Grouped Into 7 Collections of Similar Clauses From Business Contracts
This page contains Severance Pay clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Severance Pay. (a) Pursuant to the terms set forth in your employment offer letter with the Company effective May 16, 2017 (the "Offer Letter"), the Company will continue to pay you an amount equal to your current base salary for a period of 9 months after the Termination Date in accordance with the Company's standard payroll procedures, starting after the Effective Date. The aggregate amount of these severance payments equals $283,061, less all applicable withholdings. These payments will commence within 30 d...ays of the Release Deadline and, once they commence, they will be retroactive to the Termination Date. If you breach any provision of this Agreement, you understand that no unpaid severance payments will be made; however, in such event this Agreement shall remain in full force and effect. (b) Additionally, pursuant to the terms of the Executive Retention Bonus Plan dated October 1, 2018, you will be paid an aggregate of $94,354, less applicable withholdings, within 30 days of the Release Deadline. Dr. Haut Page 2 5. COBRA Premiums. You will receive information about your right to continue your group health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act ("COBRA") after the Termination Date. In order to continue your coverage, you must file the required election form. If you sign and do not revoke this Agreement and elect to continue group health insurance coverage, then the Company will pay the employer portion of the monthly premium under COBRA for you and, if applicable, your dependents until the earliest of (a) 9 months after the Termination Date, (b) the expiration of your continuation coverage under COBRA or (c) the date when you receive substantially equivalent health insurance coverage in connection with new employment or self-employment.View More
Severance Pay. (a) Pursuant to the terms set forth in your employment offer letter with the Company effective May 16, 2017 July 31, 2018 (the "Offer Letter"), the Company will continue to pay you an amount equal to your current base salary for a period of 9 6 months after the Termination Date in accordance with the Company's standard payroll procedures, starting after the Effective Date. The aggregate amount of these severance payments equals $283,061, $192,500, less all applicable withholdings. These payments... will commence within 30 days of the Release Deadline and, once they commence, they will be retroactive to the Termination Date. If you breach any provision of this Agreement, you understand that no unpaid severance payments will be made; however, in such event this Agreement shall remain in full force and effect. (b) Additionally, pursuant to the terms of the Executive Officer Retention Bonus Plan dated October 1, 2018, you will be paid an aggregate of $94,354, $96,250, less applicable withholdings, within 30 days of the Release Deadline. Dr. Haut Kelley Page 2 5. COBRA Premiums. You will receive information about your right to continue your group health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act ("COBRA") after the Termination Date. In order to continue your coverage, you must file the required election form. If you sign and do not revoke this Agreement and elect to continue group health insurance coverage, then the Company will pay the employer portion of the monthly premium under COBRA for you and, if applicable, your dependents until the earliest of (a) 9 6 months after the Termination Date, (b) the expiration of your continuation coverage under COBRA or (c) the date when you receive substantially equivalent health insurance coverage in connection with new employment or self-employment. View More
Severance Pay. Subject to you not revoking this Agreement as set forth in Section 16 below and in accordance with your offer letter, dated as of December 15, 2015 (the "Offer Letter"), the Company will on the first payroll date following the Effective Date: (i) commence paying you your current base salary for nine months in accordance with the Company's standard payroll procedures, and (ii) will make a lump sum cash payment to you equal to $148,556 (which represents your target bonus for 2019), each less all a...pplicable withholdings. If you breach any provision of this Agreement, you understand that no additional severance payments will be made.View More
Severance Pay. Subject to you not revoking this Agreement as set forth in Section 16 below and in accordance with your offer letter, dated as of December 15, 2015 June 13, 2014 (the "Offer Letter"), the Company will on the first payroll date following the Effective Date: (i) commence paying you your current base salary for nine months in accordance with the Company's standard payroll procedures, and (ii) will make a lump sum cash payment to you equal to $148,556 $124,704 (which represents your target bonus for...2019), 2018), each less all applicable withholdings. If you breach any provision of this Agreement, you understand that no additional severance payments will be made. View More
Severance Pay. The Employee will receive Severance Pay pursuant to Employee's status as a Tier II Participant in the Genworth Financial, Inc. 2015 Key Employee Severance Plan, as amended (the "Severance Plan"), which is incorporated herein by reference, and entitles Employee to receive a one-time, lump sum payment of 1.0 times Employee's current annual base salary and 1.0 times Employee's annual bonus, together totaling $1,875,000, less applicable deductions and withholdings, within sixty (60) days of the Term...ination Date.View More
