Conditional Severance definition

Conditional Severance means an amount equaling twelve (12) months of the Employee’s then current base salary (“Base Salary”) plus an amount equal to [his/her] full [eligible/minimum] annual bonus, less any severance and bonus amounts otherwise paid by the Company to the Employee pursuant to an employment agreement.
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Examples of Conditional Severance in a sentence

  • Until the Release has become irrevocable, any such Conditional Severance shall be held and not provided by the Company.

  • Employee shall be eligible for Conditional Severance only if the executed Release is returned to the Company and becomes irrevocable within 60 days after the Date of Termination.

  • Any Conditional Severance that would have been payable in the absence of the foregoing Release requirement, but which is not paid because such Release has not yet become irrevocable, will be paid after such Release becomes irrevocable, and thereafter, all other Conditional Severance shall be paid in accordance with the applicable provisions of subparagraphs 8(b)(ii)-(iv).

  • Any Conditional Severance that would have been payable in the absence of the foregoing Release requirement, but which is not paid because such Release has not yet become irrevocable, will be paid after such Release becomes irrevocable, and thereafter, all of the Conditional Severance shall be paid in accordance with the applicable provisions of subparagraph (d).

  • If Employee fails to return the Release to the Company in sufficient time so that it becomes irrevocable within 60 days after the Date of Termination, Employee’s rights to the Conditional Severance shall be forfeited, the Company shall have the right to cease providing any part of the Conditional Severance, and Employee shall be required to immediately repay the Company for any Conditional Severance already provided.

  • As used in this Agreement, the term Conditional Severance Period means the period of time you are receiving Conditional Severance.

  • Subject to the terms of the Company’s Severance Pay Plan and if you sign this Agreement, comply with all its terms, and do not revoke the Release (as defined below), you will receive Conditional Severance benefits of 78 weeks base pay equal to the gross sum of $750,000 (“Conditional Severance”).

  • Notwithstanding the foregoing, it is understood and agreed that if Santander’s request to pay me Conditional Severance Benefits pursuant to this Agreement is denied by its regulators, as referenced in paragraph 3f above, and therefore the Conditional Severance Benefits are not paid to me, this Agreement will be terminated and I will be relieved of my obligations under this Agreement, including the obligations in paragraphs 8, 9 and 14.

  • In the event that Employee obtains other employment, no further Conditional Severance Pay shall be due and payable to the Employee.

  • I hereby state that I know and understand that by accepting the Conditional Severance Benefits described herein and in Attachment A and signing the release, I am giving up any right I might have to bring a claim against the Released Parties related to my employment or the termination of my employment.