Approved Separation Clause Samples
The Approved Separation clause defines the conditions under which an employee's departure from a company is considered mutually agreed upon and officially sanctioned. Typically, this clause outlines the specific circumstances, such as retirement, resignation with notice, or termination by mutual agreement, that qualify as an approved separation. It may also detail the benefits or severance entitlements the employee receives upon such a departure. The core function of this clause is to clearly distinguish between voluntary, approved departures and other types of separation, ensuring both parties understand their rights and obligations in these scenarios.
Approved Separation. In the event of the Participant’s Approved Separation prior to the Performance Period End Date, the Performance Share Units shall vest in full as of the date of the Approved Separation, and such vested Performance Share Units shall be determined and paid as otherwise provided in Paragraphs 3 and 4. The death of the Participant following the Participant’s Approved Separation shall have no effect on this Paragraph 7.