Separation Bonus Clause Samples
A Separation Bonus clause defines the payment or compensation an employee is entitled to receive upon the termination of their employment, typically in situations such as layoffs, mutual separation, or company restructuring. This clause outlines the amount, timing, and conditions under which the bonus is paid, and may specify eligibility criteria such as length of service or reason for separation. Its core practical function is to provide financial support to departing employees and to clarify the employer’s obligations, thereby reducing disputes and ensuring a smoother transition for both parties.
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Separation Bonus. Within thirty (30) days following Executive’s termination, payment of a separation bonus in an amount equal to the target annual bonus to which Executive may have been entitled for the year in which Executive is terminated, prorated for the portion of the year in which Executive was employed.
Separation Bonus. In the Company’s sole discretion, and conditioned upon appropriate approval from the Compensation Committee, within forty-five (45) days following Executive’s termination the Company may pay Executive a separation bonus not to exceed one hundred percent (100%) of the target annual bonus to which Executive may have been entitled for the year in which Executive is terminated, prorated for the portion of the year in which Executive was employed, provided any such payments will be made within forty-five (45) days following Executive’s termination with the Company.
Separation Bonus. Payment of (i) any earned but unpaid bonus for the year prior to Executive’s termination, based on actual performance, paid in a lump sum; and (ii) a separation bonus in an amount equal to the target annual bonus to which Executive may have been entitled for the year in which Executive is terminated paid over twelve (12) months, less all customary and required taxes and employment-related deductions, in accordance with the Company’s normal payroll practices (provided such payments will be made at least monthly).
Separation Bonus. Effective July 1, 2007, the Authority will provide a separation package to employees who retire with ten (10) or more years of service at an amount of $550.00 for each full year of service. Interchange Managers will receive $600.00 for each full year of service. The separation bonus is subject to the following conditions: • ‘Authority service’ means full-time employment with the Turnpike Authority, Highway Authority, or a combination of both. Service time need not be continuous. • ‘Retire’ means that an employee must be eligible to retire into the Public Employees’ Retirement System (PERS) at the time of his/her separation of employment from the Authority. • A ‘full year’ of Authority service shall be defined by an employee’s anniversary date. In cases of employees having two (2) or more periods of Authority service, the separation bonus shall be calculated using the aggregate full years of service. • This benefit will be applied to payments made to the beneficiary of an employee who is employed by the Authority at the time of his/her death.
Separation Bonus. The Company shall pay Executive two times Executive’s average annual bonus paid for each completed fiscal year since January 1, 2010 that ends prior to the Retirement Date, which the Parties acknowledge would equal $1,048,894 if the Retirement Date were to occur prior to December 31, 2013 (the “Separation Bonus”), paid in equal installments on the Company’s normal payroll dates for a period of 12 consecutive months commencing from the Retirement Date in accordance with the normal payroll practice of the Company, with each payment deemed to be a separate and distinct payment for purposes of Code Section 409A, provided, however, that the first payment shall be made on the next normal payroll day following the 60th day after the Retirement Date, which first payment shall include amounts otherwise due and payable under this Section 3(b) on or before such date. For the avoidance of doubt, the dollar amount in this Section 3(b) will be revised as necessary in the event that the Retirement Date occurs after the end of fiscal year 2013.
Separation Bonus. The Company shall pay the Executive $1,967,793.00 (representing two (2) times the average of the Incentive Bonus (as defined in Section 2.2 of the Employment Agreement) the Executive received from the Company for all fiscal years completed during the term of the Employment Agreement), paid in installments on the Company’s normal payroll dates for a period of 12 consecutive months in accordance with Exhibit A, with a schedule that complies with, or is exempt from, IRS Code § 409A, and with each payment deemed to be a separate payment for purposes of IRS Code §409A.
Separation Bonus. If the Step One Restructuring Transaction or the Step Two Restructuring Transaction is completed and the Executive resigns at any time within twelve (12) months of the completion of such Step One Restructuring Transaction or Step Two Restructuring Transaction, the Company shall pay to the Executive $8,333.33 in cash per month for up to twelve (12) months; provided, however, that the Company's obligation to pay such monthly amount to the Executive shall immediately cease once the Executive is employed by any other person."
Separation Bonus. In recognition of ▇▇. ▇▇▇▇▇▇▇▇’▇ contributions to the Group, the Company hereby agrees to pay to ▇▇. ▇▇▇▇▇▇▇▇, in addition to the other amounts payable hereunder, a special cash separation bonus in the net amount of $200,000 (net of any applicable income tax due) (the “Separation Bonus”). The Separation Bonus shall be paid by the Company in one lump sum on or about August 9, 2013; provided that ▇▇. ▇▇▇▇▇▇▇▇ remains in compliance with the obligations described in Sections 10 and 11 below, and provided further that ▇▇. ▇▇▇▇▇▇▇▇ provides reasonable transition assistance to his successor.
Separation Bonus. The Company agrees to pay you, within five (5) business days following the Effective Date of the Release, a separation bonus in the amount of $35,000, less applicable state and federal payroll deductions.
Separation Bonus. If the public offering contemplated by Section 3(j) is completed and the Executive resigns at any time following twelve (12) months of the completion of such public offering, the Company shall pay to the Executive $8,333.33 in cash per month for up to twelve (12) months; provided, however, that the Company's obligation to pay such monthly amount to the Executive shall immediately cease once the Executive is employed by any other person."