Severance Pay. The Employee will receive Severance Pay pursuant Pursuant to Employee's status as a Tier II Participant participant in the Genworth Financial, Inc. 2015 Key Employee Severance Plan, as amended (the "Severance Plan"), which is "Plan," incorporated herein by reference, and entitles reference) Employee to shall receive a one-time, lump sum payment of 1.0 times Employee's current annual base salary and 1.0 times Employee's annual bonus, together totaling $1,875,000, $1,150,000, less applicable deduc...tions and withholdings, within sixty (60) days of the Termination Date. View More
Severance Pay. In the event that you fully execute this Agreement and Release on or before October 21, 2021 and return it to FHLBank as set forth below, and do not revoke it within 7 days, you will be considered to have resigned your employment with FHLBank as of September 10, 2021. In that event, in consideration for said Agreement and Release, including the waiver and discharge of all claims, as set forth in paragraph 15 herein, against FHLBank, its directors, officers and employees, as set forth herein and ...your agreement to the other terms and conditions of this Agreement and Release, you shall receive the following as Severance Pay: a.Salary Continuation under the Executive Officer Severance Policy. Your salary will continue to be paid to you for a period of twelve months from September 11, 2021 in an amount equal to your final base salary at which you were being paid on the Termination Date, subject to all appropriate withholding and taxation. This payment is subject to reduction due to any payments you may owe FHLBank. You will not receive employer contributions under the Federal Home Bank of Topeka 401K Plan/or the Benefit Equalization Plan or any additional credit pursuant to the Benefit Equalization Plan as a result of salary continuation. b.Cash Incentive and Deferred Incentive under the Executive Incentive Compensation Plan dated December 14, 2018 ("EICP"). For the Base Performance Period ending December 31, 2021, you will be eligible to receive the pro rata portion of the Total Base Opportunity earned through September 10, 2021, subject to all provisions of the EICP and the discretion reserved to the CEO and the FHLBank's Board of Directors regarding the EICP, which will not be applied in a discriminatory manner, including but not limited to achievement of performance measures and reduction or elimination of an award for the Base Performance Period and/or for any Deferral Performance Period as provided under the terms of the EICP. In addition, you will be eligible to receive all Deferred Incentives for all applicable and outstanding Deferred Performance Periods subject to all provisions of the EICP and the discretion reserved to the CEO and the Exhibit 10.1FHLBank's Board of Directors regarding the EICP, which will not be applied in a discriminatory manner, including but not limited to achievement of performance measures and reduction or elimination of an award for any Deferral Performance Period as provided under the terms of the EICP. Further, should the Board of Directors determine to provide a cash bonus to present FHLBank Named Executive Officers in recognition of amounts held back from Deferred Incentives paid in 2020 and 2021 and if and to the extent the Federal Housing Finance Agency (Finance Agency) does not object to such bonus payments to the Named Executive Officers, you will receive a lump sum cash payment calculated in the same manner as the cash bonus paid to the Named Executive Officers. The Cash Incentive and Deferred Incentives are subject to all conditions set forth in the EICP, including but not limited to the following:a.Prior non-objection by the Finance Agency;b.Deduction of FICA taxes before payment;c.Your adherence to the non-disclosure and non-solicitation provisions of paragraph 3.5 of the EICP. c.Health Coverage Payment. You will receive an additional lump sum payment of $ 49,557, less applicable taxes and other authorized or required withholdings, which is to compensate you for the cost of health insurance for you and your dependents for approximately twenty-four months. You agree not to elect Cobra coverage under FHLBank's health-insurance-related benefit plan and voluntarily waive your right to that Cobra coverage. You understand your right to this Health Coverage Payment is conditioned on neither you nor any of your dependents electing Cobra insurance coverage. This payment is being offered as an alternative to your traditional Cobra rights and supersedes your right to elect Cobra for any Cobra coverage period that would otherwise apply.View More
