Severance Account definition

Severance Account means an account established on or prior to thirty (30) Business Days following the Effective Date for the purpose of funding Severance Payments.
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Severance Account means an account established on or prior to thirty
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Examples of Severance Account in a sentence

  • The following Severance Account shall be effective: Interpreters must accumulate the maximum 250 days of sick leave to be eligible to accumulate days in the Severance Account.

  • The following Severance Account shall be effective: Psychologist must accumulate the maximum of 250 days of sick leave to be eligible to accumulate days in the Severance Account.

  • If there is a shortfall in the Severance Account relative to the legally mandated amount, it shall be paid by the Company.

  • Each Person set forth on the Severance List that (a) does not object to the confirmation of the Plan and (b) executes an Employee Claim Release (an “Eligible Employee”) shall, unless otherwise agreed in writing between Reorganized Cubic Energy and such Person, receive a Cash payment from the Severance Account at the times set forth in the Severance List (taking into account any deferrals permitted pursuant to the Severance List) (a “Severance Payment”).

  • Within thirty (30) Business Days following the Effective Date, Holders of Reorganized Cubic Energy Membership Interests shall establish the Severance Account.

  • After all Severance Payments have been distributed to Eligible Employees, the undistributed amount remaining in the Severance Account, if any, shall become the sole and exclusive property of the Holders of Reorganized Cubic Energy Membership Interests.

  • Upon termination, sums in the Severance Account in excess of that due as per the Severance Pay Law of 1963-5723 shall be refunded back to the Company.