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)

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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

• On the first payroll date following the effectiveness of the Separation Agreement, the Company will make the first payment to the insurer under this clause (and, in the case of the Special Severance Payment, such payment will be to you, in a lump sum) equal to the aggregate amount of payments that the Company would have paid through such date had such payments instead commenced on the Separation Date, with the balance of the payments paid thereafter on the schedule described above.

• Except as expressly provided in Sections 4(a) and 4(b), upon the Employment Termination Date (i) all of Executive’s rights to Base Salary and Benefits (except as mandated by applicable law) hereunder (if any) shall cease and (ii) no other severance, compensation, or retirement benefits shall be payable by the Ladder Companies to Executive other than the Elective Severance Payment (as defined in Section 9(a)) if the Company has made a Non-Competition Extension Election.

• The Severance Payment shall be paid in twelve (12) equal monthly installments commencing after Executive’s termination of employment, subject to all legally required payroll deductions and withholdings.

• Provided Employee has not breached any of the provisions of this Agreement, and provided Employee has signed and not rescinded this Agreement within the Rescission Periods, as hereinafter defined, Company agrees to pay to Employee a Severance Payment of _________________ Dollars ($__________) (“Severance Payment”), which is equal to _____ (__) [week/months] of Employee’s annual base salary calculated at Employee’s regular rate of pay as of the date of this Agreement.

• If Vision Marine US terminate Executive’s employment without Cause or Executive terminates his employment for Good Reason within two (2) years following a Change in Control, the termination shall be treated as a termination pursuant to Section 6(c) above; provided, however, that the Severance Payment shall be increased to two times (2X) Executive’s Base Salary.

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 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 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 means the payment of severance compensation as provided in Article II.

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

Severance Payment means the payment of severance compensation as provided in Section 3 of this Agreement.

Severance Payment means the Executive’s Base Salary at the time of the Termination Date plus the average of the annual bonuses earned by the Executive with respect to each of the three completed fiscal years of the Company preceding the year in which the Termination Date occurs (or such lesser number of fiscal years for which the Executive was employed by the Company, with any partial year’s bonus being annualized with respect to such fiscal year) multiplied by the severance multiplier set forth above; provided that if Executive’s Termination Date occurs on or following a Change of Control, the multiplier described above shall be increased to the post-Change of Control severance multiplier set forth above and any reduction in Executive’s Base Salary since the date of the Change of Control shall be ignored.