Severance Calculation Clause Samples

The Severance Calculation clause defines how an employee's severance pay is determined upon termination of employment. Typically, it outlines the formula or criteria used to calculate the amount, such as years of service, base salary, and any additional benefits or bonuses included in the severance package. This clause ensures both parties understand the financial terms in the event of separation, providing clarity and reducing the risk of disputes over severance entitlements.
Severance Calculation. SSA may terminate your employment at any time with or without cause. Subject to ▇▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇, if SSA terminates your employment for any reason other than “For Cause” (as hereinafter defined), in which event SSA shall provide you with no less than thirty (30) days prior written notice, or You terminate your employment with Good Reason (as hereinafter defined), upon the effective date of your termination of employment (“Termination Date”), You will be entitled to the following: (a) Payment of any accrued but unpaid base salary through the Termination Date and any unpaid bonus earned but not yet paid with respect to any prior fiscal quarter; and (b) Continuation of payment of your base salary for TWELVE (12) months; said payments to be made periodically in accordance with SSA’s local payroll practices; (c) If applicable, continuation for a period of FOUR (4) fiscal quarters (inclusive of the fiscal quarter applicable to your actual Termination Date) of fifty percent (50%) of your quarterly base target bonus (based on 100% achievement and exclusive of any multipliers); said payments to be made on a quarterly basis in accordance with SSA’s local practices; and (d) If applicable, a pro rata portion of your annual target bonus (based on 100% achievement and exclusive of any multipliers) for the fiscal year in which such termination occurs, determined by multiplying fifty percent (50%) of your annual target bonus by a fraction the numerator of which is the number of days in the fiscal year prior to the Termination Date and the denominator of which is 365 (such amount to be paid to you at the end of SSA’s then current fiscal year in accordance with SSA’s local practice).
View SourceView Similar (2)
Severance Calculation. (a) A Regular Full-time Employee shall be eligible for severance pay in the amount of two (2) week’s full-time pay at their Basic Rate of Pay for each full year of continuous employment to a maximum of forty (40) weeks’ pay. (b) A Regular Part-Time Employee shall be eligible for severance pay in the amount of two (2) week’s full-time pay at their Basic Rate of Pay for each full period of one thousand nine hundred (1900) hours worked at the Basic Rate of Pay to a maximum of forty (40) weeks’ pay. (c) For purposes of severance, continuous employment will be calculated from the last date of hire recognized with the Employee’s current Employer.
View SourceView Similar (2)
Severance Calculation. Employees shall receive eighty hours of base pay as severance. In addition an employee shall receive an additional forty hours of base pay plus any applicable shift differential for each subsequent 365 days of continuous employment up to a maximum aggregate amount of 240 hours of base pay.
View Source
Severance Calculation. Notwithstanding any provision of the Severance Plan to the contrary, the definition of “Cash Compensation" shall include the sum of the highest Equity Bonus paid under Section 3.4 hereunder to Executive or any annualized comparable bonus paid to Executive under any predecessor employment agreement (all such bonuses shall be referred to as “Equity Bonus”) with the Company during any of the three fiscal years immediately preceding the year in which the Change of Control occurs or, if greater, the annualized value of any pro rata Equity Bonus paid during the year in which the Change of Control occurs.
View Source
Severance Calculation. The Company and the Participant acknowledge and agree that neither the Option granted hereunder nor any compensation attributable to such Option shall constitute a performance bonus for purposes of the calculation of severance benefits under Section 6.2 of the Employment Agreement or any successor provision thereto.
View Source
Severance Calculation. Eligible teachers, upon retirement, shall receive as severance pay the amount obtained by multiplying 100% of his/her unused number of sick days, not to exceed 140 days, times his/her daily rate of pay.
View Source
Severance Calculation 
View Source

Related to Severance Calculation

  • Payment and Year-End Adjustment Amounts accrued pursuant to this Agreement shall be payable to the Adviser as of the last day of each month. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.

