Monthly Severance Payment definition

Monthly Severance Payment means the monthly installment amount of the Base Salary of Executive at the time of Executive’s termination plus the monthly average of the short-term incentive payments (quarterly bonus) actually paid to Executive during the twelve (12) months immediately preceding Executive’s termination. Executive will be eligible for a number of Monthly Severance Payments based on the schedule below: Length of Service Monthly Severance Payments New hire up to six months 0 Six months up to 12 months 3 12 months up to 18 months 6 18 months up to 24 months 9 24 months or more 12
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Monthly Severance Payment means one-twelfth of any amount in the Escrow Account remaining after the withdrawal by the Company referred to in Section 4(a), minus the amount of any salary earned by you during such month, plus interest applicable to the Monthly Severance Amount, net of all applicable withholding taxes.
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Monthly Severance Payment with respect to the Executive shall be equal the quotient resulting from dividing (a) the aggregate sum of all salary paid to, and incentive bonuses earned by, the Executive pursuant to this Agreement and prior employment with the Company during the three year period ended December 31 of the year prior to the date of termination of the Executive's employment by (b) 36. For purposes hereof, (i) the amount of the incentive bonus in said clause (a) shall be deemed to be $40,000 for 1997, $85,000 for 1998 and $80,000 for 1999; and (ii) in the event any non-cash consideration is included in any such incentive bonus in 2000 or thereafter, such non-cash consideration shall be included at the value reasonably assigned by the Board of Directors or the Compensation Committee thereof at the time such bonus is awarded or, in the absence of any such value determination, at the fair market value determined by independent appraisal.
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Examples of Monthly Severance Payment in a sentence

  • If Employee's ---------------------------------------- employment by the Company is terminated by the Company without Cause pursuant to Section 3(b)(ii), the Company shall pay Employee (i) the compensation and other benefits expressly provided under this Agreement through the Termination Date; and (ii) the Severance Amount, payable in 24 equal monthly installments of the Monthly Severance Payment commencing with the first calendar month after the Termination Date.

  • If, however, Company receives written notice from Executive of Company's failure to pay a Monthly Severance Payment, Company shall pay Executive in a lump sum, in cash, an amount equal to the unpaid balance of the Monthly Severance Payments on or before the fifth (5th) day following the date Company receives such written notice from Executive.

  • If Employee's --------------------------------------- employment by the Company is terminated by Employee for Good Reason pursuant to Section 3(b)(v), the Company shall pay Employee (i) the compensation and other benefits expressly provided under this Agreement through the Termination Date; and (ii) the Severance Amount, payable in 24 equal monthly installments of the Monthly Severance Payment commencing with the first calendar month after the Termination Date.

  • Each Monthly Severance Payment shall be treated as a separate payment for the purposes of Code Section 409A.

  • The Monthly Severance Payment shall be due and payable on or before the day of the month that Company paid Executive the Base Salary.

  • If Employee's employment by the Company is terminated by the Company without Cause pursuant to Section 3(b)(ii), the Company shall pay Employee (i) the compensation and other benefits expressly provided under this Agreement through the Termination Date; and (ii) the Severance Amount, payable in 24 equal monthly installments of the Monthly Severance Payment commencing with the first calendar month after the Termination Date.

  • Each Monthly Severance Payment shall be treated as a separate payment for the purposes of Section 409A of the Internal Revenue Code of 1986, as amended and the treasury regulations and other guidance promulgated thereunder (the “Code”).

  • On the last day of each month commencing with the first month after the first anniversary of your Involuntary Termination and ending with the twelfth month after such anniversary, you may receive an amount equal to the Monthly Severance Payment following delivery to the Company and to Sun Healthcare of your sworn statement that you are entitled to receive such amount hereunder.

  • The Monthly Severance Payment shall be due and payable on or before the day of the month that Company paid the Executive the Base Salary.

  • In the event that before a Change in Control occurs as defined in Section 7, Executive terminates his employment with Corporation for Good Reason under Section 5.4 or Corporation terminates Executive's employment with Corporation without Cause under Section 5.5, Executive will be entitled to receive severance equal to 12 months multiplied by the base salary per month in effect as of the date of termination, payable in equal monthly installments (each installment, a "Monthly Severance Payment").


