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Best Pay contract clause examples

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: # commence paying you your current base salary for nine months in accordance with the Company’s standard payroll procedures, and # will make a lump sum cash payment to you equal to $148,556 (which represents your target bonus for 2019), each less all applicable withholdings. If you breach any provision of this Agreement, you understand that no additional severance payments will be made.

Severance: The Company agrees to pay you, in the first payroll period following the Effective Date (as defined below), a lump sum payment in the gross amount of $388,000, less applicable state and federal payroll deductions, which equals twelve (12) months of your current base salary;

Severance Pay. The Company will make cash severance payments to you equal in aggregate to # your base salary in effect as of the Separation Date, which is $515,000, and # your annual cash target bonus in effect as of the Separation Date, which is $257,500 ((i) and (ii) together, the “Severance Pay”). The Company will pay the Severance Pay in 24 equal installments of $32,187.50 each over a 12-month period following the Effective Date on the Company’s regular payroll schedule, with the first payment occurring on the first regularly scheduled payday no earlier than one week after the Effective Date (as defined herein). The Severance Pay shall be subject to standard payroll deductions and withholdings.

Bonus Severance Pay. The Company will pay you an amount equal to the “Monthly Annual Target Bonus” that you would have received if you had been paid severance under the Severance Plan, from January 1, 2018 until March 15, 2018, in the total amount of $66,229.17, less all applicable withholdings and deductions (“Bonus Severance Pay”). The Bonus Severance Pay will be paid as lump sum on the Company’s regular payroll schedule that occurs on or around October 31, 2018. You understand and acknowledge that the Company is providing this Bonus Severance Pay and the other Severance Benefits in reliance on the representations and warranties by you in this Agreement.

Severance Payment. Although the Company has no obligation to do so, if you sign this Agreement, allow it to become effective, and comply with your obligations under this Agreement, then the Company will pay you, as severance, the equivalent of one (1) month of your base salary in effect as of the Separation Date ($22,916.67), subject to standard payroll deductions and withholdings. This amount will be paid in a lump sum within ten (10) days after the Effective Date (as defined in [Section 12(c)]).

Severance Payment. Pursuant to the terms of your Employment Agreement with the Company dated August 10, 2015 (the “Employment Agreement”), the Company will pay you six (6) months of your base salary, less standard payroll deductions and tax withholdings, as cash severance plus any bonus amounts determined in accordance with Section 4 below (the “Severance”). The Severance will be paid # for the base salary, in the form of continuing base salary payments on the Company’s regular payroll schedule, with such payments to start on the first payroll date thirty (30) days following the Separation Date, and # for the bonus, as provided in Section 4 below. You acknowledge and agree that such continuing payments represent the cash severance you are entitled to under the Employment Agreement.

Severance Pay. If you do not rescind this Agreement as set forth in Section 7 below, the Company shall provide you with six (6) months of severance pay, in the total gross amount of One Hundred and Sixty-Seven Thousand and Five Hundred Dollars ($167,500.00) (the “Severance Pay”). The Severance Pay will be payable in equal installments at your current bi-weekly amount on the normal bi-weekly payroll schedule, less applicable deductions and withholdings.

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