Separation Payments Sample Clauses
POPULAR SAMPLE Copied 1 times
Separation Payments. In consideration of your release and waiver of claims set forth in paragraph 2 below, and subject to your execution and non-revocation of this Agreement during the Revocation Period (as defined in Section 16 of this Agreement) and your continued compliance with all agreements you have with the Company Group (including the Restrictive Covenants affirmed in paragraph 8), the Company will provide you with the following severance benefits pursuant to Section 7(c) and (e) of the Employment Agreement between you and the Company dated as of December 21, 2012, (as amended, modified or supplemented from time to time, the "Employment Agreement") (collectively, the "Consideration") of:
(i) a pro rata portion of your annual bonus (the "Pro-Rated Bonus"), calculated based on the number of days you were employed during the 2020 calendar year relative to the full 2020 calendar year, payable based on and subject to the {02974654} DocuSign Envelope ID: E8B8C726-B47A-407D-B587-84009198293C Company's actual achievement of the performance targets for 2020 as determined under and at the time that such annual bonuses would normally be paid;
i. continuation of your Base Salary in substantially equal installments and in accordance with the normal payroll practices for two (2) years following the Termination Date, to be paid in accordance with the normal payroll practices of the Company (and you expressly and specifically acknowledge that you are not entitled to the payments described in Section 7(c)(iii)(C)(II) of the Employment Agreement, as no "Change in Control" as defined in the Employment Agreement has occurred during the applicable time period contemplated therein);
ii. continued provision of employee benefits that are medical, dental and vision benefits which are required to be made available by the Company pursuant to the Consolidated Omnibus Budget Reconciliation Act ("COBRA"); provided that all applicable COBRA coverage rules must be followed by you in order to continue such coverage(s) (including your timely payment of the entire applicable COBRA premium to the plan administrator), or the coverage(s) will be terminated;
iii. reimbursement for a portion of your applicable COBRA premium costs during that period ending on the earlier of (A) the date you are eligible (even if you do not enroll) for coverage under another employer-sponsored group health plan in connection with other employment obtained after your termination hereunder; or
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 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. 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. (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
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. Provided that You satisfy the conditions of this Agreement, including the return of all Company property, and do not revoke this Agreement, the Company shall pay [DESCRIBE APPLICABLE BENEFITS] in accordance with Section [__] of the Employment Agreement, which together with Sections [15(c), 16, and 17] of the Employment Agreement, are incorporated herein (the “Separation Payments”). Notwithstanding the foregoing, in the event of a material, uncured breach of this Agreement, You acknowledge and agree that: (a) the Company shall have the right, upon five (5) days’ notice to You, to file a lawsuit against You to recover ninety-five percent (95%) of the Separation Payments, as such amount is not deemed earned absent Your compliance with this Agreement; and (b) the remaining five percent (5%) of the Separation Payments shall constitute full and complete consideration sufficient to support enforcement of this Agreement against You, including, but not limited to, enforcement of Your release of claims set forth below.