined in Sections 8(c) and 8(d) above); by non-renewal by the Executive; by the Executive pursuant to Section 8(b); by the Company pursuant to Section 8(a)(4); Executive’s death; or upon expiration of the Term after the Renewal Term, the compensation and benefits the Executive shall be entitled to receive from the Company shall be limited to: (i) her then-current annual base salary pursuant to Section 4 through the termination date, payable in accordance with the Company’s standard payroll practices; (ii) any reimbursable expenses for which the Executive has not yet been reimbursed as of the termination date; and (iii) any other rights and vested benefits (if any) provided under employee benefit plans and programs of the Company, determined in accordance with the applicable terms and provisions of such plans and programs. (b) If the Executive’s employment with the Company is terminated: during the Term by the Company without Cause pursuant to Section 8(a)(5); or at the conclusion of the Initial Term because of a non-renewal by the Company, in addition to the amounts in Subsection (a) of this Section 9, the Executive shall also be entitled to receive severance pay equal to six (6) months of her annual base salary pursuant to Section 4, at the rate in effect on the date of termination and any Performance Bonus that, as of the date of termination, has been earned by the Executive but has not yet been paid by the Company to the Executive. This severance pay shall be paid to the Executive in equal increments in accordance with the Company’s standard payroll practices over the six (6) month period following the date of the termination of the Executive’s employment with the Company, but beginning no earlier than fifteen (15) days after the Executive’s execution and non-revocation of the Release required by Subsection (c) of this Section 9. (c) Notwithstanding anything in this Agreement to the contrary, Executive’s right to receive any severance benefits under Subsection (b) of this Section 9 shall be conditioned upon the Executive’s continued compliance with her restrictive covenants in Sections 5 and 7 and her execution and delivery to the Company of a general release of all claims against the Company, its officers, directors, employees, subsidiaries and affiliates, in the form attached hereto as Exhibit A, as amended from time to time in a ma...

Severance Pay. A. Instructional Employees covered hereunder who separate their employment with the Board shall be eligible to convert their unused sick leave at the time of separation. Eligible Instructional Employees shall be those who: 1. Have ten (10) or more years in active pay status, or 2. Have attained the age of fifty-five (55), or 3. Retire through the State Teachers Retirement System and who, upon retirement, are immediately eligible for retirement benefits. B. An Instructional Employee will not be eligible for severance pay should the Instructional Employee: 1. Be terminated by the Board for just cause; 2. Resign during the course of investigation by the Board for misconduct; 3. Resign in lieu of the Board terminating the Instructional Employee’s contract. C. All sick leave accumulated by the Instructional Employee up to a maximum of two hundred and fifty-two (252) total days may be converted to severance pay and paid as such on the basis of one day of severance pay for each three (3) days of unused sick leave. The maximum number of days as severance pay under this Article shall be eighty-four (84) days. D. Payment for sick leave on this basis shall be considered to eliminate all sick leave credit accrued by the Instructional Employee at that time. Payment shall be made only once to any Instructional Employee. In order to be eligible for severance pay, an application must be made to the Treasurer within ninety (90) calendar days following the Instructional Employee's last date of work. All Instructional Employees who have attained the age of fifty-five (55) years or older during the calendar year of retirement and are eligible for a severance payment will be paid into the Board sponsored Employer 403(b) Special Pay Retirement Account per adoption agreement dated March 10, 2011 and as amended hereafter. By participating in the Employer 403(b) Special Pay Retirement Account, an Instructional Employee will receive payment for his/her unused accumulated sick leave up to the maximum IRS 415 limit for the section 403(b) plan unreduced by current federal, state, and local income taxes. These monies will be paid into the Employer 403(b) Special Pay Retirement Account as elected and permitted by the plan beginning with the official year of retirement as set by the Ohio State Teachers Retirement System. Any additional monies due to the Instructional Employee will be paid out up to the maximum IRS 415 limits each January until all monies have been paid. E. In the event o...

Severance Pay. Employees discharged, laid off or displaced from their regular job because of mechanization, technological change or automation shall be entitled to severance pay of seven (7) days’ pay for each year of service with the Company. The amount calculated under such entitlement shall not exceed a maximum of thirty (30) weeks’ pay. This Section shall not apply to employees covered by Section 2 (b) above.

Severance Pay. An employee, other than an employee of a small employer as defined in this clause 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: 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

Severance Pay. Within the lesser of thirty (30) days from the date of notice of layoff or the notice provided above, an employee with more than twelve (12) months’ service with The Employer, who has received notice of layoff of a permanent or long-term nature, may resign, forfeiting the right to notice. Such employees will receive the balance of notice as severance pay.

Severance Pay. Subject to the conditions below, if Executive’s employment with the Company is terminated by the Company without Cause, as defined below, during the 18-month period starting on the closing date of the Merger or Executive terminates his employment with the Company for “Good Reason” (as defined below), Executive will be eligible to receive severance pay as described below. 2.1 The Company shall continue to pay Executive’s monthly base salary, determined as of the day before the closing date of the Merger, from the effective date of Executive’s termination of employment through the remainder of the 18-month period starting on the closing date of the Merger. For example, if Executive’s employment with the Company is terminated by the Company without Cause effective 10½ months after the closing date of the Merger, severance pay will continue for 7½ months from the effective date of Executive’s termination of employment. 2.2 Severance payments will be made on the Company’s regular paydays during the payment period described in 2.1 above. Following such termination of employment, severance payments for any pay periods that ended after the effective date of Executive’s termination of employment and before the first payment is made shall be paid, without interest, with the first severance payment. 2.3 No severance payments shall be made pursuant to this Agreement unless all of the following requirements are met: 2.3-1 Executive’s employment with the Company has been terminated by the Company without Cause or the Executive terminates his employment with the Company for Good Reason. If Executive’s employment with the Company terminates for any reason other than termination by the Company without Cause or termination by the Executive for Good Reason, no severance payments shall be made. Termination without Cause shall not include Executive’s voluntary termination of employment other than for Good Reason or termination of employment due to death or disability. 2.3-2 Within 30 days after the effective date of Executive’s termination of employment by the Company, or Executive’s termination of employment by Executive for Good Reason, Executive has signed and delivered to the Company a comprehensive release of the Company, its successors, their affiliates and their current and former directors, officers, employees, agents and owners covering all employment-related claims other than those pursuant to this Agreement, and the revocation period under the Older Workers Benefit ...

Severance Pay. ‌ (1) In addition to the period of notice prescribed for ordinary termination in clause 7 – Termination of employment, an employee whose employment is terminated by reason of redundancy must be paid, subject to further order of a Court with jurisdiction, the following amount of severance pay in respect of a continuous period of service: Less than 1 year Nil 1 year but less than 2 years 4 weeks’ pay 2 years but less than 3 years 6 weeks’ pay 3 years but less than 4 years 7 weeks’ pay 4 years and over 8 weeks’ pay