Severance Payment definition

Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

Severance Payment shall have the same meaning as the term "parachute payment" defined in Section 280G(b)(2) of the Code.

Severance Payment shall have the meaning set forth in Section 5(b)(i).

Examples of Severance Payment in a sentence

• The Company may withhold from the Severance Payment and any other amounts payable under this Agreement all federal, state, local, FICA, Medicaid and similar taxes required by applicable law to be withheld by the Company.

• All other provisions of this Article 3 shall be applicable to any Retention Bonus and Severance Payment payments to which the Executive becomes entitled under this Section 3.14.

• Except as provided below in Section 3.14, the Executive shall not be entitled to receive any Retention Bonus, Severance Payment or other payments or benefits under this Agreement if his Employment is terminated for any reason prior to the expiration of the Retention Period or earlier Change in Control and if a Change in Control subsequently occurs.

• The Executive shall have no duty to mitigate the amount of the Severance Payment by seeking other employment or by taking any other action, and the amount of the Severance Payment shall not be reduced by any income that the Executive receives from subsequent employment.

• Furthermore, this Agreement may be terminated after the occurrence of a Change in Control only by the written agreement of the Company and the Executive; provided, however, that the Executive shall be entitled to a Severance Payment hereunder only as provided in Section 3.1.

More Definitions of Severance Payment

Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. “Severance payment” includes any payment for actual or threatened litigation involving or related to the employment con- tract.

Severance Payment means a cash amount equal to three times the sum of (i) Executive’s Base Salary at the rate in effect as of the date on which the Employment Period terminates, and (ii) Executive’s Target Bonus for such year.

Severance Payment has the meaning assigned to that term in Section 7.

Severance Payment means a payment, in lieu of any other severance payment or benefit pursuant to any other plan or agreement of the Employer, the Company or any Affiliate to which the Executive is otherwise entitled, of an amount equal to the product of (i) the Severance Multiple multiplied by (ii) the sum of (A) the Executive’s annual base salary immediately prior to the time of Severance and (B) the Executive’s Target Bonus for the calendar year immediately prior to the calendar year in which the Severance occurs.

Severance Payment means an amount equal to the sum of:

Severance Payment shall have the meaning given that term in Section 1(b) hereof.

Severance Payment means an amount equal to the sum of (i) two times Executive’s annual base salary as in effect pursuant to Section 2.1 immediately prior to Executive’s termination of employment with Company, plus (ii) the Pro-Rata Bonus.