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. All supervisors who have accrued twenty (20) years or more continuous State service shall receive severance pay upon any separation except for discharge for just cause from State service. Supervisors with less than twenty (20) years continuous State service shall receive severance pay upon retirement at or after age 65; death; or layoff, except for seasonal layoffs. Supervisors who retire from State service after ten (10) years of continuous service and who are immediately entitled at the time of retirement to receive an annuity under a State retirement program shall, notwithstanding an election to defer payment of the annuity, also receive severance pay. Certain supervisors shall have their severance pay converted to a Health Care Savings Plan. See Article 16, Section 10. Severance pay shall be equal to thirty-five (35) percent of the supervisor's accumulated but unused sick leave times the supervisor’s regular rate of pay at the time of separation. Supervisors who have been laid off and received severance pay and are reappointed to State service are eligible for additional severance only if they meet the continuous State service requirement. Supervisors who have received severance as a result of continuous State service and are reappointed to State service are eligible for additional severance upon separation. Severance for eligible supervisors returning to State service shall be computed upon the difference between the amount of accumulated but unused sick leave restored to the supervisor's credit at the time the supervisor was reappointed and the amount of accumulated but unused sick leave at the time of the supervisor's subsequent eligibility for severance pay. Such severance pay shall be excluded from retirement deductions and from any calculations in retirement benefits and shall be paid over a period not to exceed two (2) years from termination of employment. In the event that a terminated supervisor dies before all or a portion of the severance pay has been disbursed, that balance due shall be paid to a named beneficiary or, lacking same, to the deceased's estate.
Severance Pay. The Company shall pay the Executive an amount equal to two times the sum of (A) the Executive’s Annual Base Salary (without regard to any reduction giving rise to Good Reason) and (B) the Bonus Amount, in a lump-sum payment payable on the tenth business day after the Release described in Section 4(a)(v) becomes effective and irrevocable (the “Release Effective Date”); provided, however, that such amount shall be paid in lieu of, and the Executive hereby waives the right to receive, any other cash severance payment relating to salary or bonus continuation the Executive is otherwise eligible to receive upon termination of employment under any severance plan, practice, policy or program of the Company or any Subsidiary.
Severance Pay. 15.01 In the event there is a permanent closure or sale or transfer of ownership of the store or part thereof, causing a regular full-time employee to lose his or her employment, the Employer hereby agrees to pay such employee severance pay at his or her regular rate of pay according to the following schedule: Full-Time Consecutive Service Severance Pay Up to two (2) years - One (1) week Over two (2) years - One (1) week's pay for every year of full-time service to a maximum of twenty (20) weeks Should a full-time employee go to part-time and later lose his/her employment due to the circumstances set out in Section 15, then such employee shall be entitled to severance pay under this Section according to his/her years of full-time consecutive service only. This Clause does not apply to a temporary layoff, full-time employees who accept other full-time or part-time employment with the Employer, or to regular full-time employees who lose employment and are reinstated within thirty (30) days to a full-time status. Employees who are laid off as the result of store closure(s) can elect to receive their severance pay at any time up to the expiry of their recall period. If an employee is recalled or commences work within the recall period, then a new recall period shall commence from the date of a subsequent layoff. Employees who qualify shall not be entitled to the benefits contained in Section 13.01 of this Agreement.
Severance Pay. 4.4.1 In the event the Employment Period is terminated by the Company for any reason other than pursuant to Section 4.2.1 or Section 4.3.2 hereof or if the Employment Period is terminated because of a permanent disability of Employee pursuant to Section 4.1, upon the effectiveness of any such termination, the Company shall be obligated to pay to the employee (or his executors, administrators or assigns, as the case may be) all unpaid salary, benefits and bonuses (if any) accrued through the date of effectiveness of such termination and, in addition, a cash severance payment equal to six (6) month's total base salary at the rates set forth herein, and such other benefits as may be required by law.
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:
Severance Pay. Within the three (3) working days of being notified of layoff under Article 15.04 (Notice of Layoff), and as an alternative to either bumping a more junior employee in accordance with Article 15.03 (Bumping Rights), or working the notice period and being laid off and placed on the recall list, the affected employee may elect to resign and take severance pay in lieu of the balance of the notice period received and outstanding at the time of making such election; and by so electing, not work the balance of such notice period. Employees who elect to take severance pay under this Article shall be finally and conclusively terminated in all respects and shall not have recall or other rights under this Agreement.
Severance Pay a) In the event that the Employee's employment under this Agreement is terminated pursuant to the provisions of Section 5(b) or 5(d), or if the Company pursuant to Section 2 does not renew the employee's Employment Period, as severance pay the Employee shall be paid a total of $500,000. Such severance pay shall be paid in the form of a standby letter of credit issued by a bank or a lump sum deposit to an escrow account at a bank designated by the Company, and thereafter shall be drawn upon or paid to the Employee in eight equal installments on the last business day of each of the eight fiscal quarters following the quarter during which Employee's employment is terminated, beginning with such fiscal quarter; provided that the escrow agreement will provide that all payments of Employee's severance pay will cease if Employee breaches any of the provisions of Section 7 of this Agreement. Employee shall also be entitled to continued eligibility to participate in all health, medical and dental benefit plans of the Company for which Employee was eligible immediately prior to the effective time of the termination of Employee's employment, or comparable coverage, for two years, or, if sooner, until comparable health insurance coverage is available to Employee in connection with subsequent employment or self-employment. In addition, the termination of the Employee's employment shall not accelerate the vesting of unvested Options or Stock Appreciation Rights (as such terms are defined in the 1999 Management Incentive Plan) held by the Employee (if any).