  • Severance Amount If the Company is required to pay Executive severance by the express terms of Section 7(a) or 7(b), the Company shall pay Executive the following as severance: (1) Executive's Base Salary at the highest rate in effect prior to the Termination Date as salary continuation for a period of eighteen months commencing on the date on which Executive's employment with the Company is terminated (the "TERMINATION DATE") (the "SEVERANCE PERIOD"), payable in equal monthly installments pursuant to the Company's customary payroll practices for executive salaries; provided, however, that, at the option of the Company, the amounts payable under this Section 7(c) may be paid by the Company in one lump sum. (2) Executive, Executive's spouse, and Executive's dependents will continue to be eligible for coverage under the Company's group health plan or any successor plan on the same basis as active executive employees of the Company, their spouses, and their dependents for the duration of the Severance Period. If and when group health coverage under another employer's plan is made available to Executive, Executive's spouse, or Executive's dependents, the Company's obligations under this paragraph will cease with respect to each person to whom such coverage is made available, notwithstanding that such person may not in fact become covered under such other employer's plan. Executive's portion of the premium for such coverage shall be withheld from the salary continuation payments described in paragraph (1) immediately above or, if salary continuation has been paid in a lump sum, Executive shall reimburse the Company for Executive's portion of the premium on a monthly basis. (3) An amount equal to the sum of amounts paid or payable to Executive as bonuses by the Company for the year prior to the year in which the Termination Date occurs. This amount will be payable in one lump sum, to Executive within 30 days after the end of the Severance Period. (4) Executive shall become 100% vested in all of the shares of restricted stock granted to Executive under the Mariner Energy, Inc. Equity Participation Plan to the extent Executive is less than 100% vested in such shares as of the Termination Date. (5) Executive shall become 50% vested in all of the rights and interests granted to Executive under the Company's stock and other equity plans (other than the Mariner Energy, Inc. Equity Participation Plan), including without limitation any stock options, restricted stock, restricted stock units, performance units, and/or performance shares to the extent Executive is less than 50% vested in such award as of the Termination Date. (6) Notwithstanding any other provision hereof, if the Company incurs an obligation to pay severance under this Section 7(c) in connection with the termination of Executive's employment after the consummation of an initial public offering by the Company, then, subject to Section 7(h), Executive shall be entitled to receive the amounts specified in Section 8(a) in lieu of the amounts specified in Sections 7(c)(1) and 7(c)(3). (7) Payments under this Section 7(c) shall be in lieu of any severance benefits otherwise due to Executive under any severance pay plan or program maintained by the Company that covers its employees or executives generally. If Executive receives payment under Section 8(a), payments otherwise payable under Section 7(c)(1) shall terminate.

  • Calculation of Benefits Immediately following delivery of any Notice of Termination, the Company shall notify the Executive of the aggregate present value of all termination benefits to which he would be entitled under this Agreement and any other plan, program or arrangement as of the projected Date of Termination, together with the projected maximum payments, determined as of such projected Date of Termination that could be paid without the Executive being subject to the Excise Tax.

  • Lump Sum Severance Payment Payment of a lump sum amount equal to twelve (12) months of Executive’s then-current Base Salary plus the Pro Rated Bonus, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the Release required by Paragraph 4(g) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.

  • Change in Control Benefits In the event there is a Change in Control, as defined below, and the Executive’s employment hereunder is terminated by the Executive for Good Reason or by the Employer without Cause (other than on account of the Executive’s death or disability), in each case within twelve (12) months either (a) after Executive’s employment has terminated or (b) following a Change in Control, the Executive shall be entitled to be paid, in a single lump sum, severance equal to two (2) years’ salary at that salary rate being paid to Executive as of the date of the Executive’s termination together with an amount equal to one times (1.0x) the average of the Annual Bonus paid to Executive for services during the preceding three (3) calendar years (or the Executive’s period of employment, if less than three (3) years), provided; that, in the event the Executive’s employment has terminated and Executive has been paid a severance benefit under Section 6 of this Agreement, such change in control benefit under this Section 7 shall be reduced by the amount of the severance benefit previously paid. Executive acknowledges and agrees that such payment is in lieu of all damages, payments and liabilities on account of the early termination of this Agreement and is the sole and exclusive remedy for Executive (other than rights, if any, to exercise any of the stock options vested prior to such termination), and shall only be paid, within 60 days after his separation from service with Employer, subject to Executive’s execution and delivery to Employer, within such 60-day period, of a complete release of all claims Executive may have against the Employer, its officers, directors, agents, employees, predecessors, successors, parents, subsidiaries, and affiliates. If the 60-day period referred to in the immediately preceding sentence begins in one calendar year and ends in the following calendar year, then the payment shall be made in the latter calendar year. If upon termination of employment Executive chooses to arbitrate any claims pursuant to Section 18, Executive shall be deemed to have waived Executive’s right, if any, to severance.