Separation Payments means for the Executive: (i) the average annual total monetary consideration received from the Company during the twelve (12) month period immediately preceding the effective date of his termination or resignation and (ii) the continuation of his Benefits.
Separation Payments are payments made at the semi-monthly rate of Executive's then current salary in effect immediately preceding the date of termination. Separation Payments shall be made for the lesser of one year following termination of employment or the remaining term of this Agreement (the "Separation Payment Period"), and shall be paid by Company in equal semi-monthly payments in arrears or in accordance with its then-current normal payroll procedure, provided that Company's obligation to make Separation Payments shall be reduced by any amounts earned by Executive for services during the Separation Payment Period. Company shall also pay Executive his Salary earned but unpaid as of the date of termination, unpaid expense reimbursements under Section 6 for expenses incurred in accordance with the terms hereof prior to termination, and compensation for accrued, unused vacation as of the date of termination.
Separation Payments is defined in Section 7(b)(ii) to mean continuation payments of the Executive’s salary and car allowance (as in effect on the termination date). Other benefits and amounts provided for in Section 7(b)(ii) are not within the definition of “Separation Payments” and are not reflected in this Exhibit. Under Section 7(b)(ii) of the Executive Employment Agreement, Executive is entitled to Separation Payments of $653,999.84 which represents 2 years x 26 payments per year x $12,576.92 . Under Section 7(b)(ii) of the Executive Employment Agreement, those Separation Payments exempt from IRC 409A under Reg. §1.409A-1(b)(9)(iii) are to be paid in a single lump sum payment due within 10 days of the date of the Constructive Termination. The amount so exempt and payable in a lump sum payment is $490,000.00. Under Section 7(b)(iii), the remaining Separation Payments and any partial payment are to be paid, subject to the deferral provisions of Section 7(c), on the regularly scheduled pay days beginning with the first such pay day occurring after the date of termination.
Examples of Separation Payments in a sentence
I acknowledge that my eligibility for the Separation Payments is not only contingent on my signing and returning this Release of Claims to the Company in a timely manner and not revoking it thereafter, but also is subject to my compliance with the covenants contained in the Employment Agreement.
An incorrect calculated investment will stay in the stock figures according to PIM until it is supposed to be disinvested.
If the Release does not become effective and irrevocable by the Release Deadline, you will forfeit any rights to Separation Payments or benefits under this Agreement.
Except to the extent otherwise required under Section 409A of the Internal Revenue Code of 1986, as amended (“Code”), the Administrator shall have the authority, in its sole discretion, to accelerate the date that any Consultation Payments or Separation Payments which were not otherwise vested or earned shall become vested or earned in whole or in part without any obligation to accelerate such date with respect to any other employee.
In signing this Release of Claims, I agree that I have been paid in full all compensation due to me, whether for services rendered by me to the Company or otherwise, through the date on which my employment with the Company terminated and that, exclusive only of the Separation Payments, no further compensation of any kind shall be due to me by the Company, whether arising under the Employment Agreement or otherwise, in connection with my employment or the termination thereof.
More Definitions of Separation Payments
Separation Payments are payments made at the bi-weekly rate of Employee's Base Salary in effect immediately preceding the date of termination. Separation Payments shall be made for ______ months after the date of termination (the "Separation Payment Period") and shall be paid by Employer in equal bi-weekly payments in arrears. Separation Payments shall be reduced by the amount of any personal services income earned by Employee during the Separation Payment Period. Separation Payments shall be made for the number of months specified above without regard to the number of months remaining in the term of this Agreement. Notwithstanding the foregoing, Employer's obligation to make, and Employee's right to receive, Separation Payments shall terminate immediately upon any violation by Employee of any covenant contained in Section 8 or 9 hereof. Employer shall also promptly pay Employee the following:
Separation Payments are payments made at the semi-monthly rate of Executive's then current salary in effect immediately preceding the date of termination. Separation Payments shall be made for the entire term of this Agreement (the "Separation Payment Period") and shall be paid by Company in equal semi-monthly payments in arrears or in accordance with its then-current normal payroll procedure, provided that Employer's obligation to make Separation Payments shall be reduced by any amounts earned by Executive for services during the Separation Payment Period. Company shall also pay Executive his Salary earned but unpaid as of the date of termination, unpaid expense reimbursements under Section 6 for expenses incurred in accordance with the terms hereof prior to termination, and compensation for accrued, unused vacation as of the date of termination.
Separation Payments has the meaning ascribed to it in Section 6(b)(ii).
Separation Payments are payments made at the bi-weekly rate of Employee's Base Salary in effect immediately preceding the date of termination. Separation Payments shall be made for six months after the date of termination (the "Separation Payment Period") and shall be paid by Employer in equal bi-weekly payments in arrears. Separation Payments shall be reduced by the amount of any personal services income earned by Employee during the Separation Payment Period. Separation Payments shall be made for the number of months specified above without regard to the number of months remaining in the term of this Agreement. Notwithstanding the foregoing, Employer's obligation to make, and Employee's right to receive, Separation Payments shall terminate immediately upon any violation by Employee of any covenant contained in Section 8 or 9 hereof. Employer shall also promptly pay Employee the following: (1) his Base Salary accrued but unpaid as of the date of termination; (2) unpaid expense reimbursements under Section 5 for expenses incurred in accordance with the terms hereof prior to termination; and (3) compensation for accrued, unused vacation as of the date of termination, determined in accordance with Employer's policies and procedures then in effect. This Section 6(b)(ii) is subject to the provisions of Section 10(j) dealing with the coordination of payments in the event of a Change In Control.
Separation Payments an aggregate amount equal to $410,000, paid in regular increments over eighteen months (the “Separation Payments Period”) on the same dates as NET’s regularly scheduled payroll dates, less applicable payroll tax withholdings and deductions, provided that no such payments will be due before the first payroll date after this Agreement’s Effective Date as defined in section 14 below;
Separation Payments shall have the meaning assigned to such term in the definition of “Consolidated EBITDA.”
Separation Payments means, with respect to any salaried Employee, monetary payments in an amount equal to one week's salary for each year of service of such Employee with the Sellers. "Year of service" shall be calculated as set forth on Schedule 10.2.