Severance Pay Sample Clauses

Severance Pay. 19.01 Under the following circumstances and subject to clause 19.02, an employee shall receive severance benefits calculated on the basis of his weekly rate of 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. (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

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. 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) Monthly payments equivalent to Employee’s monthly base salary as of the effective date of termination, without regard to any temporary salary reduction that may be in effect at such date due to material market disruptions resulting from the impact of the COVID-19 (or other) pandemic, for the duration of the Non-Compete Period. Severance payments shall commence with the Employee’s effective date of termination and shall be made in accordance with Aramark’s normal payroll cycle. The period during which Employee receives these monthly severance payments shall be referred to as the “Severance Pay Period.” (b) If Employee is not entitled to a Bonus, pro rata or otherwise, in respect of the Aramark fiscal year in which Employee’s termination of employment occurs under the terms of the applicable Bonus Plan (as such term is defined in Exhibit B hereto), a pro rata portion, if any, of the Bonus to which Employee would have been entitled if Employee satisfied the eligibility criteria under the applicable Bonus Plan (the “Pro Rata Bonus”). If Employee is entitled to receive a Bonus, pro rata or otherwise, in respect of the Aramark fiscal year in which Employee’s termination of employment occurs under the terms of the applicable Bonus Plan, Employee shall be entitled to receive either the Bonus under the terms of the applicable Bonus Plan, or the Pro Rata Bonus, whichever is greater; provided, however, that in no event shall Employee receive duplicate Bonus and Pro Rata Bonus payments under each of this Agreement and the applicable Bonus Plan in respect of the Aramark fiscal year in which Employee’s termination of employment occurs. Further, for the avoidance of doubt, any portion of such Bonus or Pro Rata Bonus amount that is payable based on the achievement of any individual performance factors or financial performance metrics shall be determined in accordance with the terms of the applicable Bonus Plan. Any Bonus or Pro Rata Bonus payment will be paid at the same time as all other bonuses are paid under the applicable Bonus Plan. (c) An amount equal to (i) Employee’s Target Bonus (as such term is defined in Exhibit B hereto), multiplied by (ii) 1.5, which will be paid in substantially equal installments in accordance with Aramark’s normal payroll cycle over the Severance Pay Period.

Severance Pay. Notwithstanding any other provision of this Agreement, if the Employment Period is terminated by the Executive for Good Reason, or if the Company causes the non-renewal of the Employment Period pursuant to Section 3 herein, the Company shall pay the Executive (i) any accrued but unpaid Salary, prorated Annual Cash Bonus (determined in accordance with Section 6(a)) and prorated vacation, and any other amounts accrued but unpaid as of the date of termination, and (ii) a lump-sum severance payment equal to the unpaid Salary of the Balance of the Term at the then-current level. In addition, (i) the Company shall continue all medical, dental and life insurance benefits at no cost to the Executive for the greater of (A) twelve (12) months, commencing on the date of termination of the Employment Period, or (B) the Balance of the Term (the provision by the Company of any such group health benefits shall not be considered continuation coverage pursuant to Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”), and such continuation coverage shall commence on the date that benefits provided hereunder cease), except if Executive begins new employment or service for another person or entity that offers comparable health insurance, such benefits shall immediately cease and (ii) the ownership of all restricted stock and options granted to the Executive by the Company under this Agreement or any other agreement shall vest to the extent provided for in the applicable stock option or other agreement governing the issuance thereof. Other than as provided herein, if the Employment Period is terminated by the Executive pursuant to Section 14(a) or by the Company as provided in Section 14(b) of this Agreement, or if the Executive causes the non-renewal of the Employment Period pursuant to Section 3 herein, the Company shall pay to the Executive in a lump sum payment any accrued but unpaid Salary, prorated Annual Cash Bonus (determined in accordance with Section 6(a)) and prorated vacation, and any other amounts accrued but unpaid as of the date of termination. Any severance payable pursuant to this Section 17 shall be paid to the Executive in one lump sum within ten (10) days after termination of the Employment Period.

Severance Pay. 63.01 Under the following circumstances and subject to clause 63.02, an employee shall receive severance benefits calculated on the basis of the weekly rate of pay to which he or she is entitled for the classification prescribed in his or her certificate of appointment on the date of his or her termination of employment.