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. Payment of a separation bonus in an amount equal to the target Annual Performance Bonus to which Executive may have been entitled for the year in which Executive’s employment terminates less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the release of claims required by Section 4(e) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.
Separation Bonus. On the sixtieth (60th) day 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 fifty percent (50%) 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. 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. A bonus in an amount equal to Six Hundred Fifty Thousand Dollars $650,000 (the “Separation Bonus”), of which $450,000 shall be regarded as Employee’s annual bonus for fiscal year 2015 and paid in 2016 when bonuses in respect of fiscal year 2015 are paid to employees generally, and the remaining $200,000 shall be regarded as Employee’s annual bonus for fiscal year 2016 and paid in 2017 when bonuses in respect of fiscal year 2016 are paid to employees generally. For clarity, the Separation Bonus shall replace the Pro Rata Bonus (as defined in the Additional Separation Agreement), if Employee has executed the Additional Separation Agreement.
Separation Bonus. The Company shall pay the Executive one and a half (1.5) times the average of the Target 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, with a schedule that complies with, or is exempt from, Section 409A, and with each payment deemed to be a separate payment for purposes of Section 409A.
Separation Bonus. A lump sum payment equal to fifty percent (50%) of the average annual Target Bonus established by the Compensation Committee for the Executive for the two fiscal years preceding the year in which Executive’s employment was terminated (or in which Executive resigns for Good Reason following a Change in Control) (the “Separation Bonus”). Subject to Section 8.2 below, the lump sum payment required by this Section shall be paid no later than thirty (30) days following the Termination Date.
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."
Separation Bonus. A lump sum payment equal to fifty percent (50%) of the average annual Target Bonus established by the Board or the Compensation Committee for the Executive for the two fiscal years preceding the year in which Executive’s employment was terminated (or in which Executive resigns for Good Reason) following a Change in Control (the “Separation Bonus”). In the event Executive has not been employed by the Company for a period long enough to have had a Target Bonus established for the two fiscal years prior to his termination, then the Separation Bonus shall be equal to fifty (50%) of the Target Bonus established by the Board or the Compensation Committee for the Executive for the year in which Executive’s employment was terminated. Subject to Section 5.2 below, the lump sum payment required by this Section shall be paid no later than thirty (30) days following the Termination Date.
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.