Separation Payment Sample Clauses

Separation Payment. An ASF Member shall be compensated at the final rate of pay for all unused, accumulated vacation, leave time upon separation from state service, or movement to a vacation ineligible position. An employee on an unpaid leave of absence of more than one (1) year for a purpose other than accepting an unclassified position in state civil service, or an employee on layoff that results in separation from service, may elect to be compensated at the final rate of pay for unused accumulated vacation leave. This accumulated vacation payout shall not exceed two hundred and seventy-five (275) hours, except in the case of the ASF Member's death. Calculation of an ASF Member's hourly rate for purposes of computing vacation separation payment shall be based upon a base of two thousand eighty-eight (2,088) working hours per year. Appointment periods of less than one (1) year in duration shall be prorated on this basis. Except as provided in Article 16, Section C, Subdivision 4 which pertains to the separation payment to retirees, the separation payment will be made in cash.

Separation Payment i) For purposes of this Agreement, "Separation Payment" means a payment equal to 2.99 times the Employee's annual base salary at the time of termination, subject to the limitations in (6)(g)(ii), below.

Separation Payment. Except with respect to the Accrued Benefits as defined in the Employment Agreement, if you sign this Agreement, agreeing to be bound by the General Release in Paragraph 3 below and the other terms and conditions of this Agreement described below, and comply with the requirements of this Paragraph 2 (other than the Accrued Benefits), you will receive the compensation and benefits as contemplated by the Employment Agreement. You will not be eligible for the payment and benefits described in this Paragraph 2 unless: (i) you sign this Agreement no later than twenty-one (21) days after you receive it, promptly return the Agreement to the Company after you sign it, and do not timely revoke it; and (ii) you have returned all Company property and documents in accordance with Paragraph 15 below.

Separation Payment. If the Executive incurs a “separation from service” from the Company (within the meaning of Section 409A(a)(2)(A)(i) of the Internal Revenue Code of 1986, as amended and Treasury Regulation Section 1.409A-1(h)) (a “Separation from Service”) by reason of a separation of the Executive’s employment by the Company without Cause, by the Executive for Good Reason, or upon the Death or Disability of the Executive, in addition to the Accrued Obligations, and subject to the conditions set forth in this Section 7(A)(i), the Company shall pay the Executive (or to the Executive’s heirs, beneficiaries or estate, as applicable) severance in an amount equal to the sum of two (2) times the Executive’s Annual Base Salary in effect immediately prior to the date the Executive separates from employment (the “Severance”), less taxes and other applicable withholdings, payable over a period of twenty-four (24) months, in twenty-four (24) equal installments. It shall be a condition to Executive’s right to receive the Severance that Executive (or the Executive’s heirs, beneficiaries, or estate, as applicable) execute and deliver to the Company an effective general release of claims in a form prescribed by the Company (the “Release”), within twenty-one (21) days (or, to the extent required by law, forty-five (45) days) following the effective date of separation of employment, and that the Executive not revoke such Release during any applicable revocation period. Upon timely execution and delivery of the Release by the Executive (or the Executive’s heirs, beneficiaries or estate, as applicable) to the Company, the installment payments of the Severance shall begin on the Company’s first regular payroll date that is after the later of the date on which the Executive delivered to the Company the Release signed by the Executive (or the Executive’s heirs, beneficiaries or estate, as applicable) or the end of any applicable revocation period (unless a longer period is required by law) and shall continue monthly thereafter (on the corresponding payroll date of each subsequent month) until the Severance is paid in full. Notwithstanding the foregoing, if the earliest payment commencement date determined under the preceding sentence is in one taxable year of the Executive and the latest possible payment commencement date is in a second taxable year of Executive, the first installment payment of the Severance shall be made on the Company’s first regular payroll date that is in the second taxab...

