Separation Package Clause Samples

Separation Package. Regardless of whether Employee signs this Agreement, Employee acknowledges that, as of the Separation Date, Employee will receive any and all wages earned but unpaid through the Separation Date, including accrued but unused vacation time. In the event that Employee signs this Agreement, returns it to the Company and does not (and may no longer) revoke as provided in Section 17, Employee will receive the following separation package (the “Separation Package”):

Separation Package. Except as set out in Section 9.1, the Board by majority vote at a special meeting called for that purpose may terminate the Executive's employment at any time, without Cause and without prior notice, by providing the Executive with a Separation Package (the "Separation Package") equivalent to a lump sum payment of twenty four (24) months' Base Salary plus a pro rata portion of any Bonus (prorated with reference to the number of months the Executive has worked in the 7 -7- year in which the termination of employment occurs (the "Months Worked") to an amount equal to the Bonus payable to the Executive for the fiscal year preceding the year in which the termination occurs, multiplied by a fraction, the numerator of which is Months Worked and the denominator of which is twelve (12)) and, in fulfillment of the Executive's entitlement to compensation in respect of bonus for the twenty four (24) month notice period, an amount equivalent to two times the Bonus payable to the Executive for the fiscal year preceding the year in which termination occurs and in any event not less than the amount to which the Executive would have been entitled in respect of bonus had he remained actively employed with the Company during the notice period. At the discretion of the Board, the Company may provide the Separation Package in twenty four (24) equal monthly payments to the Executive.

Separation Package. (a) Where required by termination circumstances defined in this Agreement, the Executive will be entitled to a separation package (“Separation Package”) consisting of: (i) a payment equal to two times the then-current annual Base Salary in lieu of notice of termination and inclusive of the Executive’s entitlement to termination pay in British Columbia under the British Columbia Employment Standards Act; (ii) a payment equal to two times the highest of: (x) the Executive’s “target” Annual Bonus, if any, for the fiscal year in which such termination occurs, under the applicable short-term incentive compensation plan or other annual cash bonus plan of the Company; and (y) the average Annual Bonus actually received by the Executive in the two immediately preceding fiscal years; and (iii) the Company shall continue to provide to the Executive and to the Executive’s eligible dependents with the same level of health benefits, including without limitation medical, dental, vision, accident, disability, life insurance and other such benefits in place prior to termination of employment until the earlier of: (i) twenty-four months after the effective date of such termination, or (ii) the date the Executive becomes eligible for comparable benefits under a similar plan, policy or program of a subsequent employer, on substantially the same terms and conditions (including contributions required by the Executive for such benefits, if any) as existed immediately prior to termination; provided that, if such continued participation is not feasible, the Company shall otherwise provide such benefits (via lump sum compensation or in kind) on the same after-tax basis as if continued participation had been permitted, which items (i) and (ii) of the Separation Package shall be payable in substantially equal installments over twenty four months following the applicable termination date in accordance with the Company’s payroll practice.

Separation Package. In addition to the compensation and benefits to which the Executive would be entitled based upon his employment with the Company through the Termination Date, the Executive shall receive the following as additional consideration, which the Executive acknowledges is significant and substantial:

Separation Package. If the Corporation has determined that re-training or placement is not reasonable or feasible, the employee shall be offered a separation package, in an amount equal to 3 weeks of pay for each complete year of Corporate Service up to a maximum of 52 weeks, and shall have 15 days to accept or reject it.

Separation Package. Subject to the provisions detailed in this Section 4, Company agrees to provide Executive with the following Separation Package set forth herein. Executive acknowledges and agrees that this Separation Package is the Executive’s exclusive compensation and remedy with respect to his separation from the Company and that this Separation Package constitutes adequate legal consideration for the promises and representations made by him in this Agreement.

