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How is Weekly Pay defined in a legal contract?

• Weekly Pay means the executive’s compensation divided by fifty-two.
  Seen in 11 SEC filings
• Weekly Pay means an employee’s annual base salary on their termination date, plus the average of the annual incentive plan awards received by the employee for the last three fiscal years, divided by fifty-two.
  Seen in 8 SEC filings
• Weekly Pay means the ordinary time gross all purpose rate of pay for the employee concerned.
  Seen in 3 SEC filings
• Weekly Pay means for salaried employees, the employee’s annual base salary rate in effect on the notice of termination divided by 52, and for non-salaried employees, the employee’s average weekly pay for the 52 weeks preceding the notice of termination.
  Seen in 2 SEC filings
• Weekly Pay means your weekly base salary rate at the time of your termination date, including regularly scheduled shift differential where applicable, and excluding overtime pay and other allowances.
  Seen in 1 SEC filing
• Weekly Pay means the amount of the employee’s base pay divided by 52.
  Seen in 1 SEC filing

Note: pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

Weekly Pay means the employee’s salary, divided across a 52-week period.

Relevant Contract Types

• Employment Agreement
• Contract for Services
• Consultancy Agreement
• Freelance Agreement
• Continuous Service Agreement
• Interim Manager Agreement

Relevant Circumstances

• When a salaried employee is hired
• If an employee is transitioning from a monthly or bi-weekly pay schedule to a weekly pay schedule
• If a contractor or freelancer is paid on a weekly basis
• When defining compensation in a consultancy agreement

Relevant Sectors

• Business Services
• Human Resources
• Retail
• Construction

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Genie Definition 2

Weekly Pay means an employee's base salary rate at the time of termination, excluding additional allowances.

Relevant Contract Types

• Employment Termination Agreement
• Severance Agreement
• Employee Exit Agreement

Relevant Circumstances

• When defining the terms for an employee's severance package
• If an employee is being laid off or terminated and their final week's pay needs to be calculated
• During the negotiation of a termination or severance agreement

Relevant Sectors

• Business Services
• Human Resources
• Aerospace and Defense
• Information Technology

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