Separation Payments Sample Clauses
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Separation Payments. In connection with the termination of your employment with the Company, and in consideration of your obligations and agreements set forth in this Letter Agreement, you will be entitled to the following payments and benefits (in each case, less applicable tax withholdings):
(a) The Company will pay you, promptly after the date the release in Paragraph 4 below becomes effective (the "Release Effective Date"), which based on the terms of this Letter Agreement will be prior to March 15, 2020, a cash lump payment equal to the sum of one times (i) your current annual base salary ($450,000) and (ii) a bonus (the “Bonus”) equal to $450,000 multiplied by a fraction (but in no event greater than 1) the numerator of which is the number of calendar days in 2019 prior to and including the Termination Date and the denominator of which is 365. The Bonus shall be in lieu of the Termination Bonus due under the Severance Agreement.
(b) The Company will pay you, promptly after the Release Effective Date, a cash lump sum of $20,970.96, which is equal to the sum of 12 months of company contributions for group life, long-term disability and health insurance benefits.
(c) Pursuant to and in accordance with the terms of the Notice of Key Employee Incentive Plan Cash Award (the “▇▇▇▇ Award”) dated August 24, 2018, following ratification of the 2019 revenue performance target achievements, if and to the extent achieved, the Company will promptly pay you a pro-rated portion of the final installment of your ▇▇▇▇ Award based on time served, as calculated in the notice and at the times set forth in the notice.
(d) Pursuant to and in accordance with the terms of each of the Notice of Long Term Incentive Cash Award dated January 1, 2017 and the Notice of Long Term Incentive Cash Award dated June 2, 2016 (your “LTI Awards”), following certification of the achievement of the applicable targets, if and to the extent achieved, the Company will pay you a pro-rated portion of the unvested installments under the LTI Awards based on time served, as calculated in each notice and at the times set forth in each notice.
(e) Pursuant to and in accordance with the terms of the retention bonus letter agreement dated February 9, 2017, the Company shall pay you, promptly after the Termination Date, the second and final tranche of the retention bonus ($71,250) to the extent such amount remains unpaid as of the Termination Date.
(f) The Company will pay you, promptly after the Termination Date, a cash lump...
Separation Payments. In respect of each month during the 12-month period measured from the day of the Executive’s Date of Separation from Service (the “Severance Period”), (x) an amount equal to one-twelfth of the Base Salary as in effect for the year in which the Date of Separation from Service occurs shall be paid in equal installments in accordance with the Corporation’s standard payroll practices (reduced by any amounts received by and/or payable to Executive in connection with benefits paid or payable as a result of Disability, if applicable) (the “Salary Continuation Payments”); and (y) an amount equal to one-twelfth of the Target Bonus as in effect for the year in which the Date of Separation from Service occurs shall be paid once a month (together with the Salary Continuation Payments, the “Separation Payments”);
Separation Payments. In consideration for Employee signing and not revoking this Release and complying with Employee’s obligations under the CIC Agreement and obligations hereunder, the Company will provide the severance payments to Employee as provided in the CIC Agreement.
Separation Payments. (a) The Separation Date shall be the termination date of your employment for purposes of participation in and coverage under all benefit plans and programs sponsored by or through the Company, except as otherwise provided herein. In connection with your separation from employment with the Company, you will receive (i) any accrued but unpaid base salary through the Separation Date, to be paid on the next regularly scheduled payroll date immediately following the Separation Date, (ii) reimbursement for any properly submitted, but unreimbursed, business expenses incurred on or prior to the Separation Date and in accordance with the Company’s expense policy (to be eligible for such reimbursement, you must submit any such expenses within forty five (45) days of the Separation Date), and (iii) payment for any accrued but unused vacation time in accordance with the Company’s vacation policy. In addition, you will be entitled to receive vested benefits provided under any employee benefit plans maintained by the Company and in which you participate (excluding any employee benefit plan providing severance or similar benefits), in each case, in accordance with the terms of such plan and applicable law.
(b) As of the Separation Date, all Company equity awards, including, stock options and restricted stock units granted to you that are outstanding as of the Separation Date (“Equity Awards”) that did not vest on or prior to the Separation Date shall be cancelled without payment therefor. With respect to vested Equity Awards, such awards shall continue to be governed by the terms of the applicable equity plan, including the Weight Watchers International, Inc. 2004 Stock Incentive Plan or the Weight Watchers International, Inc. 2008 Stock Incentive Plan (each as amended from time to time), and any other agreements executed thereunder and the Company’s corresponding Terms and Conditions for Employee Stock Awards and the Term Sheets for the same, as applicable, including without limitation, any restrictive covenants contained therein and applicable to such Equity Awards.
