Separation Package. As used herein, the "Separation Package" shall consist of (i) a cash amount equal to the base salary which would have been payable to Executive over 12 months (computed at the annual rate in effect at the date of the Separation Termination), plus (ii) a cash amount equal to the pro rated portion of the performance bonus (computed by reference to the actual number of days Executive is employed during the applicable fiscal year) which would have been paid to Executive under the Company's performance bonus plan for the fiscal year in which the Separation Termination occurs (if any such plan is then in effect) if Executive's employment had continued through the end of the fiscal year and the Company had achieved 100% of its scheduled performance goals, plus (iii) paid up COBRA benefits for Executive and his or her family for the 12 months following the date of the Separation Termination. Further, notwithstanding any contrary provision in the applicable stock option agreement, all Options which are not vested as of the date of the Separation Termination shall become vested and immediately exercisable and all Options held by Executive as of the date of the Separation Termination (including those which become exercisable solely as a result of the provisions of this sentence) shall remain exercisable for a period of 15 months following the date of the Separation Termination. For purposes of this paragraph, "Defacto Termination" shall include any of the following events: (i) the Company shall reduce the Executive's base salary in an aggregate amount in excess of 10% from that paid in the prior fiscal year, except as part of a general reduction of executive officers compensation in general; (ii) the Company shall fail to cause Executive to remain an executive officer of the Company; (iii) Executive shall not be afforded the authority, powers, responsibilities and privileges customarily accorded to an executive with his or her title; or (iv) the Company shall require Executive's primary services to be rendered in an area other than the Company's principal offices in the greater Los Angeles metropolitan area.
Separation Package means the collection of payments that is to be provided to a person;
Separation Package means the Termination Amount each year for three years payable monthly on the first day of each calendar month and in addition, all stock options and other awards previously granted shall become exercisable and shall remain exercisable for three years. In the event of a Severance Termination, Employee will also be provided with reasonable office space and secretarial support for up to three months, and the Company shall pay the costs of outplacement services with a provider of its choice at a level appropriate to Employee's title and position as requested by Employee. Notwithstanding the provisions of this Section 10(d), in the event that the Employee breaches any of the covenants set forth in Section 14 hereof, then the "Termination Amount" shall consist solely of the Base Salary at the time of the Employee's termination of employment and shall not include any bonus.
Examples of Separation Package in a sentence
To be entitled to receive a Separation Package, the time period during which Executive can revoke the Release must expire before the sixtieth (60th) day after the Date of Termination.
If Executive has not executed without revoking a Release and the time period during which Executive can revoke the Release has not expired before the sixtieth (60th) day after the Date of Termination, Executive shall immediately forfeit his rights to a Separation Package.
Unless and until Executive has executed and not revoked a Release and the time period during which Executive can revoke the Release has expired, Executive shall have no right to receive a Separation Package.
The Separation Package shall be payable in a lump sum within thirty (30) days of the termination date.
The Executive shall not be required to mitigate any portion of the Separation Package by seeking other employment nor shall it be reduced by any remuneration or compensation earned by the Executive after the termination date.
More Definitions of Separation Package
Separation Package means an offer of a payment of an amount not less than the lesser of the following: (8 + 3CYS)WP; 104WP, where – CYS is the number of the transferred employee’s continuous years of service in relevant employment determined in the manner fixed by the Minister by order in writing under s 24 (6) of the ECRD Act; and WP is the transferred employees weekly rate of pay determined in the manner fixed by the Minister by order in writing under s 24 (6) of the ECRD Act.
Separation Package has the meaning set forth in Section 11.2 of this Agreement;
Separation Package means the monetary package provided to employees who are retrenched.
Separation Package has the meaning assigned in Section 4.
Separation Package. If your employment with NetLogic is involuntarily terminated prior to a Change in Control, for any reason other than Misconduct, NetLogic will provide you with the following separation package that includes the following: (1) six months of salary, (ii) six months of any applicable employee benefits in effect at the time of your termination, and (iii) 12 months of acceleration for any options granted you by the time of your termination. If your employment with NetLogic or its successor corporation is Involuntarily Terminated (which, as defined in subparagraph (2) above “occurs by reason of dismissal for any reason other than Misconduct or of voluntary resignation following: (i) a change in position that materially reduces the level of your responsibility, (ii) a material reduction in your base salary, or (iii) relocation by more than 50 miles; provided that (ii) and (iii) will apply only if you do not consent to the change or relocation) following a Change in Control, NetLogic or its successor corporation will provide you with the following separation package (in addition to any acceleration of vesting you may be entitled to under subparagraphs (A) or (B) above): (1) six months of salary, and (ii) six months of any applicable employee benefits in effect at the time of your termination. In order to receive either separation package described in this section, you will need to execute a Separation Agreement and General Release (“Agreement”) and comply with the terms of the Agreement, including that you will:
Separation Package means twelve (12) months' severance pay in lieu of notice of termination. The total amount of severance pay for the 12 months is calculated as follows:
Separation Package. As used herein, the "Separation Package" shall consist of two years' Base Salary (at the annual rate in effect at the date of the Severance Termination) and, in the event termination occurs after June 30, 1998, an amount equal to (i) in the event termination occurs prior to September 30, 1998, two times the Discretionary Bonus, if any, paid or (ii) in the event termination occurs after September 30, 1998, the Performance Bonus actually paid to Executive with respect to the eight fiscal quarters preceding the date of the Severance Termination (or if Executive has participated in the Parent's performance bonus plan for less than two years, the amount of Performance Bonus paid to Executive for the entire period of participation multiplied by a fraction, the numerator