Severance Pay. In the event that you fully execute this Agreement and Release on or before October 21, 2021 within 21 days of receipt thereof, i.e., no later than January 13, 2017, and return it to FHLBank as set forth below, and do not revoke it within 7 days, you will be considered to have resigned your employment with FHLBank as of September 10, 2021. December 31, 2016. In that event, in consideration for said Agreement and Release, including the waiver and discharge of all claims, as set forth in paragraph... 15 herein, against FHLBank, its directors, officers and employees, as set forth herein and your agreement to the other terms and conditions of this Agreement and Release, you shall receive the following as Severance Pay: a.Salary a. Salary Continuation under the Executive Officer NEO Severance Policy. Your salary will continue to be paid to you for a period of twelve nine months from September 11, 2021 in an amount equal to your final base salary at which you were being paid on the Termination Date, subject to all appropriate withholding and taxation. This payment is subject to reduction due to any payments you may owe FHLBank. b. Benefit Continuation under the NEO Severance Policy. For a period of nine months, you may elect to participate in FHLBank's health insurance-related benefit plan and pay the premium as though an active employee, though the premium is subject to possible increases in FHLBank's sole discretion. These payments will be deducted from your salary continuation payments. FHLBank will pay the remainder of the COBRA coverage costs. You will not receive employer contributions under the Federal Home Bank of Topeka 401K Plan/or the Benefit Equalization Plan or any additional service credit pursuant to the defined benefit plan or the Benefit Equalization Plan as a result of salary or benefit continuation. b.Cash c. Cash Incentive and Deferred Incentive under the Executive Incentive Compensation Plan dated December 14, 2018 18, 2015 ("EICP"). For the Base Performance Period ending December 31, 2021, 2016, and all outstanding Deferral Performance Periods as of your Termination Date, you will be eligible to receive the pro rata portion of the Total Base Opportunity earned through September 10, 2021, applicable Cash Incentive and Deferred Incentive, subject to all provisions of the EICP and the discretion reserved to the CEO and the FHLBank's Board of Directors regarding the EICP, which will not be applied in a discriminatory manner, including but not limited to achievement of performance measures goals and reduction or elimination of an award for the Base Performance Period and/or for any Deferral Performance Period as provided under the terms of the EICP. In addition, you For purposes of determining awards for both the Cash Incentive and the outstanding Deferred Incentives, the following apply: (1) it will be eligible to receive all Deferred Incentives for all applicable assumed that you achieved satisfactory levels of individual performance, and outstanding Deferred Performance Periods subject to all provisions of the EICP and the discretion reserved to the CEO and the Exhibit 10.1FHLBank's Board of Directors regarding the EICP, which will (2) that you were not be applied in a discriminatory manner, including but not limited to achievement of performance measures and reduction or elimination of an award for any Deferral Performance Period as provided under the terms of the EICP. Further, should the Board of Directors determine to provide a cash bonus to present FHLBank Named Executive Officers in recognition of amounts held back from Deferred Incentives paid in 2020 and 2021 and if and to the extent the Federal Housing Finance Agency (Finance Agency) does not object to such bonus payments to the Named Executive Officers, you will receive a lump sum cash payment calculated in the same manner as the cash bonus paid to the Named Executive Officers. terminated "for cause". The Cash Incentive and Deferred Incentives are subject to all conditions set forth in the EICP, including but not limited to the following:a.Prior following: 1. Prior non-objection by the Finance Agency;b.Deduction Federal Housing Financing Agency (Finance Agency); 2. Deduction of FICA taxes before payment;c.Your payment; 3. Your adherence to the non-disclosure and non-solicitation provisions of paragraph 3.5 of the EICP. c.Health Coverage Payment. You Any Cash Incentive or Deferred Incentive will receive an additional lump sum payment be paid to you on the date that other eligible employees are paid under the terms of $ 49,557, less applicable taxes and other authorized or required withholdings, which is to compensate you for the cost of health insurance for you and your dependents for approximately twenty-four months. You agree not to elect Cobra coverage under FHLBank's health-insurance-related benefit plan and voluntarily waive your right to that Cobra coverage. You understand your right to this Health Coverage Payment is conditioned on neither you nor any of your dependents electing Cobra insurance coverage. This payment is being offered as an alternative to your traditional Cobra rights and supersedes your right to elect Cobra for any Cobra coverage period that would otherwise apply. EICP. View More
Severance Pay. If the Bank and the Employee do not agree before the Anniversary Date on mutually satisfactory terms for the Employee's continued employment with the Bank beyond the Anniversary Date, the Employee may elect to resign effective on the Anniversary Date or be terminated without Cause by the Bank effective on the Anniversary Date, at his election, for the purpose of supporting a potential claim for unemployment benefits subject to applicable law. For the avoidance of doubt, the Employee's entitlemen...ts under this Agreement shall be no greater if the Employee elects to be terminated without Cause by the Bank effective on the Anniversary Date rather than to resign effective on the Anniversary Date. In the event of any such resignation or termination without Cause, then subject to the Employee signing a separation agreement to be proposed by the Bank, which shall be substantially in the form attached hereto as Exhibit A, amended as reasonably necessary based on applicable law (the "Separation Agreement and Release") and the Separation Agreement and Release becoming irrevocable, all within 45 days after the date of termination, the Bank shall pay to the Employee a severance amount equal to the Employee's annual base salary as of the date of termination (the "Base Severance Amount"). If prior to the Anniversary Date, the Employee's employment is terminated by the Bank for any reason other than for Cause, Disability or death, or if the Employee resigns for Good Reason, then subject to the Employee signing the Separation Agreement and Release and the Separation Agreement and Release becoming irrevocable all within 45 days after the date of termination, the Bank shall pay to the Employee a severance amount equal to the Employee's base salary as of the date of termination expressed in monthly terms multiplied by the number of months from the date of termination to the two year anniversary of the Effective Date, prorated for partial months (the "Early Termination Severance Amount"). The Base Severance Amount or the Early Termination Severance Amount, whichever is applicable, is referred to as the "Severance Pay." The Severance Pay shall be paid in a lump sum within 45 days of the date of termination; provided, however, that if the 45-day period begins in one calendar year and ends in a second calendar year, the Severance Pay shall be paid in the second calendar year no later than the last day of such 45-day period. For the avoidance of doubt, (i) the Employee shall not be entitled to receive both the Base Severance Amount and the Early Termination Severance Amount; and (ii) in the event that during the Employee's employment before the Anniversary Date, there exists Cause for termination or the Employee dies, the Employee shall not be eligible for Severance Pay.View More
Severance Pay. If prior to the Bank and five year anniversary of the Employee do not agree before the Anniversary Date on mutually satisfactory terms for Effective Date, the Employee's continued employment with the Bank beyond the Anniversary Date, the Employee may elect to resign effective on the Anniversary Date or be is terminated without Cause by the Bank effective on the Anniversary Date, at his election, for the purpose of supporting a potential claim any reason other than for unemployment benefits subje...ct to applicable law. For the avoidance of doubt, the Employee's entitlements under this Agreement shall be no greater Cause, Disability or death, or if the Employee elects to be terminated without Cause by the Bank effective on the Anniversary Date rather than to resign effective on the Anniversary Date. In the event of any such resignation or termination without Cause, resigns for Good Reason, then subject to the Employee signing a separation agreement to be proposed by the Bank, which shall be substantially in the form attached hereto as Exhibit A, amended as reasonably necessary based on applicable law (the "Separation Agreement and Release") and the Separation Agreement and Release becoming irrevocable, all within 45 days after the date of termination, the Bank shall pay to the Employee a severance amount equal to the Employee's annual base salary as of the date of termination (the "Base Severance Amount"). If prior to the Anniversary Date, the Employee's employment is terminated by the Bank for any reason other than for Cause, Disability or death, or if the Employee resigns for Good Reason, then subject to the Employee signing the Separation Agreement and Release and the Separation Agreement and Release becoming irrevocable all within 45 days after the date of termination, the Bank shall pay to the Employee a severance amount equal to the Employee's base salary as of the date of termination expressed in monthly terms multiplied by the number of months from the date of termination to the two year anniversary of the Effective Date, prorated for partial months (the "Early Termination Severance Amount"). The Base Severance Amount or the Early Termination Severance Amount, whichever is applicable, is referred to as the "Severance Pay." Pay"). The Severance Pay shall be paid in a lump sum within 45 days of the date of termination; provided, however, that if the 45-day period begins in one calendar year and ends in a second calendar year, the Severance Pay shall be paid in the second calendar year no later than the last day of such 45-day period. For the avoidance of doubt, (i) the Employee shall not be entitled to receive both the Base Severance Amount and the Early Termination Severance Amount; and (ii) in the event that during the Employee's employment before the Anniversary Date, there exists Cause for termination or the Employee dies, the Employee shall not be eligible for Severance Pay.View More
Severance Pay. Except as provided in Section 4 of this Agreement, Severance Pay payable to the Executive pursuant to this Agreement shall mean two (2.0) times the highest annual compensation (including only salary and bonuses) paid by the Bank to Executive for any of the two (2) calendar years ending with the year in which Executive's employment is terminated. Severance Pay shall be reduced by all amounts that are required to be withheld or deducted under federal, state or municipal law.