(c) Subject to (i) your employment during the Transition Period not being terminated for Cause, (ii) your continued compliance with the terms of this Agreement, and (iii) your executing the Release Agreement (the “Bring-Down Release”), attached hereto as Exhibit A, following the termination of your employment but on or prior to the expiration of the Review Period (as such term is defined in the Bring-Down R...
Separation Payments. Following Executive’s separation from service with Company on or after his Vesting Date (as defined in Section 7), Company shall pay to Executive the sum of THIRTY-FOUR THOUSAND TWO HUNDRED SEVEN and 04/100 Dollars ($34,207.04) per month, beginning six months and one week after Executive’s date of separation for a period of ten (10) years, or until Executive’s death, whichever first occurs (the “Separation Payments”). Such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax law. If Executive should die during the ten-year period during which payments are being made under this Paragraph 3, then those payments shall terminate and future payments, if any, shall be made to Executive’s designated beneficiary(ies) or Executive’s estate in accordance with the provisions of Paragraph 4 of this Agreement.
Separation Payments. Subject to Employee’s consent to and fulfillment of Employee’s obligations in this Agreement and, if applicable pursuant to the Section 14(b) or (c) of the Employment Agreement, Employee’s post-termination obligations in Sections 8 and 9 of the Employment Agreement, and provided that Employee does not revoke this Agreement pursuant to Section 12 hereof, Matador shall pay Employee the amount of $[AMOUNT], minus normal payroll withholdings and taxes (“Separation Payment”), payable as provided in the Employment Agreement. The Separation Payment will not be treated as compensation under Matador’s 401(k) Plan or any other retirement plan.
Separation Payments. In consideration for your execution, return and non-revocation of this Release on or after the date your employment is terminated (the “Separation Date”), the Company will provide you with the Separation Payments described in Section 3(d) of the Employment Agreement:
Separation Payments. Subject to Executive's execution of a Release and except to the extent provided under Section 5.07 and Section 5.09, Executive shall be entitled to the benefits set forth below (the "Separation Benefits") upon termination of employment under the following circumstances:
(a) Upon a Nonqualifying Event, Executive shall be entitled to:
(i) The Accrued Compensation;
Separation Payments. 4.7.1 At any time while an employee is a redeployee, they may give notice that they wish to accept a VSP.
4.7.2 A redeployee will only be required to provide one weeks’ notice to terminate their employment (or less by agreement).
4.7.3 An employee who indicates that they wish to accept a VSP, in accordance with clause 4.7.1, will be entitled to the following amounts of redundancy pay:
a. An employee who has been a redeployee for between 0 to 3 months is entitled to receive redundancy pay equal to 100% of the VSP prescribed in clause 2.5 plus a lump sum payment of $15,000; or
b. An employee who has been a redeployee for more than 3 months and up to 12 months is entitled to receive redundancy pay equal to 100% of the VSP prescribed in clause 2.5; or
c. An employee who has been a redeployee for more than 12 months is entitled to receive redundancy pay equal to 75% the VSP prescribed in clause 2.5.
Separation Payments. (a) In the event the Early Termination Option is exercised by the Company or the Executive resigns his employment with the Company for Good Reason, the Executive shall be entitled to receive Separation Payments through the Expiration Date or for a period of two (2) years from the effective date of the Executive's termination or resignation, whichever period is longer.
(b) Unless otherwise directed by the Executive, the Separation Payments shall be paid or provided on a continuing monthly basis on the first business day of each month commencing with the month immediately following the effective date of the Executive's termination or resignation, whichever is applicable.
(c) Upon the exercise of the Early Termination Option by the Company or the Executive's resignation for Good Reason, the Executive shall be entitled to accrue benefits (as defined in Section 5.2) during the period the Executive receives or is entitled to receive separation payments.
(d) The Company shall use the compensation which the Executive receives or is entitled to receive as Separation Payments for the purpose of determining the amount of any benefit to which the Executive may be entitled under any plan or program.
(e) The Executive agrees that so long as he is receiving Separation Payments, he shall not become employed by or consult with any company whose primary business is the provision of public international value added network services.
(f) The Executive agrees that so long as he is receiving Separation Payments, he shall not induce or solicit any employee of the Company to terminate his or her employment with the Company for any purpose.
(g) The Company's obligation to pay the Separation Payments and otherwise comply with the provisions of this Section 3.8