Method of Payment of Severance Sample Clauses

The "Method of Payment of Severance" clause defines how severance payments will be delivered to an employee upon termination. It typically specifies whether the severance will be paid as a lump sum or in installments, outlines the timing of payments, and may address the form of payment, such as direct deposit or check. By clearly establishing the payment process, this clause ensures both parties understand their rights and obligations, reducing the risk of disputes over severance disbursement.
Method of Payment of Severance. An employee may elect to receive their severance payment as a lump sum, or as enhanced early retirement if eligible, or MPI and the employee may agree on another method of payment, such as those below: • A payment staggered over an agreed defined period. For example, 50% immediately, 25% after 6 months and 25% after a further six months. The employee will remain eligible for MPI vacancies as a preferred applicant until the final payment has been made. Payments and entitlements cease as soon as the employee has been placed in MPI, or the employee turns down a suitable position offered by MPI or 100% severance has been paid. If re-employed in MPI during this period all service is retained. • Leave with Pay for a period equivalent to the amount of severance. The employee remains eligible for MPI vacancies as a preferred applicant during this period. Leave and entitlements cease when employment is obtained either with MPI or another employer, or if the employee turns down a suitable MPI placement, or when the amount available is used. Secondary employment may be approved. During this period, an employee may choose to receive the balance of severance as a lump sum, and cease all entitlements. • Leave Without Pay for an agreed and defined period. The employee remains eligible for MPI vacancies as a preferred applicant during this period. If a suitable position has not been found by MPI, or with another employer by the end of the period, lump sum severance, or enhanced early retirement will be paid. The amount will be calculated at the rate applying at the beginning of the LWOP.
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Method of Payment of Severance. An observer may elect to receive their severance payment as a lump sum, or as enhanced early retirement if eligible, or MPI and the observer may agree on another method of payment, such as those below: • A payment staggered over an agreed defined period. For example, 50% immediately, 25% after 6 months and 25% after a further six months. The observer will remain eligible for MPI vacancies as a preferred applicant until the final payment has been made. Payments and entitlements cease as soon as the observer has been placed in MPI, or the observer turns down a suitable position offered by MPI or 100% severance has been paid. If re- employed in MPI during this period all service is retained. • Leave with Pay for a period equivalent to the amount of severance. The observer remains eligible for MPI vacancies as a preferred applicant during this period. Leave and entitlements cease when employment is obtained either with MPI or another employer, or if the observer turns down a suitable MPI placement, or when the amount available is used. Secondary employment may be approved. During this period, an observer may choose to receive the balance of severance as a lump sum, and cease all entitlements • Leave Without Pay for an agreed and defined period. The observer remains eligible for MPI vacancies as a preferred applicant during this period. If a suitable position has not been found by MPI, or with another employer by the end of the period, lump sum severance, or enhanced early retirement will be paid. The amount will be calculated at the rate applying at the beginning of the LWOP • Lump Sum - if an observer who has received a full severance payment, or enhanced early retirement, including after LWOP, is subsequently re- employed by MPI, then they will be a new observer for all intents and purposes, except for sick leave provisions, where 3.8 applies. However, recognising that severance is not a voluntary option for an observer, an observer may buy back service either by a lump sum repayment of a proportion of the severance, or by reduced wages for a period. • Any other mutually agreed option for the payment of severance may be used.
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Method of Payment of Severance. An employee may elect to receive their severance payment as a lump sum, or as enhanced early retirement if eligible, or MPI and the employee may agree on another method of payment, such as those exampled below in (a)-(c). a) A payment staggered over an agreed defined period. For example, 50% immediately, 25% after 6 months and 25% after a further six months. The employee will remain eligible for MPI vacancies as a preferred applicant until the final payment has been made. Payments and entitlements cease as soon as the employee has been placed in MPI, or the employee turns down a suitable* position offered by MPI or 100% severance has been paid. If reemployed in MPI during this period all service is retained. b) Leave with Pay for a period equivalent to the amount of severance. The employee remains eligible for MPI vacancies as a preferred applicant during this period. Leave and entitlements cease when employment is obtained either with MPI or another employer, or if the employee turns down a suitable* MPI placement, or when the amount available is used. Secondary employment may be approved. During this period, an employee may choose to receive the balance of severance as a lump sum, and cease all entitlements.
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Related to Method of Payment of Severance

  • Method of Payments Any amount due under this Guarantee shall be paid: (a) in immediately available funds; (b) to such account as the Security Trustee may from time to time notify to the Guarantor; (c) without any form of set-off, cross-claim or condition; and (d) free and clear of any tax deduction except a tax deduction which the Guarantor is required by law to make.

  • Conditions to Receipt of Severance Benefits The receipt of the Severance Benefits will be subject to you signing and not revoking a separation agreement and release of claims in a form reasonably satisfactory to the Company (the “Separation Agreement”) by no later than the sixtieth (60th) day after your employment termination (“Release Deadline”). No Severance Benefits will be paid or provided until the Separation Agreement becomes effective. You shall also resign from all positions and terminate any relationships as an employee, advisor, officer or director with the Company and any of its affiliates, each effective on the date of termination.

  • Reduction of Severance Benefits If any payment or benefit that the Executive would receive from any Company Group member or any other party whether in connection with the provisions in this Agreement or otherwise (the “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Payment will be equal to the Best Results Amount. The “Best Results Amount” will be either (x) the full amount of the Payment or (y) a lesser amount that would result in no portion of the Payment being subject to the Excise Tax, whichever of those amounts, taking into account the applicable federal, state and local employment taxes, income taxes and the Excise Tax, results in the Executive’s receipt, on an after-tax basis, of the greater amount. If a reduction in payments or benefits constituting parachute payments is necessary so that the Payment equals the Best Results Amount, reduction will occur in the following order: (A) reduction of cash payments in reverse chronological order (that is, the cash payment owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first cash payment to be reduced); (B) cancellation of equity awards that were granted “contingent on a change in ownership or control” within the meaning of Section 280G of the Code in the reverse order of date of grant of the awards (that is, the most recently granted equity awards will be cancelled first); (C) reduction of the accelerated vesting of equity awards in the reverse order of date of grant of the awards (that is, the vesting of the most recently granted equity awards will be cancelled first); and (D) reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first benefit to be reduced). In no event will the Executive have any discretion with respect to the ordering of Payment reductions. The Executive will be solely responsible for the payment of all personal tax liability that is incurred as a result of the payments and benefits received under this Agreement, and the Executive will not be reimbursed, indemnified, or held harmless by any member of the Company Group for any of those payments of personal tax liability.

  • Method of Compensation It is understood by the parties that, insofar as pay is concerned, employees temporarily filling a position in a higher broadband level shall be paid according to the same compensation method as promoted employees pursuant to the Rules of the State Personnel System.

  • Method of Payment Subject to Section 8.01(c), distributions required to be made to Certificateholders on any Payment Date as provided in Section 5.01 shall be made to each Certificateholder of record on the preceding Record Date by wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions at least five Business Days prior to such Payment Date or, if not, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register.