Separation Payments Sample Clauses
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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. 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. 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-SEVEN THOUSAND THREE HUNDRED SIXTEEN and 74/100 Dollars ($37,316.74) 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. In exchange for Employee’s performance in accordance with the terms of this Release, the Company agrees to provide the following (collectively the “Separation Payments”):
(a) Employee may keep the MacBook Pro Laptop provided to him for use during his employment, as well as the golf clubs provided to Employee through the Officer Club Program. All Company information shall be wiped from the laptop prior to release to Employee. In addition, the Company cell phone number used by Employee while employed at the Company will be transferred to Employee following his final date of employment. If a cell phone (Company or personal) utilized by Employee has any Company information on it, all Company information shall be wiped from the phone on the final date of employment. These items are referred to herein collectively as the “Release Payment”.
(b) Annual incentive payment for calendar year 2019, pro-rated for the period January 1, 2019 through August 30, 2019, at the incentive target percentage rate of 55% of Employee’s 2019 annual base salary, should an annual incentive payment be made to all other then-current officers of the Company. Actual incentive payout will be calculated and adjusted based upon final calendar year corporate financial results relative to pre-determined performance metrics and associated payout modifiers at each level of performance, and may result in the final amount being lower or higher than the stated target amount. Payment, if any, shall be made when all other incentive payments are made, generally, in the first quarter of 2020 (“Annual Incentive Payment”).
(c) Vesting of PSU’s granted to Employee on February 6, 2017 (Grant No. 02061703), which are scheduled to vest on February 6, 2020 (“Vested PSU’s”). The payment of any performance-based long-term incentive compensation awards shall be paid after the completion of the relevant performance period and the evaluation of whether, and the degree to which, the performance criteria have been met. Except as otherwise expressly provided in Sections 4 and 5, the parties agree that each of their mutual promises and obligations under this Release shall suffice as full and adequate consideration for their obligations under this Release.
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 Employee's agreement to the terms of this Agreement, Company will pay Employee the following amounts (the "Separation Payments"):
a. For the period beginning on the date hereof through March 5, 2005 (the "Post-Employment Period"), Company will continue to pay to Employee an amount equal to the Employee's base salary of $525,000 as in effect under the Employment Agreement as of the date hereof. Such base salary shall continue to be paid in accordance with the prevailing payroll schedule for Company executives, in weekly payments of $10,096.16, subject to applicable tax withholding as W-2 income and reported in accordance therewith, such first payment to be made on or as soon as practicable after the eighth (8th) day following the date Employee executes this Agreement.
b. On the eighth (8th) day following the date Employee executes this Agreement, Company shall pay to Employee, in a lump sum, Eighty-five Thousand Six Hundred Three Dollars and 60/100 ($85,603.60), less applicable tax withholdings, representing the dollar value of all of Employee's accrued but unused vacation as of the date hereof and twelve months dues for the Avil▇ ▇▇▇ntry Club.
c. As promptly as practicable following the execution of this Agreement, and in no event later than the eighth (8th) day following the date Employee executes this Agreement, the Company will, in accordance with the Company's standard expense reimbursement policies, reimburse Employee for all appropriately documented travel and other Company expense items submitted by Employee for reimbursement. Thereafter, the Company will, in accordance with the Company's standard expense reimbursement policies, promptly reimburse Employee for any additional Company expenses appropriately incurred by Employee during his employment with the Company as credit card and other charges are received by Employee and submitted to the Company with appropriate documentation for reimbursement.
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.