Separation Package Sample Clauses
A Separation Package clause defines the compensation and benefits an employee will receive upon the termination of their employment. Typically, this clause outlines the amount of severance pay, continuation of health benefits, and any additional support such as outplacement services or payment for unused vacation days. Its core practical function is to provide financial security and support to the departing employee while also clarifying the employer’s obligations, thereby reducing the risk of disputes following separation.
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Separation Package. Upon your execution of this Letter Agreement and following the Effective Date:
(a) The Bank will pay you the gross sum of $1,107,292.24 (“Severance Amount”) which is comprised of the following, as severance:
(i) The gross sum of $800,000.24 (which reflects two years of your current base salary)
(ii) The gross sum of $307,292 (which reflects two times your average bonus for fiscal years 2015, 2016 and 2017). The Severance Amount will be paid to you in installments over a 24 month period. However, in order to comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder, the initial payment of the gross amount of $276,823.04 (which is comprised of 13 bi-weekly installment payments (the “Initial Amount”) will be made in a lump sum on the first payroll after May 21, 2019. The remaining $830,469.20 (the “Remaining Amount”) will be paid in 39 equal bi-weekly installments with the first such installment of the Remaining Amount to commence two weeks after payment of the Initial Amount. Payment of the Severance Amount will be made in accordance with the Bank’s regular payroll practices, and the Bank will deduct from such payments all applicable federal, state and local taxes and other designated or required withholdings. Notwithstanding anything to the contrary in this Letter Agreement, you may elect to receive the full Remaining Amount (less Fifteen Thousand Dollars [$15,000.00] as the net present value discount), along with the Initial Amount, on the Bank’s first regularly scheduled payroll period after May 21, 2019. To make this election, you must notify the Bank via e-mail addressed to ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ at ▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ at least twenty (20) days before May 21, 2019.
(b) In the event that you choose to elect your current health benefits pursuant to COBRA, the Bank will reimburse you (upon your providing the Bank with receipts of your payment) for the employer-share of your health insurance premiums under COBRA for eighteen (18) months (that is through April 30, 2020), and you will be responsible for the employee-share. Thereafter, you will be solely responsible for paying the COBRA insurance premiums for the remainder of the time that you elect to continue your insurance under COBRA. Notwithstanding anything in this paragraph 6(b) to the contrary, the Bank will cease paying for your coverage under COBRA on the date that your COBRA continuation coverage would otherwise terminate (for exam...
Separation Package. Regardless of whether Employee signs this Agreement, Employee acknowledges that, as of the Separation Date, Employee will receive any and all wages, including accrued but unused vacation time. In the event that Employee signs this Agreement, returns it to the Company and does not revoke as provided in Section 18, 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 RSUs (as defined in Section 2(b) below). Employee hereby accepts the acceleration of the Accelerated RSUs in substitution for any cash severance payment to which he may be entitled under the EA.
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.
iii. The Company shall pay Employee the remaining portion of the Bonus for the 2022 calendar year performance period (“Second Bonus Payment”) on or about the same date that other senior executives of the Company receive the Second Bonus Payment.
iv. Employee acknowledges and agrees that as of the Effective Date, except for the vesting and bonus payments described in Section 2(a)(i) though (iii) above, the Company will have paid Employee all wages earned, and no additional compensation or benefit is due to Employee as of the Effective Date.
v. 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 September 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 immediately if Employee begins new employment during such period and to repay promptly any excess benefits contributions made by the Company; and (y) after the Company’s payment or reimbursement obligation ends, the Employee may continue benefits coverage for the remainder of the COBRA period, if any, provided Employee pays...
Separation Package. (a) In the event Executive’s employment is terminated at any time either (A) by the Company without Cause under Paragraph 2.2(a)(iv) or (B) by Executive for Good Reason under Paragraph 2.3(a), then, subject to Paragraph 4.2, as and for a separation package the Company, Executive shall be entitled to:
(i) a lump sum severance payment equal to two (2) times the sum of Executive’s Base Salary and Target Bonus (determined without regard for any reduction of either such amount constituting Good Reason), which shall be paid within ten (10) days after the effectiveness of the release of claims provided under Paragraph 4.2, subject to the limitations under Item 32 (Policy on Severance Agreements with Certain Senior Executives) of the Starwood Hotels & Resorts Worldwide, Inc. Corporate Governance Guidelines as in effect on the date hereof (while such policy is in effect) (“Severance Limitation Policy”);
(ii) a pro rated portion of Executive’s annual bonus through the date of termination, earned and payable in accordance with, and subject to, the terms of the AIPCE based on actual results for the fiscal year of such termination (determined without regard for any exercise of negative discretion by the Board or applicable Committee thereof under the AIPCE that is applied disproportionately to Executive) as well as payroll policies in effect at the Company as if Executive were employed at the time, which shall be paid on the later of (x) ten (10) days after the effectiveness of the release of claims provided under Paragraph 4.2 or (y) the date such bonuses are paid to other senior executives for such fiscal year (but not later than two and one-half months after the last day of such fiscal year);
(iii) Executive’s stock options and restricted stock grants shall vest or not vest in accordance with the plan provisions and terms and conditions applicable to such equity award agreements; provided it is agreed by the parties that any unvested portion of Executive’s stock option and restricted stock grants awarded on the Effective Date shall not vest and shall be forfeited; and
(iv) the following payments and benefits (collectively, “Accrued Benefits”): (w) an amount equal to his unpaid Base Salary and any accrued and unpaid vacation pay through the date of termination which shall be paid on the next payroll date occurring on or following the date of termination, (x) any unpaid bonus earned for a completed fiscal year preceding the fiscal year of such termination which shall ...