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
Severance payment should be allocated to all appropriate programs and/or entities on a reasonable basis.
The Severance payment shall be an amount equal to one week of regular wage per year of service with no maximum.
Severance payment will not be made to any employee who terminates for any reason other than layoff, with the following exceptions.
A Severance payment will be paid to Bargaining Unit employees with at least five (5) years of service and payable upon termination and abandoning re-call rights.
Severance payment liability recognized in the balance sheet is calculated according to the net present value of expected amount in the future arising from all employees’ retirements and represented in financial statements.
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 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.