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(iii) \"Net After Tax Receipt\" shall mean the Present Value of a Payment net of all taxes imposed on the Employee with respect thereto under Sections 1 and 4999 of the Internal Revenue Code of 1986, as amended (the \"Code\"), determined by applying the highest marginal rate under Section 1 of the Code which applied to the Employee's taxable income for the immediately preceding taxable year; (iv) \"Present Value\" shall mean such value determined in accordance with Section 280G(d)(4) of the Code; and (v) \"Reduced Amount\" shall mean the greatest aggregate amount of Separation Payments which (a) is less than the sum of all Separation Payments and (b) results in aggregate Net After Tax Receipts which are equal to or greater than the Net After Tax Receipts which would result if the Employee were paid the sum of all Separation Payments.", "samples": [{"hash": "xEHcnFLtQ1", "uri": "/contracts/xEHcnFLtQ1#separation-payment", "label": "Transition Employment Agreement (Roosevelt Financial Group Inc)", "score": 18.0, "published": true}, {"hash": "879FcIAjZSf", "uri": "/contracts/879FcIAjZSf#separation-payment", "label": "Employment Agreement (Roosevelt Financial Group Inc)", "score": 18.0, "published": true}, {"hash": "79luEJv3MZP", "uri": "/contracts/79luEJv3MZP#separation-payment", "label": "Employment Agreement (Mercantile Bancorporation Inc)", "score": 18.0, "published": true}], "snippet_links": [{"key": "pursuant-to-this-agreement", "type": "clause", "offset": [32, 58]}, {"key": "present-value", "type": "definition", "offset": [133, 146]}, {"key": "all-taxes", "type": "clause", "offset": [167, 176]}, {"key": "sections-1", "type": "clause", "offset": [228, 238]}, {"key": "internal-revenue-code-of-1986", "type": "definition", "offset": [255, 284]}, {"key": "as-amended", "type": "definition", "offset": [286, 296]}, {"key": "highest-marginal-rate", "type": "definition", "offset": [338, 359]}, {"key": "section-1", "type": "definition", "offset": [366, 375]}, {"key": "the-code", "type": "clause", "offset": [379, 387]}, {"key": "to-the-employee", "type": "definition", "offset": [402, 417]}, {"key": "taxable-income", "type": "definition", "offset": [420, 434]}, {"key": "taxable-year", "type": "clause", "offset": [465, 477]}, {"key": "in-accordance-with", "type": "clause", "offset": [533, 551]}, {"key": "reduced-amount", "type": "definition", "offset": [593, 607]}, {"key": "aggregate-amount", "type": "clause", "offset": [633, 649]}, {"key": "separation-payments", "type": "definition", "offset": [653, 672]}, {"key": "sum-of", "type": "clause", "offset": [700, 706]}, {"key": "in-aggregate", "type": "definition", "offset": [747, 759]}, {"key": "net-after-tax-receipts", "type": "definition", "offset": [760, 782]}, {"key": "equal-to", "type": "definition", "offset": [793, 801]}, {"key": "the-net", "type": "clause", "offset": [818, 825]}], "size": 6, "hash": "00e4e36bea787924148645ca248dac49", "id": 9}, {"snippet": "As soon as administratively practical after your Last Day of Employment, P&G will provide you with a Separation Payment of \u00abTotal_Amount\u00bb, less legally required withholdings and deductions. In no event will payment be made before expiration of the seven-day revocation period discussed below or later than the March 15th of the year following the year which includes your last day of employment. Amounts you owe to P&G as of your Last Day of Employment, including, but not limited to, wage and/or benefit overpayments and unpaid loans, will also be deducted from the Separation Payment. STAR Awards: As of your Last Day of Employment, if you worked at least 28 days (4 calendar weeks) during that fiscal year, you will receive a pro-rated STAR award for that fiscal year. Your STAR award will be pro-rated by dividing the number of calendar days during the fiscal year from July 1 through your Last Day of Employment by 365. Your STAR award will be paid in cash in the September (but no later than September 15th) immediately following the end of the fiscal year in which you terminate. Equity Awards: Your separation will be treated as a Special Separation for purposes of any outstanding equity awards granted under the Procter & \u2587\u2587\u2587\u2587\u2587\u2587 2009 Stock and Incentive Compensation Plan, the Procter & \u2587\u2587\u2587\u2587\u2587\u2587 2001 Stock and Incentive Compensation Plan, the Procter & \u2587\u2587\u2587\u2587\u2587\u2587 1992 Stock Plan, or \u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587 2004 Long-Term Incentive Plan and as a result the awards will be retained subject to the original terms and conditions of