More Definitions of Monthly Severance Payment

Monthly Severance Payment with respect to the Executive shall be equal the quotient resulting from dividing (a) the aggregate sum of all salary paid to, and incentive bonuses earned by, the Executive pursuant to this Agreement and prior employment with the Company during the three year period ended December 31 of the year prior to the date of termination of the Executive's employment by (b) 36. For purposes hereof, (i) the Special Compensation Bonus under Paragraph 3E shall be excluded in calculating the "incentive bonus" component in clause (a) above; (ii) the amount of the incentive bonus in said clause (a) shall be deemed to be $40,000 for 1997, $105,000 for 1998 and $200,000 for 1999; and (iii) in the event any non-cash consideration is included in any such incentive bonus in 2000 or thereafter, such non-cash consideration shall be included at the value reasonably assigned by the Board of Directors or the Compensation Committee thereof at the time such bonus is awarded or, in the absence of any such value determination, at the fair market value determined by independent appraisal.
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Monthly Severance Payment with respect to the Executive shall be equal the quotient resulting from dividing (a) the aggregate sum of all salary paid to, and incentive bonuses earned by, the Executive pursuant to this Agreement and prior employment with the Company during the three year period ended December 31 of the year prior to the date of termination of the Executive's employment by (b) 36.
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Related to Monthly 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.

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

  • Monthly salary means the portion of a member’s annual compensation which is paid to him or her per month.

  • 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.

  • Severance Amount means:

  • 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.

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 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 –

  • Contingent Compensation Payment means any payment (or benefit) in the nature of compensation that is made or made available (under this Agreement or otherwise) to a “disqualified individual” (as defined in Section 280G(c) of the Code) and that is contingent (within the meaning of Section 280G(b)(2)(A)(i) of the Code) on a Change in Ownership or Control of the Company.

  • 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.

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

  • Deferred Sales Charge Payment Date means June 10, 2015 and the tenth day of each month thereafter through October 10, 2015.

  • PAGA Payment means the penalties pursuant to PAGA that the Parties have agreed is a

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

  • Advance Payment means a payment that a federal awarding agency or passthrough entity makes by any appropriate payment mechanism, including a predetermined payment schedule, before the non-federal entity disburses the funds for program purposes.

  • Deferred Sales Charge Payment Dates means the dates specified for deferred sales fee installments under "Investment Summary--Fees and Expenses" in the Prospectus for the Trust.

  • 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.

  • Estimated Swap Termination Payment means, with respect to an Early Termination Date, an amount determined by Party A in good faith and in a commercially reasonable manner as the maximum payment that could be owed by Party B to Party A in respect of such Early Termination Date pursuant to Section 6(e) of the ISDA Master Agreement, taking into account then current market conditions.

  • 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).

  • Bonus Payment means a cash payment in an amount equal to the sum of (i) all Excise Taxes payable by the Executive, plus (ii) all additional Excise Taxes and federal or state income taxes to the extent such taxes are imposed in respect of the Bonus Payment, such that the Executive shall be in the same after-tax position and shall have received the same benefits that he would have received if the Excise Taxes had not been imposed. For purposes of calculating any income taxes attributable to the Bonus Payment, the Executive shall be deemed for all purposes to be paying income taxes at the highest marginal federal income tax rate, taking into account any applicable surtaxes and other generally applicable taxes which have the effect of increasing the marginal federal income tax rate and, if applicable, at the highest marginal state income tax rate, to which the Bonus Payment and the Executive are subject. An example of the calculation of the Bonus Payment is set forth below. Assume that the Excise Tax rate is 20%, the highest federal marginal income tax rate is 40% and the Executive is not subject to state income taxes. Further assume that the Executive has received an excess parachute payment in the amount of $200,000, on which $40,000 ($200,000 x 20%) in Excise Taxes are payable. The amount of the required Bonus Payment is thus computed to be $100,000, i.e., the Bonus Payment of $100,000, less additional Excise Taxes on the Bonus Payment of $20,000 (i.e., 20% x $100,000) and income taxes of $40,000 (i.e., 40% x $100,000), yields $40,000, the amount of the Excise Taxes payable in respect of the original excess parachute payment.

  • Swap Termination Payment Upon the designation of an “Early Termination Date” as defined in the Swap Agreement, the payment to be made by the Swap Administrator to the Swap Provider from payments from the Trust Fund, or by the Swap Provider to the Swap Administrator for payment to the Trust Fund, as applicable, pursuant to the terms of the Swap Agreement.

  • Annual Payment The total amount payable to the Settlement Fund Administrator by the Settling Distributors on the Payment Date each year, as calculated by the Settlement Fund Administrator pursuant to Section IV.B.1.e. For the avoidance of doubt, this term does not include the Additional Restitution Amount or amounts paid pursuant to Section X.

  • Retention Bonus means the amount equal to:

  • Termination Payments has the meaning specified in Section 10(a).

  • Change in Control Payment means any payment or distribution by the Corporation in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of Executive that is contingent on a Change in Control, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise.