Separation Payment definition
Examples of Separation Payment in a sentence
The University's obligations to pay the University Separation Payment shall not accrue interest (so long as not in arrears).
The parties further agree that the payment of the University Separation Payment by the University and the acceptance thereof by Coach shall constitute adequate and reasonable compensation to Coach for any damages and injuries suffered by Coach because of such termination by the University.
The Coach Separation Payment shall not be, nor be construed to be, a penalty.
Accordingly, Xxxxx agrees that the amount of the Coach Separation Payment is a reasonable and fair approximation of the harm that the University will incur in the event of the termination of Coach’s employment by Coach.
The parties have bargained for and agreed to the University Separation Payment, giving consideration to the fact that termination of Coach’s employment without Cause by the University prior to the expiration of the Term may cause Coach to lose certain benefits and incentives, supplemental compensation, or other athletically- related compensation associated with Coach’s employment with the University, the amounts of which are extremely difficult to determine with certainty.