Lump Sum Payments Sample Clauses

Lump Sum Payments. You will receive a lump sum payment equal to 100% of your annual base salary in effect immediately prior to the date of your termination of employment (the “Termination Date”). The payments will be made on the Termination Date.

Lump Sum Payments. The retiring allowance shall be paid in annual instalments, to a maximum of three

Lump Sum Payments. Subject to the provisions of Section 9 hereof, if during the Employment Period the Corporation terminates the Executive’s employment other than for Cause or Disability, or the Executive terminates his employment for Good Reason, the Corporation shall pay to the Executive in a lump sum in cash within 15 days after the Date of Termination the aggregate of the following amounts: (A) if not therefore paid, the Executive’s Base Salary through the Date of Termination; (B) a cash amount equal to two times the sum of (1) The Executive’s annual Base Salary at the rate specified in Section 5(d)(i)(A); and (2) The Average MIC Payment as defined in Section 5(b). (C) a cash amount equal to the present value of the incremental retirement benefits (including, without limitation, any pension, retiree life or retiree medical benefits) that would have been payable or available to the Executive under any Qualified Plan, or under any supplemental retirement, life or medical plan or arrangement, whether or not qualified, maintained by the Corporation or a Subsidiary based on the age and service the Executive would have attained or completed had the Executive continued in the Corporation’s employ until the expiration of the Employment Period, determined using, where compensation at the Date of Termination, with such present value being calculated using the Discount Rate (as defined below); provided, however, that in lieu of any cash payment in respect of retirees life or medical coverage for which the Executive would have qualified by remaining in the Corporation’s employ until the expiration of the Employment Period, the Corporation may arrange for such coverage to continue for the executive (or may secure equivalent conversion coverage) and shall pay the cost of such coverage. For purposes of this Agreement, the Discount Rate shall mean the average of the rate payable on U.S. Treasury notes having a term of one year and the rate payable on high quality corporate bonds having a term of not more than 10 years as reported on the ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ indexes (or other comparable indexes); (D) a cash amount equal to the present value (determined using the Discount Rate) of any supplemental retirement benefits with respect to which the Executive had not become vested prior to the Date of Termination; and (E) a cash amount equal to any amounts (other than amounts payable to Executive under any Qualified Plans) described in Sections 7(a)(ii) and (iii).

Lump Sum Payments. The retiring allowance shall be paid in annual instalments, to a maximum of three (3) instalments of one-third of annual salary, to be paid on agreed-upon dates acceptable to the faculty member and shall be based on scale salary* without allowances at the date of retirement (i.e. last day worked) in the following amounts: Full Years to Retirement Pay Out 1 20% of annual salary 2 40% of annual salary 3 60% of annual salary 4 80% of annual salary 5 100% of annual salary *This amount could be subject to change by virtue of a new or renewed Collective Agreement that provided a salary increase applicable on the last day worked.

Lump Sum Payments. The retiring allowance shall be paid in annual instalments, to a maximum of three (3) instalments of one-third of annual salary, to be paid on agreed-upon dates acceptable to the faculty member and shall be based on scale salary* without allowances at the date of retirement (i.e. last day worked) in the following amounts: Full Years to Retirement Pay Out 1 20% of annual salary 2 40% of annual salary

Lump Sum Payments. If (X) the Company terminates the Executive's ----------------- employment other than for Cause during the Employment Period or (Y) the Executive terminates his employment for Good Reason at any time during the Employment Period, then the Company shall pay to the Executive the following amounts: (A) the Executive's Earned Salary; (B) a cash amount (the "Severance Amount") equal to three (3) times the sum of (1) the Executive's annual Base Salary;

