Separation Benefit Sample Clauses
A Separation Benefit clause defines the compensation or benefits an employee is entitled to receive upon the termination of their employment, typically outside of situations involving misconduct. This clause may specify severance pay, continuation of health benefits, or outplacement services, and often outlines the conditions under which these benefits are granted, such as involuntary termination or mutual agreement to part ways. Its core practical function is to provide financial security and support to employees transitioning out of the company, while also clarifying the employer’s obligations and reducing the risk of disputes related to termination.
Separation Benefit. (a) If Carmike at any time terminates Executive’s employment without Cause or if Executive resigns during his Protection Period for Good Reason, then:
(b) Carmike shall pay Executive a total amount equal to (i) 2 times his Base Salary (at a rate equal to the highest level of Base Salary Executive was paid in the year prior to his termination of employment), and (ii) 2 times his target Annual Bonus, payable in equal monthly installments (subject to applicable tax withholdings) over the twenty-four (24) consecutive month period which starts on the date Executive has a separation from service (within the meaning of § 409A of the Code), subject to Section 7.1(e) below;
(1) Each outstanding and nonvested stock option granted to Executive by Carmike shall (notwithstanding the terms under which such option was granted) become fully vested and exercisable on the date Executive’s employment so terminates and each outstanding stock option shall (notwithstanding the terms under which such option was granted) remain exercisable for ninety (90) days, or if less, for the remaining term of each such option (as determined as if there had been no such termination of Executive’s employment), subject to the same terms and conditions as if Executive had remained employed by Carmike for such term or such period (other than any term or condition which gives Carmike the right to cancel any such option) and (2) any restrictions on any outstanding restricted stock grants to Executive by Carmike immediately shall (notwithstanding the terms under which such grant was made) expire and Executive’s right to such stock shall be non-forfeitable;
(d) Carmike shall continue for the period described in § 7.1(b) to provide to Executive the same health, dental and vision care coverage and life insurance coverage as Executive was provided under Carmike’s employee benefit plans, policies and practices on the day before Executive’s employment terminated or, at Executive’s election, on any date in the one (1) year period which ends on the date of such termination of employment; provided, however, Executive shall pay 100% of the cost of such coverage and Carmike shall reimburse Executive for Carmike’s portion of such cost as soon as practical after Executive pays such cost. Further, if Carmike cannot provide such coverage under Carmike’s employee benefit plans, policies or programs, either Carmike shall provide such coverage and benefits to Executive outside such plans, policies and programs at no...
Separation Benefit. Subject to the provisions of this Agreement, the Company will pay Executive the benefits set forth in Section 2(a)(iv) of Executive’s Severance and Non-Competition Agreement with the Company, but subject to Section 3 thereof (“Separation Benefit”), commencing within twenty-one (21) days of the expiration of the revocation period described in Paragraph 16 of this Agreement. The Separation Benefit shall be subject to all required payroll withholdings. The Separation Benefit does not constitute nor is it intended to be any form of compensation to Executive for any services to the Company.
Separation Benefit. (a) Parent agrees to pay the Employee an amount equal to one (1) year of his then-existing base salary (minus applicable withholdings and payroll taxes), payable in equal installments over a one-year period in accordance with Parent’s normal payroll practices, in the event that:
(i) the Employee’s employment with Parent or any of its subsidiaries (including the Company) is terminated by Parent or any such subsidiary (including the Company) without Cause (as hereinafter defined); or
(ii) at any time during the period commencing thirty (30) days prior to a Change of Control (as hereinafter defined) of Parent and ending one-hundred-eighty (180) days after a Change of Control of Parent, Parent or any of its subsidiaries (including the Company) fails to retain the Employee in the same or similar position to that which he occupies immediately prior to such Change of Control and at the same or similar base compensation to that which he enjoys immediate prior to such Change of Control.
(b) If the Employee’s employment with Parent or any of its subsidiaries is terminated as contemplated by Section 2(a) of this Agreement, then Parent agrees to pay the Employee an amount equal to the bonus that would have been earned by the Employee for the year in which the Employee’s employment with Parent or any of its subsidiaries is so terminated, prorated for the portion of such year during which the Employee remained employed with Parent or such subsidiary to and including the earlier of (i) the date of termination of the Employee’s employment with Parent or such subsidiary (in the case of a termination contemplated by Section 2(a)(i) of this Agreement) or (ii) the date on which the Employee is provided with notice or otherwise becomes aware of Parent or such subsidiary’s failure so to retain the Employee (in the case of a termination contemplated by Section 2(a)(ii) of this Agreement, such bonus payment to be made at substantially the same time and in substantially the same manner (and minus applicable withholdings and payroll taxes) as Parent’s normal payroll practices in respect of the payment of similar bonuses. For purposes of this Section 2(b), the prorated amount of any bonus shall be determined to be a fraction, the numerator of which is the number of days in the fiscal year ending on the day specified in Section 2(b)(i) or (ii) (as applicable), and the denominator of which is 365.
