Xxxxxxxxx Compensation. Severance Compensation" is defined as all of the compensation and benefits described in this Paragraph 10.E. It will be provided to Xxxxxxx upon the occurrence of any of the events described elsewhere in this Agreement as providing for Xxxxxxx'x receipt of Severance Compensation, but not in any other circumstances except to the extent that individual components of Severance Compensation may be separately provided pursuant to the terms of this Agreement. "Termination Date" is defined as the last day of Xxxxxxx'x employment with the Company. "Severance Period" is defined as the period beginning on the day following the Termination Date and ending on the day which is two years following the Termination Date. Benefits extending to Xxxxxxx'x spouse shall refer to Xxxxxxx'x spouse as of the date such benefits are extended or, after Xxxxxxx'x death, to Xxxxxxx'x spouse as of the date of his death. The compensation and benefits to be provided as Severance Compensation are as follows:
Xxxxxxxxx Compensation. Upon termination of this Agreement pursuant to Section 4 (a) or 4 (b), the Company shall pay to the Executive or his legal representative certain compensation (the "Severance Compensation") as follows:
Xxxxxxxxx Compensation. In the event of either (i) a Termination Without Cause by the Company or (ii) a termination for Good Reason by the Executive in accordance with Section 6(c)(ii) above, the Executive shall be entitled to receive separation pay in the form of equal installment payments (“Separation Payments”) which are in the aggregate equal to the sum of (i) twelve (12) months of the Executive’s Base Salary (as in effect at the time of termination of employment) plus (ii) any earned but unpaid annual bonus with respect to any completed fiscal year immediately preceding the effective date of Executive’s termination, plus (iii) the Pro Rata Bonus (as defined below), and (iv) an additional amount in cash equal to the aggregate payments made by the Company towards Executive’s medical and dental benefits during the three hundred sixty-five (365) day period immediately prior to the effective date of Executive’s termination. The Separation Payments will be paid, subject to applicable tax withholdings and other required withholdings, in equal installments beginning with the first Company payroll date after the effective date of termination of employment and ending twelve (12) months thereafter; provided, however, the Executive’s right to receive any Separation Payments is conditioned upon both (x) the Executive signing and delivering to the Company, by the 30th day after the Executive’s termination of employment, a general release in a form acceptable to the Company (the “Release”) and (y) the Executive not revoking the Release within thirty (30) days of the execution and delivery thereof to the Company (the “Revocation Period”). Accordingly, any Separation Payments due prior to the execution and delivery of the Release will not be paid until the first payroll date following the expiration of the Revocation Period. In addition, (A) in the event that the timing of termination enables the Executive to choose to deliver the executed Release on a date that causes the commencement of the Separation Payments to occur in the taxable year following the year of termination, then the Separation Payments shall automatically commence beginning with the first payroll period of such following taxable year, regardless of when the Executive delivers the executed Release, and (B) if any class of stock of the Company is publicly traded at the time of the
Xxxxxxxxx Compensation. In the event Executive's employment is terminated by the Company during the Term of Employment for any reason other than "Cause" (as defined in paragraph E below) the Company will pay Executive:
Xxxxxxxxx Compensation. Severance Compensation" is defined as all of the compensation and benefits described in this Paragraph 10.E. It will be provided to Employee upon the occurrence of any of the events described elsewhere in this Agreement as providing for Employee's receipt of Severance Compensation, but not in any other circumstances except to the extent that individual components of Severance Compensation may be separately provided pursuant to the terms of this Agreement. "Termination Date" is defined as the last day of Employee's employment with the Company. "Severance Period" is defined as the period beginning on the day following the Termination Date and ending on the day which is one year following the Termination Date. Should a termination occur upon or within twelve months following a Change in Control, the Severance Period will end on the day which is two years following the Termination Date. The compensation and benefits to be provided as Severance Compensation are as follows:
Xxxxxxxxx Compensation. Executive will be entitled to compensation equal to 2.5 times his then current base salary plus 2.5 times the average of Executive’s incentive pay bonuses for the three (3) years preceding the year of termination. This compensation will be paid as a one-time lump sum payment, minus all applicable deductions, within 30 days after the conditions in 5(d)(i) are fully satisfied.
Xxxxxxxxx Compensation. 1. x. Xxxxxxxxx pay will be paid to all certificated personnel upon separation from the Vigo County School Corporation, having completed not less than ten (10) years of service in the Vigo County School Corporation and having reached the age fifty (50) prior to the first contract work day of the following school year and provided the teacher submits a timely letter of resignation as follows:
Xxxxxxxxx Compensation. If the Executive's employment is terminated during the term of this Agreement for reasons other than those stated in paragraphs 2(b)(iii) or (iv), Employer shall pay Executive as Severance Compensation, without set off, reduction, or diminution for other compensation which Executive may receive from sources other than Employer, a sum equal to the gross monthly compensation which would then be payable to Executive under the terms and conditions of this Agreement without reduction for taxes except as required by law and payable for twenty-four (24) consecutive months or the remainder of the term of this Agreement whichever is greater ("Severance Compensation"). Said Severance Compensation shall be payable on the first day of each month following Executive's termination of employment. Notwithstanding the foregoing, if mutually agreed between Employer and Executive, the Severance Compensation may be paid in one lump sum or other equal payments. Employer shall maintain Executive's full medical and disability benefits for Executive and his family at no expense to Executive for twenty-four months subsequent to said termination or the remainder of the term of this Agreement whichever is greater. Thereafter, Executive shall be eligible to secure such medical and dental benefits as may be available pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA") at Executive's expense.
Xxxxxxxxx Compensation. Employees with five (5) years Lakewood Local School District experience at the time of their retirement will be paid one-fourth (1/4) of their earned, accrued but unused sick leave. Calculations for payment will be based on a maximum of two hundred thirty-two (232) days earned, accrued but unused sick leave. (e.g. maximum 1/4 of 232 days = 58 days.) Payment shall be calculated according to the teacher’s current per diem pay. Additional compensation will be awarded for service to the Lakewood Local School District: 10 years + 3 days => 61 days maximum 15 years + 4 days => 62 days maximum 20 years + 5 days => 63 days maximum 25 years + 7 days => 65 days maximum 30 years + 9 days => 67 days maximum 35 years + 11 days => 69 days maximum Only those employees whose effective date of retirement with either the State Teachers Retirement System (STRS) or the School Employees Retirement System (SERS) is no later than ninety (90) calendar days after the last paid day of service with the Lakewood Local Board of Education shall be eligible to be paid for such accrued sick leave credit. Such payment shall be based on the employee's rate of pay at the time of separation by retirement. Payment for sick leave on this basis shall be considered to eliminate all sick leave credit accrued by the employees at that time. Such payment shall be made only once to any employee. Further, such payments will be made at the time a member becomes eligible to receive his/her severance pay. If a teacher dies and has had more than ten (10) years of continuous service, severance will be paid to the surviving spouse or employee’s estate as per Ohio Revised Code.
Xxxxxxxxx Compensation. In the event the BOARD exercises its discretion to terminate XXXXX’x employment without cause pursuant to Section 12A above, the BOARD agrees to pay XXXXX a lump sum equivalent to the SUPERINTENDENT’s base salary and benefits for 20 weeks at the rate then in effect or the maximum allowed by Section 215.425, Florida Statutes, whichever is less. XXXXX agrees that the payments described in Section 12B shall be the only compensation to which he is entitled as a result of his employment being terminated without cause.
