Lump Sum Severance Payment definition

Lump Sum Severance Payment means a lump sum payment in the amount equal to $3,223,560 minus the sum of (i) the aggregate amount of Salary Payments and severance payments previously paid to the Executive (calculated without giving effect to any reduction provided for in the proviso to the first sentence of Section 4.1) or then payable to the Executive pursuant to Sections 4.1(a)(i) or 4.1(b)(i), and (ii) an amount equal to interest at the rate of 6% per annum on the remaining Salary Payments that would otherwise be made through March 31, 2007, such interest to be calculated on each such payment from the date of termination of the Executive’s employment to the date on which the payment in question would otherwise be made.
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Lump Sum Severance Payment means an amount in cash equal to the result of multiplying (i) the Monthly Severance by (ii) the Severance Period.
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Examples of Lump Sum Severance Payment in a sentence

  • The Lump Sum Severance Payment shall be paid to the Executive on a date that is six months and a day after the Qualifying Termination.

  • The sum of the Salary Continuation Severance Payments and the Lump Sum Severance Payment shall be referred to as the “Severance Amount.” The Severance Amount shall not be taken into account for purposes of determining the Executive’s rights under any other employee benefit or compensation plans, agreements, arrangements or policies established, maintained or contributed to by the Company or its subsidiaries or affiliates.

  • The Lump Sum Severance Payment, benefits under the Retirement Plans and Exhibit B Benefits pursuant to this Section II are in lieu of any other payments or benefits (and, except as specifically provided under the Retirement Plans and the Exhibit B Benefit Programs, none shall accrue) after the Separation Date.

  • The Company shall pay as severance pay to Employee a lump sum amount of Two Million Four Hundred Sixty-Five Thousand One Hundred Thirty-Nine Dollars and No Cents ($2,465,139.00), less applicable withholding and authorized deductions, within ten days after his return of this executed Agreement to AMC ("Lump Sum Severance Payment"), provided this Separation Agreement has not sooner been revoked, in whole or in part, by Employee.

  • In that event, Employee shall not be eligible for either the Lump Sum Severance Payment, the Continuing Base Salary Payments, immediate vesting of stock options, or, except as required by law, the Welfare Benefits.

  • In no event will any Lump Sum Severance Payment be made later than two and one-half months following the calendar year in which the Termination Date occurred.

  • Mr. Linquist became entitled to receive: (i) $6,784,830, which represents the value of his outstanding stock options and restricted stock that automatically vested upon consummation of the Business Combination; (ii) $1,390,480, which represents the value of his annual cash performance award that became vested and deemed earned in full at the target level; and (iii) $6,569,190, which represents the value of his Lump Sum Severance Payment and Benefits described above.

  • Upon a Change in Control, in addition to all the awards attributable to the NEO immediately vesting as noted in (1) above, if a resulting termination of employment also occurs, the Named Executive Officer would be entitled to receive the Cash Severance consisting of the Lump Sum Severance Payment described in more detail in “Change in Control Agreements” above, together with the Benefits consisting of certain health and dental benefits.

  • Mr. Stachiw became entitled to receive: (i) $1,642,158, which represents the value of his outstanding stock options and restricted stock that automatically vested upon consummation of the Business Combination; (ii) $343,950, which represents the value of his annual cash performance award that became vested and deemed earned in full at the target level; and (iii) $1,788,748, which represents the value of his Lump Sum Severance Payment and Benefits described above.

  • The following are the Severance Payments referenced in Section 3.01:(a) Lump Sum Severance Payment.

Related to Lump Sum 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. 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 Payments shall have the meaning set forth in Section 6.1 hereof.

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 of this Agreement.

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Termination Benefit means the benefit set forth in Article 7.

  • Change in Control Benefits means the following benefits:

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Lump Sum Payment means, collectively, the lump-sum payments that may be payable to Executive pursuant to the first sentence of Subsection 6(b)(iii) and pursuant to Subsection 6(c)(ii)(B).

  • Severance Amount means:

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • Early Termination Payment is defined in Section 4.3(b) of this Agreement.

  • Compensation Payment means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of an insurer to a complainant to compensate the complainant for a proven or estimated financial loss incurred as a result of the insurer’s contravention, non-compliance, action, failure to act, or unfair treatment forming the basis of the complaint, where the insurer accepts liability for having caused the loss concerned, but excludes any –

  • Retention Bonus means the amount equal to:

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.

  • Severance Costs means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel.

  • Termination Payment has the meaning set forth in Section 6.03.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Incentive Payment means the payment to a STGU, including an AOBC Generation Unit, for RPS class I Renewable Generation Attributes and/or Environmental Attributes produced by these units, calculated pursuant to Section 7.0 below.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Accrued Bonus means the bonus, which may be negative or positive, which is calculated in the manner set forth in Section V.A.