Separation Pay Benefits Sample Clauses
The Separation Pay Benefits clause defines the compensation an employee is entitled to receive upon the termination of their employment. Typically, this clause outlines the amount or formula for calculating the payment, the timing of disbursement, and any conditions or eligibility requirements, such as length of service or reason for separation. For example, it may specify that employees laid off due to restructuring will receive a certain number of weeks' pay per year of service. The core function of this clause is to provide financial support to employees after their employment ends and to clarify the employer's obligations, thereby reducing disputes and ensuring a smoother transition for both parties.
Separation Pay Benefits. Employer will pay to Executive, as separation pay, which Executive has not earned and to which Executive is not otherwise entitled, an amount equal to eleven (11) months of Executive’s monthly Base Salary in effect as of the Date of Termination, in addition to the Base Salary due during the thirty (30) day Notice of Termination period set forth in Section 4.1. That portion, if any, of such separation pay as is equal to the amount that can constitute pay under a “separation pay plan” under Code Section 409A shall be made to Executive in equal weekly payments for eleven (11) months. The first payment of benefits under the foregoing sentence will commence on the first regular payroll date of Employer as soon as practicable following sixteen (16) days after Executive’s execution of the Release Agreement, provided that Executive has not exercised rights to revoke or rescind the release of claims as provided in the Release Agreement. That portion, if any, of such separation pay as exceeds the amount that can constitute pay under a “separation pay plan” under Code Section 409A shall be made to Executive in equal weekly payments for twelve (12) months. The first payment of benefits under the foregoing sentence will commence on the first regular payroll date of Employer following the six (6) month anniversary of the date of Executive’s “separation from service,” as defined in Code Section 409A, provided that Executive has not exercised rights to revoke or rescind the release of claims as provided in the Release Agreement. Provided, however, that in the event any portion of the payments due under this Section 5.3(a) would result in adverse tax consequences to Executive under Code Section 409A, taking into account all amounts otherwise payable to Executive under this Agreement, then, to such extent, all or such portions of any payment under this Section 5.3(a) shall be delayed until the later of (i) the time of payment set forth above or (ii) the first regular payroll date of Employer following the six (6) month anniversary of the date of Executive’s “separation from service,” as defined in Code Section 409A (or Executive’s death, if earlier). The initial payment shall include all payments (without interest) that would have been made had payment of benefits commenced as otherwise provided in this Section 5.3(a).
Separation Pay Benefits. In the event Executive’s employment with the Company or a Subsidiary is terminated by the Company without Cause, or by the Executive for Good Reason, Executive shall, subject to execution of a Release, receive, in addition to any payments required by law, the following separation pay benefits: (a) Twenty-four (24) months of Executive’s then current base salary, payable in semi-monthly installments or other regular installments in accordance with the Company’s payroll practices, no earlier than the 60th day after Executive’s termination of employment and after the date all applicable revocation periods has past (the “Separation Payment Commencement Date”); (b) An additional payment in installments payable on the same schedule as the payments provided for in Section 6.5(a), equal to an amount such that Executive will retain, net after taxes paid by Executive (assuming Executive is taxed at the highest applicable federal, state and local tax rates in effect for the Executive), in the aggregate, the dollar value of the Company’s subsidy (based on costs borne by the Company for active employees) of the cost of Executive’s coverage under the Company’s group health plan for a period of eighteen (18) months; and (c) Such accelerated vesting as may be provided for under the terms of the Incentive Plan and/or award agreement under the Incentive Plan. Notwithstanding anything in this Section 6.5 to the contrary, the Company shall have the right to cease or terminate the separation pay benefits otherwise provided for in the event Executive breaches, as determined by the Board in its sole discretion, the covenants set forth in Section 5 above. 6.6
Separation Pay Benefits. See Section 4 of Exhibit B of this Agreement for the separation pay benefits to be provided to Employee in certain situations. The parties hereto agree that Section 4 of the Exhibit B of the Agreement will be replaced with the following effective as of the date of execution hereof:
Separation Pay Benefits