Severance Pay definition

Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.
Severance Pay means the payment determined pursuant to Section 2.1 hereof.
Severance Pay means the amount, if any, payable under Section 4 of the Plan to an Eligible Employee.

Examples of Severance Pay in a sentence

  • Severance pay is based on the employee’s gross salary and is calculated at the rate of two weeks pay for each completed year and portion of a year of creditable service.

  • Severance pay resumes, without any recomputation, when the employee separates from the nonqualifying time- limited appointment.

  • Severance pay accrues on a day- to-day basis following the recipient’s separation from Federal employment.

  • Both enhanced and regular Severance pay to seniority employees shall be calculated on the annualized salary in effect at the time of lay-off, according to Schedule H attached hereto.

  • Severance pay shall be dispersed in a lump sum payment directly to the Educational Support Professional.


More Definitions of Severance Pay

Severance Pay means the amounts payable as set forth in Section 5(a).
Severance Pay means compensation in addition to regular salaries and wages that is paid by a school to an employee whose employment is being terminated.
Severance Pay shall only mean the Executive's base salary at the Severance Rate.
Severance Pay means payment or provision of: (i) EXECUTIVE's then applicable base salary for a period of 12 months after the termination date to be paid at the same times and in the same amounts as if EXECUTIVE's employment had continued; (ii) substantially equivalent health, medical, life, and disability to the extent permitted by HOH insurance policies or plans, for the same 12-month period; and (iii) any incentive bonuses which become due under paragraph 5, for the year in which termination occurs, prorated for the portion of the year during which EXECUTIVE continued to be employed by HOH to be paid with the same Bonus Plan calculations and at the same time as bonuses are paid to other employees who participate in the Incentive Plan. Severance Pay is conditioned on EXECUTIVE's execution of a full and final release in form satisfactory to HOH and performance of EXECUTIVE's covenants in paragraphs 9, 10 and 11 of this Agreement.
Severance Pay means Severance Allowance as provided in Section 3(a) and Exhibit A plus Alternate AIP Award or Alternate SIP Award, as applicable, as provided in Section 3(c) and (d).
Severance Pay means the amounts payable as set forth in Sections 5(a) and (b).