Additional Severance Payment Clause Samples
The Additional Severance Payment clause defines an extra monetary amount that an employer agrees to pay an employee upon termination, beyond any standard severance entitlements. This clause typically specifies the conditions under which the additional payment is triggered, such as termination without cause or following a change in company ownership, and may outline the calculation method or a fixed sum. Its core practical function is to provide enhanced financial security to the employee in certain termination scenarios, often serving as an incentive for retention or as compensation for loss of employment under specific circumstances.
Additional Severance Payment. If the Employee is covered by the Company health care plan, the Employee shall receive a cash payment equal to twelve (12) multiplied by the cost of a single month of COBRA coverage at the rates in effect on the date of termination. If such coverage included the Employee’s dependents immediately prior to the Employee’s termination of employment with the Company, such payment shall also include the cost of COBRA coverage for the Employee’s dependents.
Additional Severance Payment. If the Employee’s Service Term at the time of termination is equal to or greater than twelve (12) months and the Employee is covered by the Company health care plan, then the Employee shall receive a lump sum cash payment equal to nine (9) multiplied by the cost of a single month of COBRA coverage at the rates in effect on the date of termination. If such coverage included the Employee’s dependents immediately prior to the Employee’s termination of employment with the Company, such payment shall also include the cost of COBRA coverage for the Employee’s dependents.
Additional Severance Payment. Subject to the terms and conditions of the Agreement - NIS ___________
Additional Severance Payment. Subject to Executive’s continued compliance with this Agreement including without limitation, Executive’s obligations and undertakings pursuant to Section 1.3 and 3 hereof, and the Employment Agreement, the Company shall pay to Executive, in addition to any rights and entitlements under law and the Executive’s Employment Agreement, an amount equal to the sum of Executive’s Base Salary and Target Bonus, less applicable withholdings, in a cash lump sum as soon as administratively practicable following the date that the Release (as defined below) was executed by Executive.
Additional Severance Payment. In addition to the amounts set forth in paragraphs 2 and 3 above, but subject to paragraph 15 hereof and to Gunter's full compliance with the terms of this Agreement including ▇▇▇ ▇▇▇ditions set forth below, the Company shall continue to pay Gunter his base salary at the rate of $130,000 per year from the Te▇▇▇▇▇▇ion Date until the date eighteen
Additional Severance Payment. Subject to the terms and conditions of the Agreement Certain capitalized terms used in this Release are defined in the Executive Severance Benefits Agreement (the “Agreement”), which I have executed and of which this Release is a part. I hereby confirm my obligations under the Company’s Employee Proprietary Information and Inventions Agreement. I also hereby confirm that of the date hereof, I have received all amounts and/or entitlements to which I am due as a result of or in connection with my employment with the Company including, without limitation, with respect to salary, wages, back wages, contributions to managers insurance (*) and education fund (**), severance pay, annual vacation, overtime pay, travel allowance, recreation pay (***), sick pay, commissions, incentives, bonuses, options, notice period or payment in lieu of notice, deferred compensation payments, expenses, benefits, and reimbursement of any kind and any other payment or benefits or rights whatsoever in connection with my employment with the Company or termination of my employment or that otherwise might be owed to me by the Company. In accordance with the termination of my employment at the Company I am entitled to all sums as described in the List of Final Payments, attached to this letter. I accept the payments described in the List of Final Payments as full, complete and unconditional payment, settlement and satisfaction of any and all obligations of the Company arising out of my employment or the termination of my employment, or that otherwise might be owed to me by the Company. Upon completion by the Company of the payments listed in the attached “List of Final Payments” in connection with my employment with the Company and/or the termination of such employment, neither myself, nor anyone on my behalf, has or will have any claim, demand and/or cause of action, including with respect to my dismissal and/or entitlement to severance pay, whether or not now known, suspected or claimed, which I have ever had, now have, or may claim to have against the Company and/or its affiliates (whether directly or indirectly) pursuant to the Employment Agreement or otherwise against Company and/or its affiliatesand/or anyone on its behalf, including its partners, investors, predecessors, successors, heirs, assigns, directors, employees or shareholders or any of their representatives of successors or affiliated corporations or organizations, whether previously or hereinafter affiliated in any mann...
Additional Severance Payment. Subject to Executive’s continued compliance with this Agreement, including without limitation, Executive’s obligations and undertakings pursuant to Section 1.3 and 3 thereof, the Company shall pay to Executive, in addition to any rights and entitlements under law or agreement, an amount equal to two times the sum of Executive’s Base Salary and Target Bonus. The severance contemplated by this Section 2.1(a) (the “Cash Severance”), which shall be subject to all required tax and other applicable withholdings, shall be payable in equal monthly installments during the period commencing on the date of termination and ending twenty-four (24) months thereafter (the “Severance Period”). Notwithstanding the foregoing, but subject to Section 6.13(b), all or a portion of the Cash Severance shall be paid in a lump sum on the sixtieth (60th) day following the date of Executive’s Separation from Service (as defined below) solely to the extent (and in such amount, which for the avoidance of doubt, shall be the maximum amount) that such lump sum payment would not result in any additional excise tax or tax penalties under Section 409A of the Code.
Additional Severance Payment. If Executive’s employment is terminated under Section 7(a) or 7(b) of this Agreement, then Executive will be entitled to an additional severance payment of $1,000,000 if within the first 12 months, $667,000 if within the second 12 months, and $334,000 if within the third 12 months of this Agreement respectively.
Additional Severance Payment. Subject to your execution and non-revocation of this Agreement, you may be paid a single lump sum cash amount, based on provisions of the Annual Incentive Plan for such applicable fiscal year, in accordance with, and subject to, the terms and provisions of the Plan, as determined by Tyson in its sole discretion. This amount will be paid through ▇▇▇▇▇’▇ regular payroll practice beginning on the first payroll date commencing on or after July 9, 2023.
Additional Severance Payment. In addition to the Base Salary Severance, if you sign, date and return this Agreement to the Company within twenty-one (21) days of the date hereof, you do not revoke it, and you comply with your continuing obligations under this Agreement and the Severance Plan (including your continuing obligations under your Employee Proprietary Information Agreement), you shall be eligible to receive a one-time additional cash payment of $130,900 (the “Additional Severance Payment”), based on the Company’s achievement of the pre-established corporate goals (the “Goals”) established by the Compensation Committee of the Board in connection with the Company’s 2011 Incentive Compensation Plan. Any payment of the Additional Severance Payment will occur at the same time as such amounts under the Company’s 2011 Incentive Compensation Plan are paid to other similarly situated Company executives.