Separation Compensation definition

Separation Compensation means: payment to Employee (or, following Employee’s death, Employee’s beneficiaries) of any accrued salary and vacation earned through the Date of Termination and any unpaid Annual Cash Bonus for a prior fiscal year, and provided that Employee (or to the extent applicable, his estate) executes and delivers a general release of all claims “Separation Agreement”, which release shall not have been revoked, an amount equal to two times the sum of (x) Employee’s Total Salary as in effect immediately prior to Employee’s Date of Termination, without taking into account any reduction in such Total Salary, plus (y) Employee’s Target Bonus Opportunity for the fiscal year in which the Date of Termination occurs (the “Cash Severance Benefit”). The Cash Severance Benefit shall be payable in equal installments on BB&T Insurance’s regular payroll dates in the jurisdiction in which Employee works over the 24 month period (the “Severance Period”) following Employee’s Date of Termination, commencing, except as set forth below, not later than 30 days after Employee’s Date of Termination. Separation Compensation shall be subject to forfeiture for Employee’s failure to execute and deliver the Separation Agreement to BB&T Insurance. Separation Compensation shall also be subject to forfeiture if a court of final jurisdiction finds that Employee has failed to continue to comply with the applicable periods set forth in Sections 8, 9, 11 and 12. In addition to the Separation Compensation, if Employee’s employment shall terminate and Employee is entitled to receive Separation Compensation, BB&T Insurance shall continue to provide to Employee until the 18 month anniversary of the Date of Termination the welfare benefits referred to in Section 5 as in effect on his Date of Termination (or generally comparable coverage) for himself and, where applicable, his spouse and dependents, at the same premium rates as may be charged from time to time for employees generally, as if Employee had continued in employment during such period. Upon the occurrence of such 18 month anniversary, BB&T Insurance shall pay to Employee in a lump sum an amount equal to 6 times the monthly COBRA rate for such welfare benefits, as determined on the date of such 18 month anniversary. Notwithstanding anything to the contrary in this Agreement, if Employee is a Specified Employee (as defined below), any severance payments payable upon his Separation from Service that constitute nonqualified deferred compensation ...
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Separation Compensation. Provided that you cooperatively and diligently carry out the Transition Services, as reasonably determined by the Company in its sole discretion, then in exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth in Exhibit B (the “Second Release”), to be signed no earlier than the Separation Date, and your other promises herein, the Company agrees as follows:
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Separation Compensation means the Separation Benefits and the Separation Pay.
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Examples of Separation Compensation in a sentence

  • You will not be entitled to the Separation Compensation, or any other form of severance pay or benefits.

  • Pursuant to the terms of the Offer Letter, if You timely sign this Agreement and this Agreement becomes effective in accordance with Section 9 below, the Company will provide You with the Separation Compensation as defined and described in Attachment A to the Offer Letter within ten (10) days of the Effective Date (as defined below).

  • The additional vesting of the Option contemplated by the preceding sentence shall be effective on the effective date of the Release referenced in Section 1 required as a condition to Separation Compensation.

  • Subject to the terms of Section 7 below, You will not be entitled to or offered any form of additional severance pay or benefits other than the Separation Compensation (e.g., you will not be entitled to pay or benefits under any employee severance plan that is generally applicable to employees).

  • To the extent the Separation Compensation becomes payable pursuant to the terms of this Agreement, the Company will begin to make such payments within five (5) business days (or, if later, on the first payroll date) after this Agreement becomes effective and not subject to revocation pursuant to Section 11(f) below.

  • In consideration of the Company’s promise to pay the Separation Compensation set forth in Section 2 above, and as a condition precedent to the Company’s obligation to pay such compensation, Executive shall execute and deliver to the Company an original signed copy of the General Release attached to this Agreement at Exhibit A (the “Release”), within forty-five (45) days following the Separation Date, without revocation.

  • Whether expressly stated herein or not, all obligations that you assume and undertakings that you make by executing this Agreement are understood to be in consideration of the mutual promises and undertakings herein and the Special Separation Compensation offered to you as described in Paragraph 3 above.

  • The signing of this Agreement, the payment of the Separation Compensation, and the conferring of any other consideration upon ▇▇▇▇▇▇ is not an admission by the Company of fault or potential liability on the part of the Company.

  • Employee shall not have the power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify, or otherwise encumber, in advance, the Separation Compensation payable hereunder, nor shall any of such payments be subject to seizure for the payment of any debts, judgments, alimony, or separate maintenance owed by Employee, nor be transferable by operation of law in the event of bankruptcy, insolvency, or otherwise.

  • If any court or tribunal of competent jurisdiction considers whether You might be caused any individualized economic harm or hardship as a result of the Restrictive Covenants, You specifically agree and admit that You have suffered no such harm or hardship, and in fact, will substantially financially benefit from receipt of the Separation Compensation.


More Definitions of Separation Compensation

Separation Compensation. In exchange for your agreement to the general release and waiver of claims set forth below and your other promises herein, the Company agrees to provide you with the following separation compensation (the “Separation Compensation”): ▇. ▇▇▇▇▇▇▇▇▇: The Company agrees to pay you, within fifteen (15) business days following the Effective Date of this Agreement (as defined below), a total of $253,750, less applicable state and federal tax withholdings, which equals seven months of your base salary;
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Separation Compensation. Provided that you cooperatively and diligently carry out the Transition Services, as reasonably determined by the Company in its sole discretion, then in exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth in Exhibit B (the “Second Release”), to be signed no earlier than the Separation Date, and your other promises herein, the Company agrees to provide you the severance payments and benefits associated with a Covered Termination outside the Change in Control Period for a Tier 2 Participant, pursuant to, and subject to the payment timing and other terms and conditions of, Section 3.1 of the Plan. Notwithstanding the foregoing, the Company will pay you the severance payments outlined in Section 3.1(a) of the Plan in two (2) installments as follows: (A) the first installment payment of $321,875.25, less applicable state and federal payroll deductions, will be paid within fifteen (15) business days following the effectiveness of the Second Release (as provided therein), and (B) the second installment payment of $321,875.25, less applicable state and federal payroll deductions, will be paid on January 15, 2026. By signing below, you acknowledge that you are receiving the release consideration outlined in this section in consideration for waiving your rights to claims referred to in this Agreement (and the Second Release, if applicable) and that you would not otherwise be entitled to the release consideration.
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Related to Separation Compensation

  • Termination Compensation means a monthly cash amount equal to one-twelfth (1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • Earned Compensation means any Annual Base Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant to Section 3(a) (but excluding any salary and interest accrued thereon payment of which has been deferred).

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Basic Compensation means Salary and Benefits.