Separation Benefits Sample Clauses

Separation Benefits. If this Agreement is terminated either by the Company without Cause in accordance with Section 6(c) (including the Company’s non-renewal of this Agreement) or by Employee resigning his employment for Good Reason in accordance with Section 6(d), the Company shall have no further obligation to Employee under this Agreement, except the Company shall provide the Accrued Obligations to Employee in accordance with Section 7(a) plus the following payments and benefits (collectively, the “Separation Benefits”) to Employee: (i) an amount equal to one times the sum of the Base Salary in effect immediately before the Termination Date plus the Annual Bonus received by Employee for the fiscal year preceding the Termination Date (or if Employee was employed for less than one full fiscal year prior to the Termination Date, the Annual Bonus for purposes of this Section 7 shall be the Annual Bonus payable during the current fiscal year at the target amount provided above) (together, the “Separation Pay”); and (ii) during the six-month period commencing on the Termination Date that Employee is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s group heath insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), or similar state law, the Company shall reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect and continue such coverage under COBRA and the employee contribution amount that active employees of the Company pay for the same or similar coverage; provided, however, that Employee shall notify the Company in writing within five days after he becomes eligible after the Termination Date for group health insurance coverage, if any, through subsequent employment or otherwise and the Company shall have no further reimbursement obligation after Employee becomes eligible for group health insurance coverage due to subsequent employment or otherwise. The Separation Pay shall be paid to Employee in a lump sum within 60 days of the Termination Date; provided, however, that no Separation Pay shall be paid to Employee unless the Company receives, on or within 55 days after the Termination Date, an executed and fully effective copy of the Release (as defined below). Any COBRA reimbursements due under this Section shall be made by the last day of the month following the month in which the applicable premiums were paid by Employee. ...

Separation Benefits. In consideration for Executive’s execution and non-revocation of the General Release attached hereto as Exhibit A, and the other duties and obligations set forth in this Agreement, L-3 agrees to the following: (a) L-3 agrees to continue paying to Executive his regular base salary payments at the current level as of the date hereof (less applicable withholdings and deductions) through the Retirement Date, and L-3 will not separate Executive from employment prior to the Retirement Date other than for Cause. For purposes of this Agreement, Cause shall have the meaning set forth in the agreement governing the restricted stock units; issued to Executive on February 22, 2012. In consideration for Executive’s execution and non-revocation of the General Release attached hereto as Exhibit B on or after the Retirement Date, and the other duties and obligations set forth in this Agreement, L-3 agrees to the following subject to the occurrence of and effective upon the Exhibit B Effective Date: (b) The terms governing the time vesting restricted stock units issued to Executive on February 22, 2012 shall be deemed amended so as to allow Executive’s termination of employment as of the Retirement Date to satisfy the requirements of the “retirement” definition thereunder, subject to Executive’s continued compliance with this Agreement. For purposes of clarity, Executive’s other outstanding time vesting restricted stock unit awards shall be governed by the terms of the applicable award agreement, which provides that such awards shall become payable in accordance with the terms of the applicable award agreement, but without regard to the requirement of Executive’s continued employment through the applicable settlement date. (c) The terms governing Executive’s “Performance Awards” (as defined below) shall be deemed amended to treat Executive’s termination of employment as a “Retirement” constituting a “Qualified Termination” (each, as defined under the applicable Performance Award agreements), with deemed service credit through December 31,2012, subject to Executive’s continued compliance with this Agreement. As used above, the term “Performance Awards” means (i) the performance unit awards granted to Executive on February 23, 2010, February 24, 2011 and February 22, 2012 and (ii) the performance cash award granted to Executive on February 22, 2012. (d) L-3 shall pay Executive a cash amount equal to $975,000, less withholding taxes and other deductions required by law (the “...

Separation Benefits. Upon termination of your employment with Intersil for any reason during the Term of Employment, you will receive payment for all unpaid salary and vacation accrued to the date of your termination of employment; and your benefits will be continued under Intersil’s then existing benefit plans and policies for so long as provided under the terms of such plans and policies and as required by applicable law. Subject to your compliance with Sections 9 and 10, under certain circumstances, you will also be entitled to receive severance benefits as set forth below, but you will not be entitled to any other compensation, award or damages with respect to your employment or termination (except to the extent you are entitled to benefits under your Amended and Restated Executive Change in Control Severance Benefits Agreement with Intersil dated as of even date herewith, as amended (the “Severance Benefits Agreement”), which benefits shall be in lieu of any benefits provided below, in the event of a Covered Termination (as defined in the Severance Benefits Agreement)). (a) In the event of your Voluntary Termination or Termination for Cause during the Term of Employment, you will not be entitled to any cash severance benefits, additional vesting of shares of restricted stock, DSUs, PDSUs, options or other equity compensation or post-termination death or medical benefits. (b) Subject to your compliance with Sections 9 and 10, in the event of your Involuntary Termination or Termination without Cause during the Term of Employment, you will be: (i) entitled to continuance of your Base Salary for a period of two years (less applicable deductions and withholdings) payable in accordance with Intersil’s normal payroll practices; (ii) entitled to four payments, each in the amount of fifty-five percent (55%) of your Base Salary, payable within 30 days after each of the first two March 1 and September 1 dates following your termination of employment, (iii) with respect to your stock options and DSUs (other than PDSUs), entitled to acceleration of vesting in an amount equal to the amount that would have vested over the eighteen (18) month period commencing on the date of your termination (but in no event shall any such award be less than 50% vested upon an Involuntary Termination or Termination without Cause), such awards being exercisable in accordance with the terms of such grants, (iv) with respect to PDSUs, entitled to vesting of a pro-rated number of unvested PDSUs with the numb...

Separation Benefits. You shall be entitled to receive separation benefits upon termination of employment only as set forth in this Section 3; provided, however, that in the event you are entitled to any severance pay under a Company-sponsored severance pay plan, any such severance pay to which you are entitled under such severance pay plan shall reduce the amount of severance pay to which you are entitled pursuant to this Section 3. In all cases, upon termination of employment you will receive payment for all salary, earned bonus (if any) and unused vacation accrued as of the date of your termination of employment, and your benefits will be continued under the Company’s then existing benefit plans and policies in accordance with such plans and policies in effect on the date of termination and in accordance with applicable law. In furtherance of, and not in limitation of the foregoing, but without duplication, during the period wherein which you shall be receiving Separation Payments in accordance with the provisions of Section 3(d) hereof (the “Severance Period”), then the Company shall, at its election, either (i) continue to pay for your health benefits under the Company’s sponsored health care program in which you were enrolled and eligible to receive benefits prior to your termination of employment, or (ii) pay for your health coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), in each case, for the Severance Period, when such premiums are due and owing.

Separation Benefits. In consideration for you (i) signing and returning this Agreement within twenty-one (21) days of receipt and not revoking this Agreement during the seven (7) day revocation period after it is signed and returned; (ii) complying with the terms of this Agreement; (iii) waiving all of your claims (except as provided in this Agreement) and releasing the Company as further described below in this Agreement; and (iv) waiving and releasing any rights or entitlements to severance or similar post-termination payments or benefits, other than those provided in this Agreement, Butterfly will provide you with the following benefits: ​ (a) The Company will pay you an amount equal to six (6) months of your current base salary ($210,000), less applicable withholdings and other deductions. The payment will be made in one lump sum following the expiration of the seven (7) day revocation period. You acknowledge that the Company has the sole obligation to pay the amounts due under this Sections 3(a), and that Insperity has no obligation to pay the additional compensation, even though the payments may be processed through Insperity. (b) The Company will accelerate the vesting of your outstanding option awards by adding six (6) months to the actual period of service that you have completed with the Company as of the Separation Date, which results in the following vested options assuming you remain employed through June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ Issuing Company ​ Grant Number ​ Grant Date # of Shares Granted # of Shares Vested ​ Type of Option Butterfly Network, Inc. 537-ISO 4/23/2020 46,723 6,811 Time-Based Butterfly Network, Inc. 537-NQO 4/23/2020 472,426 68,894 Time-Based Butterfly Network, Inc. 588 12/17/2020 500,000 129,787 Time-Based ​ You acknowledge that except for the Separation Benefits, your final wages, and any accrued but unused vacation (each of which shall be paid to you in accordance with Company’s regular payroll practices and applicable law), you are not entitled to any other compensation from Company or any of its affiliates, subsidiaries or divisions, without limitation, other wages, commissions, bonuses, vacation pay, holiday pay, equity, units, stock, stock options, carve out, paid time off or any other form of compensation or benefit. ​

