Separation. Any employee, who has been employed for at least six (6) continuous months will be entitled to payment for vacation leave credits when they:
Separation. Executive's employment by the Company during the ---------- Employment Period will continue until Executive's resignation at any time or until Executive's disability or death or until the Board terminates Executive's Employment at any time during the Employment Period. If the Employment Period is terminated by the Executive without Good Reason, then the termination will be effective sixty (60) days after the date of delivery of written notice of termination. If the Employment Period is terminated by the Board without Cause or by the Executive with Good Reason, then the termination will be effective thirty (30) days after the date of delivery of written notice of termination. If the Employment Period is terminated by the Board with Cause, termination will be effective as of the date of notice of termination. If the Employment Period is terminated by the Board with Cause or by the Executive without Good Reason, then the Executive shall be entitled to receive his Annual Base Salary, bonuses and his fringe benefits only through the effective date of termination. If the Employment Period is terminated by the Board without Cause or by the Executive with Good Reason, then (i) all shares issued to the Executive as of the date hereof (i.e., 200,000 shares) shall vest immediately, and (ii) the Executive shall be entitled to receive his Annual Base Salary and his life insurance, medical insurance and disability insurance benefits, if any, (but no bonuses or other fringe benefits) for one year from the effective date of termination (such payments, the "Severance Payment") shall be payable over time in accordance with ----------------- normal payroll practices. If the Employment Period is terminated due to death, then the Annual Base Salary and medical insurance will be continued through the next full calendar month following the month in which the Executive died. If the Employment Period is terminated due to Disability, then the Annual Base Salary, medical insurance and disability insurance will be continued until the last day of the six-month period following Disability; provided, however, that such Annual Base Salary shall be reduced by the amount of any disability income payments made to the Executive during such six-month period from any insurance or other policies provided by the Company.
Separation. The Employment Period will continue until Executive’s resignation, disability (as determined by the Board in its good faith judgment) or death or until the Employer decides to terminate Executive’s employment with or without Cause. If Executive’s employment is terminated by Employer without Cause, during the six-month period commencing on the date of termination (the “Initial Severance Period”), Employer shall pay to Executive each month during the Initial Severance Period an aggregate amount equal to 1/12th of his Annual Base Salary in effect as of the end of the Employment Period, payable in equal installments on the Employer’s regular salary payment dates. Employer may (in its sole discretion) elect to extend the Initial Severance Period for up to three additional six-month periods (each an “Additional Severance Period”) by providing Executive written notice of such extension no less than 60 days prior to the last day of the Initial Severance Period or the then effective Additional Severance Period and paying Executive during each month of any such Additional Severance Period an additional amount equal to 1/12th of his Annual Base Salary, payable in equal installments on the Employer’s regular salary payment dates. (The Initial Severance Period and all applicable Additional Severance Periods are collectively referred to herein as the “Severance Period”). The amounts payable pursuant to this Section 6(c) shall be reduced by the amount of any compensation Executive earns or receives with respect to any other employment during the period in which he is receiving severance. Upon request from time to time, Executive shall furnish Employer with a true and complete certificate specifying any such compensation earned or received by him while receiving any severance payments from Employer.
Separation. Any employee, who has successfully completed their probation period, who either resigns with adequate notice or retires, is laid off or is terminated by the Employer, will be entitled to be paid for vacation leave credits. In addition, the estate of a deceased employee will be entitled to payment for vacation leave credits.
Separation. Separation" means the transfer and contribution from MRV to Luminent, and Luminent's receipt and assumption of, directly or indirectly, substantially all of the Assets and Liabilities currently associated with the Luminent Business and the stock, investments or similar interests currently held by MRV in subsidiaries and other entities that conduct such business.
Separation. The Employment Period will continue until (i) Executive's death, Disability or resignation from employment with the Company, Employer and their respective Subsidiaries or (ii) the Company, Employer and their respective Subsidiaries decide to terminate Executive's employment with or without Cause. If (A) Executive's employment is terminated without Cause pursuant to clause (ii) above or (B) Executive resigns from employment with the Company, Employer or any of their respective Subsidiaries for Good Reason, then during the period commencing on the date of termination of the Employment Period and ending on the first anniversary of the date of termination (the "SEVERANCE PERIOD"), Employer shall pay to Executive, in equal installments on the Employer's regular salary payment dates, an aggregate amount equal to (I) his Annual Base Salary, plus (II) an amount equal to the annual bonus, if any, paid or payable to Executive by Employer for the last fiscal year ended prior to the date of termination. In addition, if Executive is entitled on the date of termination to coverage under the medical and prescription portions of the Welfare Plans, such coverage shall continue for Executive and Executive's covered dependents for a period ending on the first anniversary of the date of termination at the active employee cost payable by Executive with respect to those costs paid by Executive prior to the date of termination; PROVIDED, that this coverage will count towards the depletion of any continued health care coverage rights that Executive and Executive's dependents may have pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"); PROVIDED further, that Executive's or Executive's covered dependents' rights to continued health care coverage pursuant to this SECTION 8(c) shall terminate at the time Executive or Executive's covered dependents become covered, as described in COBRA, under another group health plan, and shall also terminate as of the date Employer ceases to provide coverage to its senior executives generally under any such Welfare Plan. Notwithstanding the foregoing, (I) Executive shall not be entitled to receive any payments or benefits pursuant to this SECTION 8(c) unless Executive has executed and delivered to Employer a general release in form and substance satisfactory to Employer and (II) Executive shall be entitled to receive such payments and benefits only so long as Executive has not breached the provisions of SECT...
Separation. Upon separation from employment, an employee shall receive half pay (50%) for unused accumulated PTO hours up to a maximum of one hundred sixty (160) hours. Anyone that has over three hundred twenty (320) hours at the time of separation shall lose any hours beyond the one hundred sixty (160) hours which is the payout limit. No one may use the PTO beyond his or her “last day worked.” Compensation for unused PTO hours shall be paid at the pay rate in effect on the employee’s last working day.