the awards. Awards granted under the Procter & \u2587\u2587\u2587\u2587\u2587\u2587 2014 Stock & Incentive Compensation Plan are retained subject to the terms and conditions of the Awards. This agreement does not alter the rights and obligations that you may have under the Procter & \u2587\u2587\u2587\u2587\u2587\u2587 2014 Stock & Incentive compensation Plan, the Procter & \u2587\u2587\u2587\u2587\u2587\u2587 2009 Stock and Incentive Compensation Plan, the Procter & \u2587\u2587\u2587\u2587\u2587\u2587 2001 Stock and Incentive Plan, the Procter & \u2587\u2587\u2587\u2587\u2587\u2587 1992 Stock Plan, and \u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587 2004 Long-Term Incentive Plan.", "samples": [{"hash": "4WJkKaZ4De3", "uri": "/contracts/4WJkKaZ4De3#separation-payment", "label": "Separation Agreement (PROCTER & GAMBLE Co)", "score": 28.315536499, "published": true}, {"hash": "cmW2iIB0wCD", "uri": "/contracts/cmW2iIB0wCD#separation-payment", "label": "Separation Agreement (PROCTER & GAMBLE Co)", "score": 27.8145103455, "published": true}, {"hash": "hyluaTfCAZR", "uri": 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neither this Agreement nor the furnishing of the consideration for this Agreement, including the <strong>Separation Payment</strong>, shall be deemed or construed at any time for any purpose as an admission by P&amp;G of wrongdoing or evidence of any liability or unlawful conduct of any kind.", "In consideration of the <strong>Separation Payment</strong> and other benefits provided above to which you would not have been entitled under any existing P&amp;G Policy, you release P&amp;G from any and all claims you have against P&amp;G.", "In the event that the <strong>Separation Payment</strong> is made six months and one day after the Date of Termination, it shall be paid with interest from the Date of Termination at a rate equal to Employer\u2019s cost of borrowing under its principal credit facility as in effect at the Date of Termination, as determined by the Parent\u2019s Chief Financial Officer.", "If Executive fails to timely execute and deliver the Separation Release or if he timely revokes his acceptance of the Separation Release thereafter (if such revocation is permitted), he shall not be entitled to the <strong>Separation Payment</strong> and shall repay any <strong>Separation Payment</strong> received.", "Notwithstanding anything to the contrary, but subject to any applicable six-month delay required by Section 18 hereof and Section 409A of the Internal Revenue Code of 1986, as amended (\u201cSection 409A\u201d), if a payment is otherwise payable to Executive hereunder, payment of such <strong>Separation Payment</strong> shall be payable in cash to him at the end of the month following the month in which his separation from service (within the meaning of Section 409A) occurs (or such later date as may be required by law).", "However, Executive\u2019s right to receive the <strong>Separation Payment</strong> shall be conditioned upon (i) his execution and delivery to the Company of a Separation Release (and the expiration of any statutorily mandated revocation period) within 30 days (or such longer period as may be required by law) following the separation from service date and (ii) his continued compliance with this Agreement and any other restrictive covenants to which he is bound.", "Any such deferred portion of the <strong>Separation Payment</strong> payable to Employee shall be contributed by the Company or Employer within five (5) business days following the Date of Termination to a Grantor Trust, with such amount to be invested through the trust in Fixed Income Securities.", "The <strong>Separation Payment</strong> will be made in a lump sum on the first payroll date following the 60th day following the date of Employee\u2019s execution of the separation, waiver and release agreement; provided, however, that if the 60 day period spans two (2) calendar years, the payments will commence in the second calendar year.", "The <strong>Separation Payment</strong> shall be paid in a single lump sum, no later than sixty (60) days after Employee\u2019s employment is terminated pursuant to this Section 5.4(c)."], "related": [["severance-payment", "Severance Payment", "Severance Payment"], ["compensation-payment", "Compensation Payment", "Compensation Payment"], ["severance-payments", "Severance Payments", "Severance Payments"], ["termination-payment", "Termination Payment", "Termination Payment"], ["termination-payments", "Termination Payments", "Termination Payments"]], "related_snippets": [], "updated": "2026-01-11T05:42:16+00:00"}, "json": true, "cursor": ""}}