Separation from Service definition
Examples of Separation from Service in a sentence
Notwithstanding the provisions of Section 3.3.1 of this Agreement, if the Holder incurs a Separation from Service prior to the Vesting Date by reason of death or Disability, then the Performance Period shall terminate and 100% of the Target Award will immediately become vested.
If the Holder incurs a Separation from Service due to death or Disability after the Holder provides a Retirement Notice but before the Retirement date, the Award shall be treated as though the Holder’s Retirement occurred upon such Separation from Service.
Notwithstanding anything to the contrary in this Term Sheet (whether under this Term Sheet or otherwise), to the extent delayed commencement of any portion of the payments to be made to you upon your Separation from Service is required to avoid a prohibited payment under Section 409A(a)(2)(B)(i) of the Code, such portion of the payments shall be delayed and paid on the first business day after the earlier of (i) the date that is six (6) months following such Separation from Service or (ii) your death.
In the event of a Separation from Service covered by Section 3.A, the Company shall honor any separate agreement it has entered into with Executive to reimburse Executive upon termination of employment in an amount equal to the expenses incurred by Executive in connection with Executive’s relocation at the request of the Company; provided that notwithstanding the terms of such agreement, all such payments shall be made in a lump sum payment within thirty (30) days following the Payment Date.
If Executive is a “specified employee” on the date of Executive’s Separation from Service, such right to reimbursement of legal fees and expenses shall be paid as provided in Section 5.B.iii.