Severance Pay. Except as provided in Section 4 of this Agreement, Severance Pay payable to the Executive pursuant to this Agreement shall mean two (2.0) 2.99 times the highest annual compensation (including only salary and bonuses) paid by the Bank to Executive for any of the two (2) calendar years ending with the year in which Executive's employment is terminated. Severance Pay shall be reduced by all amounts that are required to be withheld or deducted under federal, state or municipal law.
Severance Pay. Pursuant to Section 5 of the Employment Agreement, in exchange for the releases set forth below in Sections 7 and 16, and the other terms and conditions of this Agreement, the Company will provide Executive with the severance benefits set forth in this Section, which Executive acknowledges she would otherwise not be eligible to receive provided that on or before the Last Date of Employment, Executive has returned all Company property in her possession and resigned as a member of the Boards of Di...rectors of the Company and all of its subsidiaries and affiliated entities, to the extent applicable: (a) The Company will pay Executive nine (9) months of base salary in the gross amount of Two Hundred Ten Thousand Dollars ($210,000) (the "Severance Pay"). The Severance Pay shall be paid in a lump sum less applicable withholdings for the payment of wages and such other deductions as may be authorized by Executive on the first regularly scheduled pay day that is at least five (5) business days following the Effective Date (as defined below) after receipt of the release set forth in Section 16. Initial Initial (b) If you elect to continue your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act ("COBRA"), then the Company will pay the same portion of your monthly premium under COBRA as it pays for active employees until the earliest of (i) the close of the 9-month period following your Separation, (ii) the expiration of your continuation coverage under COBRA or (iii) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. (c) The Company shall provide Executive with outplacement services with a provider of the Company's choice, for a period of six (6) months, at a cost not to exceed Twelve Thousand ($12,000.00) Dollars.View More
Severance Pay. Pursuant to Section 5 of the Employment Agreement, in exchange for the releases release set forth below in Sections 7 and 16, and the other terms and conditions of this Agreement, the Company will provide Executive with the severance benefits set forth in this Section, which Executive acknowledges she he would otherwise not be eligible to receive provided that on or before the Last Date of Employment, Executive has you have returned all Company property in her your possession and resigned as a m...ember of the Boards of Directors of the Company and all of its subsidiaries and affiliated entities, to the extent applicable: (a) The Company will pay Executive nine (9) six (6) months of base salary in the gross amount of Two One Hundred Ten Forty-Five Thousand Dollars ($210,000) ($145,000) (the "Severance Pay"). The Severance Pay shall shall: (i) be at Executive's regular base pay rate at the end of employment ($12,083.33 per semi-monthly pay period); (ii) be paid in a lump sum accordance with the Company's payroll practices for its employees; (iii) be calculated less applicable withholdings for the payment of wages and such other deductions as may be authorized by Executive Executive; and (iv) begin on the first regularly scheduled pay day that is at least five (5) business days following the Effective Date (as defined below) after receipt below). (b) Except as may be otherwise mutually agreed, the Company will pay Executive a pro-rated bonus based on the number of days worked by Executive during the 2013 fiscal/calendar year to the extent that applicable individual and Company performance goals are deemed by the Board to have been met for the applicable period. The amount of the release set forth in Section 16. Initial Initial (b) bonus, if any, will be determined by the Company according to its regular practices and policies for calculating bonuses, less applicable withholdings, and will be paid to Executive at the same time as bonuses are paid to Company employees, on or before March 15, 2014. (c) If you elect to continue your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act ("COBRA"), then the Company will pay the same portion of your monthly premium under COBRA as it pays for active employees until the earliest of (i) the close of the 9-month 6-month period following your Separation, (ii) the expiration of your continuation coverage under COBRA or (iii) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. (c) The Company shall provide Executive with outplacement services with a provider of the Company's choice, for a period of six (6) months, at a cost not to exceed Twelve Thousand ($12,000.00) Dollars.View More