(c) For the purposes of this Agreement:
Separation Benefit. Upon separation of service from the North Baltimore School District, a member of the bargaining unit having ten (10) or more years of service in the North Baltimore School District shall be paid a sum equal to the employee's daily rate of pay at the date of separation, excluding supplemental salary, times twenty-five per cent (25%) of the total accumulated sick leave days (to a maximum of twenty-five per cent (25%) of two hundred and seventy-five (275) days that he/she has in public employment. No employee terminated for cause pursuant to 3319.16 and 3319.161 shall be eligible for such payment. ▇▇▇▇ leave that has been transferred to another employer is not eligible for separation payment. Additionally, sick leave that has been paid out in severance by North Baltimore Schools and/or any other public employer is not eligible for transfer.
Separation Benefit. Subject to the provisions of this Agreement, the Company will pay Executive the benefits set forth in Article V, Subsection 5.2(c) [or (d)] [or (e)](ii) and (iii) of Executive’s Employment Agreement with the Company (“Separation Benefit”), and at the time set forth in the Employment Agreement. The Separation Benefit does not constitute nor is it intended to be any form of compensation to Executive for any services to the Company.
Separation Benefit. Subject to the provisions of this Agreement, the Company will pay Employee the separation benefits set forth in Article V, Section 5.2(c) of Employee's Employment Agreement with the Company, less required withholding, within twenty-one (21) days after his signing of this Agreement. The Separation Benefit does not constitute nor is it intended to be any form of compensation to Employee for any services to the Company.
Separation Benefit. Classified employees shall be paid for vacation time earned, but not taken, at the time of termination.
Separation Benefit. The District will pay certified personnel who terminate employment voluntarily, are laid off, or die based upon the following schedule: Beginning with the sixth (6) year through fifteen (15) complete years of actual teaching in the District - 35% of unused sick leave. Beginning with the sixteenth (16) year through twenty-five (25) complete years of actual teaching in the District - 40% of unused sick leave. Beginning with the twenty-sixth (26th) complete year of actual teaching in the District - 50% of unused sick leave. Those employees receiving 35% of unused sick leave shall be paid at a rate of $125 per day or per diem, whichever is less. Those employees receiving 40% of unused sick leave shall be paid at a rate of $150 per day or per diem, whichever is less. Those employees receiving 50% of unused sick leave shall be paid at a rate of $170 per day or per diem, whichever is less. In the case of death, this benefit will be paid to a named beneficiary or to the estate of the bargaining unit member.
Separation Benefit. At time of voluntary separation (retirement or resignation), employees with at least twelve (12) months of service who subsequently leave the employ of the City, upon giving fourteen (14) days written notice, or employees whose service is terminated due to death, shall receive cash payment for all remaining earned vacation time, compensatory time, perfect attendance leave credits and longevity. Employees who do not give at least fourteen (14) days written notice prior to termination of employment shall forfeit the prorated earned vacation and perfect attendance leave during the year in which the termination takes place. The employee's last day of work will be the last day on the payroll. Employees will not be permitted to utilize vacation, compensatory time, and/or perfect attendance leave credits and stay on the payroll after the last day at work. This policy may be waived upon recommendation of the Human Resources Director and only in personal emergency or crisis situations.
Separation Benefit. The separation benefits set forth in Section 5(b) of the Employment Agreement;
(i) With respect to such benefits, the parties agree that for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), separation benefits paid pursuant to Paragraph 4(a) above, (x) to the extent of payments made from the date of separation of ▇▇▇▇▇▇▇’▇ employment through March 14th of the calendar year following such separation, are intended to constitute separate payments for purposes of Section l.409A-2(b)(2) of the Treasury Regulations and thus payable pursuant to the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations; and (y) to the extent such payments are made following said March 14th, they are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations made upon a separation from service and payable pursuant to Section l.409A—1(b)(9)(iii) of the Treasury Regulations, to the maximum extent permitted by said provision. The parties agree that all amounts payable pursuant to Section 5(b)(l) of the employment agreement that are to be paid prior to the date which is six months after the date of separation of ▇▇▇▇▇▇▇’▇ employment are amounts that meet the requirements of clause (x) above. If the parties determine that payments (other than those described in clause (x) and (y) of the initial sentence of this Paragraph 4(a)(i)) hereunder fail to satisfy the distribution requirement of Section 409A(a)(2)(A) of the Code, the payment of such benefit shall be delayed to the minimum extent necessary so that such payments are not subject to the provisions of Section 409A(a)(l) of the Code.
(ii) The parties additionally agree that the reimbursement for costs incurred in obtaining outplacement services pursuant to Section 5(b)(2) of the Employment Agreement shall only be for costs incurred during the limited period described in Section 1.409A-1(b)(9)(v)(E) of the Treasury Regulations and be paid in accordance with such regulation.