Separation Package. In consideration of Employee’s obligations set forth in this Agreement, Employer agrees to provide to Employee the following (the “Separation Benefits”):

Separation Package. In consideration of and in return for the promises and covenants undertaken by the Employee and the general release herein, and when the Effective Date has occurred (and provided Employee reaffirms this Agreement, as set forth below, on the Effective Date), the Company shall provide to or for the Employee the following separation package (“Separation Package”). i. Alignment Healthcare, Inc. (the “Parent”) shall provide for the vesting of the Accelerated Shares (as defined in Section 2.c below). Employee hereby accepts the acceleration of the Accelerated Shares in substitution for any cash severance payment to which he may be entitled under the EA unless otherwise provided herein. ii. The Company shall pay Employee a pro rata amount of the Bonus, if any, which would have been payable to Employee for calendar year 2023, determined after the end of calendar year 2023 and equal to the amount which would have been payable to Employee if Employee’s employment had not been terminated during 2023, multiplied by the fraction, the numerator of which is the number of whole months the Employee was employed by Employer during such calendar year and the denominator of which is twelve (12). Such Bonus shall be paid at the same time(s) at which other senior executives of the Company receive such bonuses (such payment times will occur before March 15, 2024 with respect to 75% of the achieved amount of such Bonus and in or around October 2024 for the achieved amount of the remaining 25% of such Bonus which is based on the aggregate STAR rating received by the health plans maintained by the Company and its affiliates for the 2025 rating year). iii. Employee acknowledges and agrees that as of the Effective Date, except for the payments described in Sections 2.a and 2.b.ii, and the vesting of the Accelerated Shares in Sections 2.b.i, 2.c.i, and 2.c.ii, the Company will have paid Employee all wages earned and accrued but unused vacation pay, if any, payable through such date, and no additional compensation or benefit is due to Employee as of the Effective Date. iv. If the Employee elects COBRA benefits, the Company shall pay the Employee’s share of the premium for such COBRA benefits for a twelve (12) month period beginning November 1, 2023, unless the Employee sooner becomes eligible to receive health benefits through new employment; it being understood that (x) the Employee is required to notify the Company promptly if Employee begins new employment during such period and to ...

Separation Package a. On the Effective Date, and on the express conditions that (and only if) (i) Employee has not revoked this Agreement (and that this Agreement is not revocable after the Effective Date), and (ii) that the Effective Date is no later than the thirtieth (30th) day following the Separation Date, the Company will make and cause to be delivered to Employee a lump sum severance payment in the amount of one million seventeen thousand and no hundredths dollars ($1,017,000.00), less applicable deductions and withholdings. Employee acknowledges and agrees that the severance payment to be made under this Subparagraph a is due solely from the Company and that Insperity has no obligation to make the severance payment even though the payment by the Company may be processed through Insperity. b. On the date that is six (6) months after the Separation Date, and on the express conditions that (and only if) (i) Employee has not revoked this Agreement as of such date (and that this Agreement is not revocable after such date), and (ii) that the Effective Date is no later than the thirtieth (30th) day following the Separation Date, the Company will make and cause to be delivered to Employee a lump sum severance payment in the amount of nine hundred forty four thousand eighty four dollars and sixty eight cents ($944,084.68), less applicable deductions and withholdings. Employee acknowledges and agrees that the severance payment to be made under this Subparagraph b is due solely from the Company and that Insperity has no obligation to make the severance payment even though the payment by the Company may be processed through Insperity. Between the Separation Date and the date of the severance payment to be made under this Subparagraph b, the Company shall, at its sole expense, provide Employee with reasonable outplacement services through a mutually agreed-upon provider. c. Employee currently has unvested Golden Star stock options. In consideration for Employee signing and not revoking this Agreement, the vesting of Employee’s outstanding unvested options will be accelerated, and Employee’s unvested options will become vested as of the Separation Date. Moreover, if Employee signs and does not revoke this Agreement, Employee shall have the right to exercise such options until 5:00 p.m. MST on December 31, 2015. Other than as provided herein, the terms of Employee’s stock option agreements and Golden Star’s stock option plan (attached hereto as Exhibit B) remain in full force and e...