Separation Payments Sample Clauses
POPULAR SAMPLE Copied 1 times
Separation Payments. In consideration of the promises and covenants made by Employee in this Agreement, including the general waiver and release of claims which forms a material part of this Agreement and Employee’s compliance with all of the terms and conditions of this Agreement, and subject to Employee’s timely execution and non-revocation of this Agreement, the Company will make the following “Separation Payments” pursuant to the Company’s Executive Severance Plan, Employee’s Offer Letter, and the outstanding award agreements governing Employee’s outstanding equity awards consistent with a termination without cause pursuant to such plans and agreements:
(a) pay to Employee any earned, unpaid wages through the Separation Date, as required by law, and the equivalent amount of any calendar year 2024 vacation days that are accrued but unused as of the Separation Date, all less all applicable and legally required withholdings and deductions, to be paid out on the Company’s first regularly scheduled payroll date after the Separation Date in accordance with the Company’s standard payroll practices;
(b) pay to Employee severance in the amount of $1,282,500.00 as a one-time, lump-sum payment, less all applicable and legally required withholdings and deductions, to be paid out on the first payroll date following the sixtieth (60th) calendar day after the Separation Date in accordance with the Company’s standard payroll practices;
(c) pay to Employee her 2024 Annual Bonus in the amount equivalent to the lesser of either the (i) target payout or (ii) actual payout thereunder, prorated for the eligibility year through the Separation Date, less all applicable and legally required withholdings and deductions, to be paid out on the normal payout date for other similarly situated active employees (for the avoidance of doubt, such payout date is anticipated in or around March 2025) in accordance with the Company’s standard payroll practices;
(d) vest and pay to Employee the equivalent amount of 10,391 shares of time-based restricted stock units constituting a prorated portion of her “Sign-On Equity Award” pursuant to her October 2, 2023 Time-Based Restricted Stock Unit Award Agreement under the ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ 2017 Stock Incentive Plan, subject to the terms and conditions of such programs;
(e) vest and pay to Employee the equivalent amount of 1,938 shares of time-based restricted stock units constituting a prorated portion of her 2024 Annual Equity Award pursuant to her February 16, 2024 Ti...
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. In consideration of the covenants set forth herein and the Effective Date and the Re-Execution Effective Date, the Company will provide you with the following payments and benefits (collectively, the “Separation Payments”):
(a) an aggregate amount of $1,577,000 (the “Severance”), less all applicable withholdings and authorized or required deductions, which will be paid to you in installments, with the first installment of $788,500 paid on the sixtieth (60th) calendar day following the Separation Date (provided that the Re-Execution Effective Date occurs), and the remaining $788,500 paid in installments of $197,125 on each of the three, four, five and six month anniversaries of the Separation Date;
(b) to the extent you timely elect COBRA continuation coverage under the Company’s group insurance plans, the Company will reimburse you for the amount of COBRA continuation premiums (less required co-pay) until the earlier of (i) 12 months following the Separation Date and (ii) such time as you are no longer eligible for COBRA continuation coverage (with you being required to notify the Company within one week after becoming eligible for group medical coverage from another employer);
(c) the Company will reimburse you for (i) financial counseling services for 12 months following the Separation Date, subject to a maximum benefit of $30,000, and (ii) outplacement counseling services for 12 months following the Separation Date, subject to a maximum benefit of $30,000. You will be responsible for selecting any financial counseling advisors and any outplacement services providers;
(d) the option to purchase 66,000 shares of the Company’s Common Stock that was granted to you under the Company’s Management Incentive Plan and the Stock Option Award Agreement thereunder, dated as of May 4, 2017 (the “Option Agreement”), will fully vest on the Separation Date and will remain exercisable until it expires on the second anniversary of the Separation Date;
(e) at your election as indicated on the signature page hereto (provided that the Re-Execution Effective Date occurs), either (i) a cash payment of $155,540, less all applicable withholdings and authorized or required deductions, or (ii) 22,000 shares of the Company’s Common Stock, paid or delivered, as applicable, on the sixtieth (60th) calendar day following the Separation Date; provided that such shares, if applicable, may not be sold, assigned, conveyed, gifted, pledged, hypothecated or otherwise transferred in any mann...
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, and all unvested options granted to the Executive shall vest immediately and be exercisable for the remainder of their original term.
(b) Unless otherwise agreed by the Company and 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 remain eligible for and shall be entitled to accrue Benefits (other than the accrual of vacation time) 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 3.9