Definition of Severance Benefit Payment


Severance Benefit Payment means the sum of the severance benefits payable to Executive as described in Paragraph 4.
Sample 1

Examples of Severance Benefit Payment in a sentence

The Severance Benefit Payment shall be paid to Employee in semi-monthly installments in the same amounts and at the same times as Employee's base pay was being paid at the time of the Severance Event, until the full amount of the Severance Benefit Payment has been paid.
An Eligible Employees Severance Benefit Payment will equal the Eligible Employees (a) Rate of Pay, multiplied by (b) the Severance Multiple.
On a Qualified Termination and subject to the provisions of Section 6 herein, an Eligible Employee will be eligible to receive a lump-sum payment of cash severance (Severance Benefit Payment) calculated based on the Eligible Employees Rate of Pay and years of service with the Company.
On a Qualified Termination and subject to the provisions of Section 6 herein, the Company will provide the Eligible Employee a taxable lump-sum cash payment in an amount equal to $1,000 (the Additional Payment and together with the Severance Benefit Payment, the Cash Severance).
Participant will be entitled to the Severance Benefits ten (10) days after the "Separation from Service" or ten (10) days after the Company's receipt of the signed unrevoked release agreement, whichever is later (the "Severance Benefit Payment Date").