Lump Sum Payments. The Company shall pay to the Executive, at the times determined below, the following amounts: (A) the Executive's Earned Salary; (B) a cash amount (the "Severance Amount") equal to three times the sum of (1) the Executive's annual rate of Base Salary as then in effect; (2) the average of the annual bonuses awarded or granted to the Executive under the Annual Variable Incentive Plan (or any successor plan thereto), and any other Annual Bonus, for the each of the three fiscal years of the Company (or, if less, the number of prior fiscal years during which Executive was an employee of the Company or an Affiliate) ended immediately prior to the Effective Date for which an annual bonus amount had been determined by the Board (or any committee thereof) prior to the Effective Date. If the Executive was employed by the Company or Affiliates (taken as a whole) for only a portion of any fiscal year included in the period for which the average referred to in the immediately preceding sentence is determined and the bonus awarded or granted for such fiscal year took into account such partial period of employment, such bonus for such fiscal year shall be annualized for purposes of calculating such average; and (3) if the Effective Date is on or prior to December 31, 2003, the average of the long-term incentive compensation amounts awarded or granted to the Executive with respect to each of the last three performance periods (or, if the Executive participated in the long-term compensation program in respect to a lesser number of such performance periods, such lesser number) ended prior to the Effective Date for which the amount awarded or granted had been determined by the Board (or any committee thereof) prior to the Effective Date; provided, however, that, the amount determined under this subclause (3) shall be reduced (but not below zero) by the "Determined Value" (as defined below) of any vested stock options, restricted stock or similar equity-based award or grant relating to the Company's common equity on the earlier to occur of the Executive's Date of Termination or the date on which a Change of Control occurs. For purposes of this Agreement, Determined Value shall mean the excess of the "Equity Value" over the price, if any, payable by the Executive in respect of such stock option or other award and Equity Value shall be determined to be (x) in the case of a Change of Control occurring by reason of a merger, recapitalization or similar transaction or as a result ...

Lump Sum Payments. Service credits previously accumulated, continuity of service and recall rights will be lost upon receipt by the employee of an Income Extension Aid payment in lump sum under Section 4 (b) (1) (iii), special termination payments under this Article, or payment of Severance Pay under the Plant Closing Section 2. However, an employee eligible for such a payment, who is within one year of reaching optional retirement at age 60 under the GE Pension Plan, shall retain such previously accumulated service credits and continuity of service until such employee reaches optional retirement age notwithstanding the receipt of such a payment unless the employee retires before electing optional retirement at age 60. In the event of a subsequent rehire as a "new" employee within a period of time which does not exceed the length of prior service, service credits, and recall rights previously lost shall be automatically restored provided repayment of the Income Extension Aid is made by the employee within a reasonable time after rehire. No such repayment, however, shall be required if the rehire date is more than one year from the date of termination which resulted from the election of a lump sum payment under Section 4(b)(1)(iii) or the special termination payments under Section 3(b) or Section 4(c). Service credits, continuity of service, and recall rights lost at termination upon receipt of payments under Plant Closing Section 2, shall be restored automatically without repayment in the event of subsequent rehire more than 6 months after such termination. An employee who having received payments under Plant Closing Section 2, is rehired 6 months or less after his/her termination and who has made arrangements satisfactory to the Company providing for repayment shall, during such time as he/she is not in default of such arrangements and for the purpose only of layoff and recall, be deemed to possess the service credits, continuity of service, and recall rights to be restored to him/her upon full repayment.

Lump Sum Payments. The Employer shall make three (3) lump-sum payments (not added to base salary). Payments shall be paid in a separate check on a non-pay Friday as follows: (a) Within thirty (30) days after February 1, 2019, the Employer shall make a lump- sum payment (not added to base salary) to each employee in the amount of $1,250.00 less required state and federal taxes. (b) Within thirty (30) days after February 1, 2020, the Employer shall make a lump- sum payment (not added to base salary) to each employee in the amount of $1,250.00, less required state and federal taxes. (c) Within thirty (30) days after February 1, 2021, the Employer shall make a lump- sum payment (not added to base salary) to each employee in the amount of $500.00, less required state and federal taxes.