Separation Trust Sample Clauses
A Separation Trust clause establishes a legal arrangement where certain assets are held in trust for the benefit of one or more parties in the event of a separation, such as divorce or dissolution of a partnership. Typically, this clause outlines which assets are to be placed in the trust, who the beneficiaries are, and the terms under which the trust operates, such as distribution of income or principal. By doing so, it ensures that designated assets are protected and managed according to agreed terms, thereby providing financial security and reducing disputes over asset division during a separation.
Separation Trust. The Employer agrees that in lieu of making contributions to the Separation Trust Fund, it will pay to each Regular Fulltime employee in addition to his regular monthly salary an amount equal to one and one-half percent (1½%) of such regular monthly salary. It is understood and agreed that the additional payment will be considered to be completely separate and distinct from regular monthly salary for all administrative purposes.
Separation Trust. (Inside)
Separation Trust. The Corporation agrees that in lieu of making contributions to a Separation Trust it will pay to each employee in addition to his regular monthly salary an amount equal to one pint five per cent (1.5%) of such regular monthly salary. The payment of such additional amount will be made on a monthly basis. It is under- stood and agreed that the additional payment will be considered to be completely separate and distinct from regular monthly salary for all administrative purposes.