Severance pay clause samples

Severance Pay under the Plan at the time of rehire, the individual will have no further right to any unpaid Severance Pay or Outplacement Benefits, which will immediately end upon rehire.Under certain circumstances as described below in the definition of Years of Service, service with any Employer or Affiliate prior to rehire may be taken into account in calculating Severance Pay. Effective March 31, 2016, however, any prior Years of Service will be disregarded under this Plan if an Eligible Employee is rehired and subsequently becomes eligible for benefits under this Plan.However, if any prior service is taken into account and the individual received any prior Severance Pay (or any severance benefits under any prior severance plan, policy or arrangement of any Employer or Affiliate), the amount of Severance Pay for which the individual will be eligible at termination will be the greater of (1) the dollar amount of Severance Pay for which the individual would be eligible based on his/her date of rehire (i.e., not counting the prior Years of Service) or (2) the dollar amount of Severance Pay for which the individual would be eligible based on his/her original date of hire (i.e., counting prior Years of Service), less the dollar amount of Severance Pay the individual had previously received under this Plan or any prior severance plan, policy or arrangement.

i. Terms and Conditions Applicable to Severance Pay. Severance Pay shall be paid in the form of periodic payments over a period of 24 months after the Scheduled Termination Date according to the regular payroll schedule (the “Severance Pay Period”).

(a)Termination Without Severance Pay. Executive shall not be entitled to any further compensation from the Company or any Affiliate after termination of the Employment as permitted by this Section5(a), except (A)unpaid salary installments through the end of the week in which the Employment terminates, and (B)any vested benefits accrued before the termination of Employment under the terms of any written Company policy or benefit program.

(b)Termination With Severance Pay. Executive shall not be entitled to any further compensation from the Company or any Affiliate after termination of the Employment as permitted by this Section5(b), except (A)unpaid salary installments through the end of the week in which the Employment terminates, (B)any vested benefits accrued before the termination of Employment under the terms of any written Company policy or benefit program, and (C)any Severance Pay to which Executive is entitled under this Section5(b).

(d)Offsets to Severance Pay. The Severance Pay due to Executive under Section6(a)(i) will be reduced (but not below 0) by: (i)any disability benefits to which Executive i] entitled for any portion of the fifty-two (52)week period covered by Section6(a)(i)under any disability insurance policy or program of the Company or any Affiliate (including but not limited to worker’s disability compensation); (ii)any severance pay payable to Executive under any other agreement or Company policy; (iii)any payment due to Executive under the Federal Worker Adjustment and Retraining Notification Act or any comparable state statute or local ordinance; and (iv)any amount owing by Executive to the Company that the Company is legally entitled to set off against the Severance Pay under applicable law.

6.Severance Pay. The Company will pay and provide Executive with the payments and benefit continuation provided in this Section6 (“Severance Pay”) upon Executive’s “separation from service” as that term is defined by Section409A of the Internal Revenue Code (the “Code”), if Executive’s Employment is terminated as provided in Section5(b) and the Executive contemporaneously or subsequently experiences a separation from service.

(c)Conditions to Severance Pay. To be eligible for Severance Pay, Executive must meet the following conditions: (i)Executive must comply with Executive’s obligations under this Agreement that continue after termination of the Employment; (ii)Executive must not claim unemployment compensation for any week for which Executive receives payment under Section6(a)(i) above; (iii)Executive must promptly sign and continue to honor a release, in form acceptable to the Company, of any and all claims arising out of or relating to Executive’s Employment or its termination and that Executive might otherwise have against the Company, the Company’s Affiliates, any of their officers, directors, employees and agents, provided that the release will not waive Executive’s right to any payments due under this Section or Section5, or any right of Executive to liability insurance coverage under any liability insurance policy or to indemnification under the Company’s Articles of Incorporation or Bylaws or any written indemnification agreement; (iv)Executive must reaffirm in writing upon request by Company Executive’s obligations under Sections 7, 8 and 9 of this Agreement; (v)Executive must resign upon written request by Company from all positions with or representing the Company or any Affiliate, including but not limited to membership on boards of directors; and (vi)Executive must provide the Company for a period of ninety (90)days after the Employment termination date with consulting services regarding matters within the scope of Executive’s former duties, upon request by [“the Company’s Chief Executive Officer” or, in the case of the Chief Executive Officer, “the Company”]; Executive will only be required to provide those services by telephone at Executive’s reasonable convenience and without substantial interference with Executive’s other activities or commitments.

If the Chief Executive Officer terminates the employment and thus has no right to severance pay, he shall receive one monthly base salary for each month of the non-compete period with no corresponding payment of severance pay. A deduction in the compensation shall be made for other gross income {either employment income or business income, including Director's fees), or other payments from the Equinor group earned during the non-compete period. Such deduction shall be limited to 50% of the compensation.

(b) Termination With Severance Pay. Executive shall not be entitled to any further compensation from the Company or any Affiliate after termination of the Employment as permitted by this Section 5(b), except (A) unpaid salary installments through the end of the week in which the Employment terminates, (B) any vested benefits accrued before the termination of Employment under the terms of any written Company policy or benefit program, and (C) any Severance Pay to which Executive is entitled under this Section 5(b).

Section 2.26 Severance Pay.Severance Pay includes the benefits described in Article 4 that are owed to the Participant under the terms of this Plan.

(a)Severance Pay.The Company will pay Employee severance pay in the aggregate amount set forth on Appendix 1 attached hereto (“Severance Pay”) which shall be paid as follows:commencing with the first payroll pay date following July 1, 2020, the Severance Pay shall be paid in substantially equal installments over a period of one (1) year in accordance with the Company’s regular payroll practices.Employee acknowledges that this Severance Pay is fully taxable compensation subject to tax withholding and other required deductions.

Severance Pay. Except as provided below, Severance Pay is paid bi-weekly during the applicable Severance Period.

Israeli labor law generally requires payment of severance pay upon dismissal of an employee or upon termination of employment in certain other circumstances. Pursuant to section 14 of the Severance Compensation Act, 1963 (“Section 14”), all of the Company’s employees in Israel are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, made in their name with insurance companies. Payments under Section 14 relieve the Company from any future severance payment obligation with respect to those employees and, as such, the Company may only utilize the insurance policies for the purpose of disbursement of severance pay. As a result, the Company does not recognize an asset nor liability for these employees.

The severance pay liability of the Company to its employees that began employment prior to Section 14, based upon the number of years of service and the latest monthly salary and is partly covered by regular deposits with recognized pension funds and deposits with severance pay funds. Under labor agreements, these deposits are in the employees’ names and, subject to certain limitations, are the property of the employees. The liability for employee rights upon retirement covers the severance pay liability of the Company in accordance with labor agreements in force and based on salary components which, in the opinion of management, create entitlement to severance pay. The Company records the obligation as if it were payable at each balance sheet date on an undiscounted basis. The Company may only make withdrawals for the purpose of paying severance.

Severance Pay. Except as provided below, Severance Pay is paid bi-weekly. In no event shall Severance Pay be paid later than December 31stof the second calendar year following the calendar year in which the Officer’s Job Eliminationoccurs.