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.