Initial Severance Period definition
Examples of Initial Severance Period in a sentence
If Executive’s employment is terminated by Employer without Cause, during the six-month period commencing on the date of termination (the “Initial Severance Period”), Employer shall pay to Executive each month during the Initial Severance Period an aggregate amount equal to 1/12th of his Annual Base Salary in effect as of the end of the Employment Period, payable in equal installments on the Employer’s regular salary payment dates.
If Executive's employment is terminated by Employer without Cause, during the six-month period commencing on the date of termination (the "INITIAL SEVERANCE PERIOD"), Employer shall pay to Executive each month during the Initial Severance Period an aggregate amount equal to 1/12th of his Annual Base Salary in effect as of the end of the Employment Period, payable in equal installments on the Employer's regular salary payment dates.
Base Salary then in effect from and after the Date of Termination through the earlier of (i) the expiration of the Term ------- and (ii) the date twelve (12) months after the Date of Termination (the "Initial Severance Period"), less all applicable payroll deductions, including deductions for federal, state, local and Social Security taxes (the "Initial Severance Payments").
If the Release does not become effective and irrevocable on or prior to the last date of the Initial Severance Period, you shall not be entitled to any payments or benefits pursuant to this Section 11(b) other than the Basic Severance.
Employer may (in its sole discretion) elect to extend the Initial Severance Period for one additional one-year period (the “Additional Severance Period”) by providing Executive written notice of such extension no less than 60 days prior to the last day of the Initial Severance Period and paying Executive an additional amount equal to his Annual Base Salary plus the Prior Year Bonus, payable in equal installments on the Employer’s regular salary payment dates.
If Executive’s employment is terminated by Employer without Cause, during the six-month period commencing on the date of termination (the “Initial Severance Period”), Employer shall pay to Executive each month during the Initial Severance Period an aggregate amount equal to 1/12th of her Annual Base Salary in effect as of the end of the Employment Period, payable in equal installments on the Employer’s regular salary payment dates.
Payment of the Initial Severance shall commence on the date the Release (as defined in Section 11(c)(vi) below) becomes effective and shall be paid in equal installments through the remainder of the Initial Severance Period in accordance with the Employer’s payroll practices in effect at the Termination Date.
If, after the expiration of the Initial Severance Period, Executive is not employed or otherwise engaged to perform professional services for a third-party ("Other Employment"), the Company shall continue to pay Severance Payments to Executive on a month-by-month basis for up to an additional eighteen months, but in no event beyond the last day of the month in which Executive obtains Other Employment.
During the Initial Severance Period, Employee shall be available to the Chief Executive Officer of the Company, on an as-needed basis, to provide consultation and other services reasonably requested.
If the Release does not become effective and irrevocable on or prior to the last date of the Initial Severance Period, you shall not be entitled to any payments or benefits pursuant to this Section 11(c) other than the Basic Severance.