Separation Benefits. Executive shall be entitled to receive separation benefits upon such events and in such amounts as are set forth in this Section 6.

Separation Benefits. For purposes of this Agreement, “Separation Benefits” shall mean:

Separation Benefits. SICK LEAVE PAY AT SEPARATION for MBUs hired after August 16, 2005

Separation Benefits. If Sucampo terminates Executive’s employment without meeting the conditions for “Termination for Cause” in Section H(1); if Executive resigns for Good Reason under the conditions set forth in Section H(2)(b), or due to the Executive’s “Death or Disability” under Section H(2)(c); and Executive (or the executor of Executive’s estate upon death or incapacity) signs and returns to Sucampo without revocation a release prepared by Sucampo of all legally waivable claims related to or arising from Executive’s employment with Sucampo and all other terms determined exclusively by Sucampo, then (i) Sucampo shall pay Executive (or the estate): (A) the amount of any COBRA continuation premium payments made by Executive during the 12-month period following the date of termination, or the period ending when Executive becomes eligible for comparable group medical benefits coverage from another source (whichever comes first); and (B) a lump sum payment equal to 12 months of Executive’s then-current annual Base Salary; and (ii) Executive’s Equity Incentive Awards shall vest as set forth in Section H(5)(a) (collectively, the “Separation Benefits”).

Separation Benefits. In compliance with the promises made herein and subject to Paragraph No. 1 above, in the event you (a) sign this Letter Agreement and return it to me within time period set forth in the Letter Agreement (b) do not revoke your acceptance pursuant to Paragraph No. 10 below (c) satisfactorily perform your job duties and comply with Company rules and policies prior to the Separation Date, do not voluntarily resign and are not terminated for Cause and (d) comply with all of your post-employment obligations after the Separation Date, the Company agrees to provide you with the following separation benefits (the “Separation Benefits”): (a) The Company will pay you nine (9) months of severance pay at your current base rate of pay of $7,711.54 per week, less applicable withholdings and deductions, for a total aggregate severance amount of $300,750.11, less applicable withholdings and deductions. This amount will be paid in substantially equal installment payments in accordance with the Company’s normal payroll practices (no less frequently than monthly) in the form of salary continuation over a nine (9)-month period commencing with the first reasonably practicable payroll cycle after the Effective Date of this Letter Agreement, as defined below, with the first payment to include the amount accrued from the Separation Date, if any. (b) The Company will pay you $70,175.02, less applicable withholdings and deductions, representing your target annual bonus for calendar year 2024, prorated based on the length of your employment during such year. This amount will be paid to you in one lump sum within thirty (30) calendar days after the Effective Date. (c) The Company will continue to provide you with certain outplacement services through Keystone Partners at a scope and duration, and with a value, determined by the Company in its sole and absolute discretion, subject to your satisfaction of any applicable withholding requirements. (d) The Company will not actively contest any claim you may make for unemployment compensation benefits, provided, however, that nothing herein shall require the Company to make any false or misleading statement to any government entity or other third party. (e) For a period from the Separation Date through March 31, 2025 (the “Consulting Period”), you agree to provide consulting services to the Company with respect to the types of matters that were subject to your purview as a Company employee for up to five (5) hours per month, as requested by...