Monthly Severance Payments definition

Monthly Severance Payments means the gross monthly salary received by or accrued for the account of the Employee pursuant to Section 3.1; provided however that if the Employee commences alternative employment or self-employment at any time during the period in which Monthly Severance Payments are being provided, he shall forthwith report same to the Corporation and the Employee’s Monthly Severance Payments as aforementioned shall immediately be reduced by fifty percent (50%) for the remainder of such period. In the event of such termination, the Corporation shall also provide the Employee with continuation of benefits coverages pursuant to Section 7.1(subject to applicable plan documents and policies) for the minimum period required under the Employment Standards Act, 2000 (Ontario) from the date of termination of employment or until the Employee commences alternative employment or self-employment, whichever is the lesser period.
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Monthly Severance Payments. The Monthly Severance Payments shall be due and payable on or before the day of the month that Company paid Executive the Monthly Base Salary. If, however, Company receives written notice from Executive of Company's failure to pay a Monthly Severance Payment, Company shall pay Executive in a lump sum, in cash, an amount equal to the unpaid balance of the Monthly Severance Payments on or before the fifth (5th) day following the date Company receives such written notice from Executive.
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Monthly Severance Payments has the meaning given to it in Section 12.3(1).
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Examples of Monthly Severance Payments in a sentence

  • The Extension Notice will constitute a binding commitment by Corporation to make Monthly Severance Payments for the full duration of the extended Noncompete Period and no further extension of the Noncompete Period will be permitted.

  • Corporation may in its sole discretion extend the Noncompete Period for a period not to extend beyond 24 months from the date the Noncompete Period would otherwise expire by agreeing to make Monthly Severance Payments to Executive during the extended Noncompete Period.

  • Monthly Severance Payments will be paid in monthly installments commencing in the calendar month following termination; provided however, that if the period over which Monthly Severance Payments would otherwise be payable would extend beyond the Outside Payment Date, the unpaid portion of the aggregate amount of Monthly Severance Payments as of the Outside Payment Date will be paid to Executive in a lump sum not later than the Outside Payment Date.

  • Corporation’s obligation to make Monthly Severance Payments and provide medical and dental insurance benefits to Executive will terminate if Executive breaches a material provision of Section 4.

  • In the event that any other agreement, plan, or arrangement providing for Other Payments (an “Other Agreement”) has a provision that requires a reduction in the Other Payment governed by such Other Agreement to avoid or eliminate an “excess parachute payment” for purposes of Section 280G of the Internal Revenue Code, the reduction in Monthly Severance Payments pursuant to Section 8.2(a) will be given effect before any reduction in the Other Payment pursuant to the Other Agreement.

  • Corporation's obligation to make Monthly Severance Payments and provide medical and dental insurance benefits to Executive will terminate if Executive breaches a material provision of Section 4.

  • Indeed, the Executive acknowledges that the term of his employment hereunder, the post employment Monthly Severance Payments and bonus payments and the amount of salary and bonus provided by the Company hereunder are in significant part provided by the Company to secure the Executive's agreement to such covenants.

  • If the Company’s obligation to pay Monthly Severance Payments has been terminated or reduced as provided in the foregoing paragraph, such obligation shall not thereafter be reinstated or increased, in whole or in part, and shall not affect the Executive’s covenants under Sections 6, 7, 8 or 9 of this Agreement.

  • The Company and Executive expressly agree that in the event that Executive is entitled to receive Monthly Severance Payments pursuant to paragraph 2F, Executive in his sole discretion may irrevocably elect ▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇s and thereafter shall not be prevented from rendering advice or service to, or otherwise assist a Conflicting Organization following Executive's termination of employment; provided, however, Executive shall not be relieved his obligations contained in paragraph 5.

  • If, however, Company receives written notice from Executive of Company's failure to pay a Monthly Severance Payment, Company shall pay Executive in a lump sum, in cash, an amount equal to the unpaid balance of the Monthly Severance Payments on or before the fifth (5th) day following the date Company receives such written notice from Executive.