Severance Termination Clause Samples
A Severance Termination clause defines the terms under which an employee is entitled to receive severance pay and benefits upon the termination of their employment. Typically, this clause outlines the specific conditions that trigger severance, such as involuntary termination without cause, and details the amount, form, and timing of severance payments or benefits. By clearly specifying these terms, the clause provides financial security to employees in the event of job loss and helps employers manage expectations and potential disputes related to termination compensation.
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Severance Termination. (a) Subject to 56.7 above, indeterminate employees on 4 June 2014 shall be entitled to a severance payment equal to one (1) week's pay for each complete year of continuous employment and, in the case of a partial year of continuous employment, one (1) week's pay multiplied by the number of days of continuous employment divided by three hundred sixty-five (365), to a maximum of thirty (30) weeks.
(b) Subject to 56.7 above, term employees on 4 June 2014 shall be entitled to a severance payment equal to one (1) week's pay for each complete year of continuous employment, to a maximum of thirty (30) weeks.
Severance Termination. (a) An employee who has completed the probation period outlined in Article 11(a) who is permanently laid off shall be entitled to at least notice of termination or pay in lieu of notice as follows: One (1) week notice if the period of employment is less than one year Two (2) weeks notice if the period of employment is one year but less than three years;
Severance Termination. Indeterminate employees who are employees of the Corporation on November 1, 2004 shall be entitled to an amount equal to the severance pay entitlement they will have accumulated as of December 31, 2004.
Severance Termination. (a) Continuous status employees on the date of signature of the collective agreement shall be entitled to a severance payment equal to one (1) week's pay for each complete year of continuous employment and, in the case of a partial year of continuous employment, one (1) week's pay multiplied by the number of days of continuous employment divided by three hundred and sixty-five (365), to a maximum of thirty (30) weeks.
(b) Temporary employees on the date of signature of the collective agreement shall be entitled to a severance payment equal to one (1) week's pay for each complete year of continuous employment, to a maximum of thirty (30) weeks.
Severance Termination. Employees, who were indeterminate employees on December 31, 2005, shall be entitled to an amount equal to the severance pay entitlement they had accumulated as of December 31, 2005.
Severance Termination. 34.01 When an Employee voluntary ▇▇▇▇▇▇ their employment with the district with proper notice, the following will be paid out: • PTO according to Article 33 • Vacation earned • 2015-2016 Concession (2%) • Longevity, as it is earned in the year prior (when eligible)
34.02 When the Board of Education terminates an Employee for just cause, the following will be paid out: • 2015-2016 Concession (2%) • PTO only
34.03 The Board shall pay earned longevity and the 2015-2016 2% concession to the Employee's beneficiary at death.
Severance Termination. If pending the applicable Change in Control or within the Protected Period following the applicable Change in Control the Employee's employment with the Corporation or any SPAR Affiliate is terminated (i) by such employer for any reason other than the Employee's death or permanent disability or a Termination For Cause, or (ii) by the Employee for Good Reason within twenty-four months after the occurrence of the condition that is the basis for the Good Reason, and, in the case of any payment or benefit provided hereunder or portion thereof that is deferred compensation subject toIRC §409A, if either such termination also constitutes a Separation from Service (each of which will be referred to as a "Severance Termination"), the provisions of this Section shall apply and the benefits provided by this Section shall be in lieu of any and all other severance or similar termination benefits that might otherwise apply (which other benefits are hereby waived by the Employee in the event such Severance Termination benefits apply).
Severance Termination a. Subject to F2.02 above, indeterminate employees with ten (10) or more years of continuous employment with the Corporation on the 17th of December 2012 shall be entitled to a severance payment equal to one (1) week's pay for each complete year of continuous employment with the Corporation and, in the case of a partial year of continuous employment with the Corporation, one (1) week's pay multiplied by the number of days of continuous employment with the Corporation divided by three hundred and sixty-five (365), to a maximum of thirty (30) weeks.
b. Subject to F2.02 above, indeterminate or term employees with less than ten (10) years of continuous employment with the Corporation on the 17th of December 2012 shall be entitled to a severance payment equal to one (1) week's pay for each complete year of continuous employment with the Corporation and, in the case of a partial year of continuous employment with the Corporation, one (1) week's pay multiplied by the number of days of continuous employment with the Corporation divided by three hundred and sixty-five (365), to a maximum of thirty (30) weeks.
Severance Termination. Severance Termination" has the meaning set forth in Section 2.
Severance Termination. Notwithstanding anything else in this Article or Plan, the Severance Benefit will be frozen as of December 31, 2009, with no additional credit for Past Service Credit, Future Service Credit, or contributions after December 31, 2009. The Severance Benefit will be paid as and when provided under the terms of the existing plan, which has not been materially modified within the meaning of IRC Section 409A and the final Treasury Department regulations thereunder. It is the specific intent of this provision to eliminate the accrual of any Severance Benefit after December 31, 2009 that could be subject to IRC Section 409A. This Article and these Rules and Regulations shall be interpreted and applied accordingly.