Examples of Additional Severance Pay in a sentence
The Bank will further pay to the Chairman a sum which shall be equal to 150% of the last Salary, according to the meaning of "Salary" in Section 2.2 above, multiplied by the number of his years of employment (" Additional Severance Pay").
Notwithstanding the provisions of Sections 2.7 and 2.8 above, if the Chairman's employment is terminated (god forbid) under circumstances in which an employee can be laid off without severance pay, full or partial, and even if the severance pay is not actually denied, ex gratia, the Chairman shall not be entitled to an advance notice or to the redemption thereof, nor to an Additional Severance Pay or to an Adjustment Grant, as provided above.
Subject to the Executive providing the Company with a Full Release, in lieu of any further compensation for periods subsequent to the Termination Date, the Company will pay the Executive Basic Severance Pay and Additional Severance Pay.
The amount of Additional Severance Pay provided for in Section 3.1(b)(ii) will be paid in a single lump sum cash payment by the Company to the Executive (or his designated beneficiary) on the earliest of (i) the first business day after six months following the Termination Date, (ii) the Executive’s death, or (iii) such other date that will cause such payment not to be subject to any additional tax imposed pursuant to the provisions of Section 409A.
The remaining Severance Pay and Additional Severance Pay installments will be paid over time during the time periods described above on a semi-monthly basis in accordance with Premier’s normal payroll practices for its employees.Thus, as outlined below, although you may take up to 45 days to consider and sign this Agreement, you may sign the Agreement before the end of the 45-day period should you wish to do so in order to avoid an initial gap in pay.
Additional Severance Pay: Effective April 1, 2023, the Employer shall refill the “severance banks” of all current bargaining unit employees in accordance with GRIWA Article 55 based on each employee’s original date of hire, regardless of any payments received in weekly bridge or lump sum payments heretofore, or such greater amount as may be provided in the Successor GRIWA.
The amount of Additional Severance Pay will be paid in a single lump sum cash payment by the Company to the Executive (or his designated beneficiary) on the earliest of (i) the first business day after six months following his Termination Date, (ii) the Executive’s death, or (iii) such other date that will cause such payment not to be subject to any additional tax imposed pursuant to the provisions of Section 409A.
Basic Severance Pay and Additional Severance Pay as defined below and payable in the manner hereinafter set forth.
To ensure that all such formalities could be handled smoothly, [Bank A-HK] offered Additional Severance Pay equivalent to 50% of my salary for each month from 1/11/1998 to 30/6/1999.
Notwithstanding the foregoing, because of the timing and optional revocation requirements mandated by law as set forth in Section 14 and 15 below, the Severance Pay and Additional Severance Pay described above will begin on Premier’s first regular payday that is 60 days following the Effective Date of this Agreement or the Separation Date, whichever is later, and will include Severance Pay and Additional Severance Pay for the period from your Separation Date through the first installment payment date.