Week of Severance Pay definition

Week of Severance Pay means an Eligible Employee’s annual base salary in effect on the date of his/her termination, divided by fifty two (52). With respect to an Eligible Employee paid on an hourly basis, a Week of Severance Pay shall be based on the Eligible Employee’s hourly rate in effect on the date of his/her termination, multiplied by forty (40) (which number shall be prorated in the case of a part-time employee regularly scheduled to work less than forty (40) hours a week). A Week of Severance Pay for an Eligible Employee paid on a commission basis will be based on the sum of that Eligible Employee’s annual basic salary, if any, plus all commissions paid over the twelve month period preceding the date of termination, divided by fifty two (52) (or if service is less than twelve months, the number of full weeks of actual employment).
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Week of Severance Pay means an Eligible Associate's regular weekly base rate of pay in effect on the effective date of a Non-CIC Severance (prior to any reductions taken for payroll taxes, income tax withholdings, elective deferrals made to or in connection with Cerner's Associate benefit plans or Executive Deferred Compensation Plan, and excluding any overtime, bonuses, commissions, premium pay, benefits, expense reimbursements, etc.). For example, a Week of Severance Pay for an Eligible Associate whose annual base salary as of the Non-CIC Severance (excluding the pay and benefits listed above) is $52,000, would be $1,000 ($52,000/52 weeks).
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Week of Severance Pay means an amount equal to an Eligible --------------------- Employee's Base Weekly Pay determined as of the Severance Event.
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Related to Week of Severance Pay

  • Period of Severance means a continuous period of time during which an Employee is not employed by the Employer. Such period begins on the date the Employee retires, quits or is discharged, or if earlier, the twelve (12) month anniversary of the date on which the Employee was otherwise first absent from service.

  • 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.

  • 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)

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

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