Separation Payment. Pay You a single, lump sum separation payment equal to Three Hundred Seventy Thousand Dollars and Zero Cents ($370,000.00), minus all applicable withholdings, including taxes and Social Security (the “Separation Payment”). The Separation Payment shall be paid within five (5) days after You return an executed version of this Agreement to the Company’s Controller, located at ▇▇▇▇ ▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇, ▇▇▇▇▇; and

Separation Payment. In consideration for the mutual promises exchanged herein, the Company will pay to Employee $83,200.00, less required withholdings, an amount equal to six months of Employee’s annual base salary at the rate currently in effect (the “Separation Payment”). The Separation Payment will be paid in regular installments pursuant to the Company’s normal payroll practices, less applicable withholdings, commencing with the first payroll date that is more than twenty (20) days after Employee’s execution of the Agreement, provided that Employee signs the Agreement and does not exercise his right of rescission under Section 10 herein. If Employee elects to continue participating in the Company’s group medical and dental plans pursuant to applicable federal COBRA regulations following the Separation Date, then as further consideration to Employee, and provided Employee does not exercise his right of rescission under Section 10 herein, the Company will subsidize Employee’s group medical and dental premiums, as set forth in Section 7 herein. The parties acknowledge that, with or without this Agreement, the Company will pay Employee his accrued vacation, which the parties acknowledge is equivalent to $16,000.00, and any compensation earned and accrued as of Employee’s Separation Date, less applicable withholdings. Employee understands and agrees that, except as provided in this Section and in Section 12 below, he has no rights to, options under, or claims arising under the Company’s vacation and holiday policies, that he has no rights to or claims for any bonuses, profit sharing payments or variable pay payments and that he is not a participant in any stock option or incentive plans or similar programs. The Company makes no representations regarding the tax consequences of the payments or benefits provided hereby and advises Employee to consult with a tax advisor or attorney.

Separation Payment. The Company shall continue to pay you your base salary in effect at the time of termination of your employment with the Company for the Severance Period. Such Separation Payments will be subject to applicable state and federal tax withholdings and paid in accordance with the Company’s normal payroll practices; and

Separation Payment. (a) In order to encourage term officers to remain until the end of their term, and in recognition that they may forgo other employment opportunities in doing so, such officers will be entitled to the following: On separation from CSIRO following completion of a period of fixed term employment, term officers who are not offered further employment, will receive a payment for completed months of service equivalent to one week’s salary for each six months of service. Service will include contiguous periods of fixed term employment preceding the concluding term. An officer shall not have an entitlement to the separation payment if they decline an offer by CSIRO of further employment: • in the same city; • at the same or higher classification and salary level; and • the period of employment offered is of at least six months duration and the offer is made at least one month prior to the term end. For the purposes of this paragraph: • service shall date from 17 June 1998; • the minimum specified term period for payment is one calendar month (e.g. from 9 April to 8 May); • payment is calculated at the termination salary and includes the following allowances; (i) Enhanced Responsibilities Allowance, if it was received for a continuous period of at least 12 months preceding the date of cessation; (ii) Payment for shift work, restriction duty or overtime where it was received regularly i.e. in 50% or more of the pays received in the 12-month period preceding cessation. In this case the average fortnightly payment during that period will be included for the purpose of calculating the separation payment; and (iii) First Aid Allowance, Superior Performance Rating (Premium Step) and ACDP Site Allowance. • where there is a change in hours of work during the period of the term (for example, a movement to part-time hours), payment will be based on average hours worked over the full period of the term; • an officer shall not receive payment more than once for a specific period of service; • all periods of leave without pay do not count as service for purposes of payment under this clause; and • an officer who secures indefinite CSIRO employment during or at the conclusion of a period of fixed term employment, shall have no entitlement to this separation payment in respect of previous periods of term employment. (b) An officer who resigns prior to the term end date is entitled to the separation payment only in the following circumstances: • The officer does not receive an offe...

Separation Payment. ‌ Each employee who is separated from the County service shall be entitled to payment in lieu of all unused vacation leave which the employee may have accumulated as of the employee’s last day of work and shall be computed on the basis of such employee’s base hourly rate at the time of termination.