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. 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. 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 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. Each Executive whose employment is terminated pursuant to Section 4(b) or who terminates his employment pursuant to Section 4(c) shall, subject to the provisions of paragraph 4 of this Exhibit B, receive Severance Pay from the Company as follows: (a) a single lump sum cash payment within five (5) days following the expiration of the revocation period provided for in Exhibit D equal to the Executive’s then current Base Pay; (b) a pro rata portion of any annual bonus or long-term cash incentive compensation, if any, that Executive would have been entitled to receive in respect of such year based upon the percentage of the fiscal year that shall have elapsed through the date of Executive’s termination of employment, payable when such annual bonus or long-term cash incentive would have otherwise been payable had Executive’s employment not terminated; (c) a single lump sum cash payment within five (5) days following the expiration of such revocation period, or if later, within ten (10) business days after such termination, equal to three (3) (for the Chairman), two (2) (for the Chief Executive Officer and members of the Operations Group), one (1) (for members of the Management Group) or the multiple set forth in a Committee Action (for any other Executive) times the sum of the Executive’s (i) Base Pay plus (ii) target annual incentive cash compensation for the year prior to the Change of Control; (d) a single lump sum cash payment within five (5) days following the expiration of such revocation period, or if later, within ten (10) business days after such termination, equal to the actuarial equivalent of the excess of (1) the retirement pension (determined as a straight line annuity commencing at age sixty-five (65) or the first of the month following the Executive’s termination of employment, whichever is later) which he would have accrued under the terms of the Retirement Plans in which he was participating (without regard to any amendment to such Retirement Plans or other pension benefit program described herein after the date of the Change of Control), determined as if the Executive were fully vested thereunder and had accumulated (after the date of termination) thirty-six (36) additional months (for the Chairman), twenty-four (24) additional months (for the Chief Executive Officer and members of the Operations Group), twelve (12) additional months (for members of the Management Group)(or, if greater, the number of months remaining in the Severance 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.

Severance Pay. Under the following circumstances and subject to clause B26.02, an employee shall receive severance benefits calculated on the basis of his or her weekly rate of pay: