Additional Severance definition

Additional Severance with respect to an Executive means the sum of Executive’s Benefits Continuation Amount and Executive’s Bonus Severance as set forth in Section 4B.
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Additional Severance has the meaning set forth in Section 6.5(d).
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Additional Severance has the meaning specified in Section 12.2(b).
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Examples of Additional Severance in a sentence

  • It is expressly agreed and understood that no Severance Benefits or Additional Severance Benefits shall be required to be paid or provided unless and until the foregoing Release of Claims requirement is satisfied.

  • For the avoidance of doubt, if the Executive fails to satisfy the conditions for the receipt of the Severance Benefits, the Executive shall not be entitled to any Additional Severance Benefits hereunder.

  • Additional Severance Benefits specified in this subsection are to be provided on an unfunded basis, are not intended to meet the qualification requirements of Section 401 of the Internal Revenue Code, and shall be payable solely from the general assets of the Company.

  • The payment of this Additional Severance will become due to Employee from the Company upon any event of involuntarily termination during the Term, whether it be with or without cause, or an event of individual involuntary termination or in connection with a layoff, plant closing or force reduction.

  • Without limiting the generality of the foregoing, so much of the Executive’s Severance Benefits and Additional Severance Benefits as does not exceed the "exempt amount" as hereinafter defined shall in no event be paid later than by December 31 of the second calendar year following the calendar year in which the involuntary separation from service occurs.

  • If Executive terminates this Agreement for Good Reason due to a Change in Control, as provided in Section 5(c) of this Agreement, then Executive’s Additional Severance Compensation shall be four (4) times Executive’s Base Salary.

  • If the Executive terminates this agreement for “Good Reason” under Section 5(c) (but not for a “change in control”), Executive’s Additional Severance Compensation shall be three (3) times Executive’s Base Salary.

  • The Executive also agrees that the Severance Benefits and Additional Severance Benefits shall be reduced by any other payments or benefits to which the Executive is entitled under applicable law as a result of termination of employment, including without limitation any federal, state or local law with respect to plant closing, mass layoffs or group benefits plan continuation following termination or the like.

  • In the event that Employee elects for any reason to voluntarily terminate his/her employment with the Company during the Term, then in such event Employee will not be entitled to receive the Additional Severance and will be only entitled to receive such severance and compensation benefits, if any, Employee may be entitled to receive pursuant to the policies of the Company in effect as of that date of voluntarily termination.

  • Upon termination of this Agreement for disability, the Company shall pay Executive his Accrued Compensation through the date of termination plus the Additional Severance Compensation described in Section 5(h)(ii) of this Agreement.

Related to Additional Severance

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • 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)

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 of this Agreement.

  • Additional Benefits means those benefits in addition to the rights and remedies available under the Australian Consumer Law.

  • 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.