Separation Compensation definition

Separation Compensation means: payment to Employee (or, following Employee’s death, Employee’s beneficiaries) of any accrued salary and vacation earned through the Date of Termination and any unpaid Annual Cash Bonus for a prior fiscal year, and provided that Employee (or to the extent applicable, his estate) executes and delivers a general release of all claims “Separation Agreement”, which release shall not have been revoked, an amount equal to two times the sum of (x) Employee’s Total Salary as in effect immediately prior to Employee’s Date of Termination, without taking into account any reduction in such Total Salary, plus (y) Employee’s Target Bonus Opportunity for the fiscal year in which the Date of Termination occurs (the “Cash Severance Benefit”). The Cash Severance Benefit shall be payable in equal installments on Truist Insurance’s regular payroll dates in the jurisdiction in which Employee works over the 24 month period (the “Severance Period”) following Employee’s Date of Termination, commencing, except as set forth below, not later than 30 days after Employee’s Date of Termination. Separation Compensation shall be subject to forfeiture for Employee’s failure to execute and deliver the Separation Agreement to Truist Insurance. Separation Compensation shall also be subject to forfeiture if a court of final jurisdiction finds that Employee has failed to continue to comply with the applicable periods set forth in Sections 8, 9, 11 and 12. In addition to the Separation Compensation, if Employee’s employment shall terminate and Employee is entitled to receive Separation Compensation, Truist Insurance shall continue to provide to Employee until the 18 month anniversary of the Date of Termination the welfare benefits referred to in Section 5 as in effect on his Date of Termination (or generally comparable coverage) for himself and, where applicable, his spouse and dependents, at the same premium rates as may be charged from time to time for employees generally, as if Employee had continued in employment during such period. Upon the occurrence of such 18 month anniversary, Truist Insurance shall pay to Employee in a lump sum an amount equal to 6 times the monthly COBRA rate for such welfare benefits, as determined on the date of such 18 month anniversary. Notwithstanding anything to the contrary in this Agreement, if Employee is a Specified Employee (as defined below), any severance payments payable upon his Separation from Service that constitute nonqualified deferred compe...
Sample 1
Separation Compensation. In exchange for your agreement to the general release and waiver of claims set forth below and your other promises herein, the Company agrees to provide you with the following separation compensation (the “Separation Compensation”): x. Xxxxxxxxx: The Company agrees to pay you, within fifteen (15) business days following the Effective Date of this Agreement (as defined below), a total of $253,750, less applicable state and federal tax withholdings, which equals seven months of your base salary;
Sample 1
Separation Compensation means the Separation Benefits and the Separation Pay.
Sample 1

Examples of Separation Compensation in a sentence

  • Accordingly, we did not require the agency to respond to CoreCivic’s challenges to the price reasonableness evaluation of BI’s proposal in the agency report and we dismiss those arguments here.

  • You will not be entitled to the Separation Compensation, or any other form of severance payor benefits.

  • You will not be entitled to or offered any form of additional severance pay or benefits other than the Separation Compensation (e.g., you will not be entitled to pay or benefits under any employee severance plan that is generally applicable to employees).

  • You will not be entitled to the Separation Compensation, or any other form of severance pay or benefits.2. Separation Compensation.

  • You will not be entitled to or offered any form of additional severance payor benefits other than the Separation Compensation (e.g., you will not be entitled to payor benefits under any employee severance plan that is generally applicable to employees).

  • The Defendant received and has possession of money that is obtained from the illegal sale of misbranded food products to the Plaintiff and the Class in transactions that were unlawful, expressly prohibited by statute and void.

  • You will not be entitled to the Separation Compensation, or any other form of severance pay or benefits.(iii)Termination for Cause.

  • In consideration of the Company’s promise to pay the Separation Compensation set forth in Section 2 above, and as a condition precedent to the Company’s obligation to pay such compensation, Executive shall execute and deliver to the Company an original signed copy of the General Release attached to this Agreement at Exhibit A (the “Release”), within forty-five (45) days following the Separation Date, without revocation.

  • The signing of this Agreement, the payment of the Separation Compensation, and the conferring of any other consideration upon Xxxxxx is not an admission by the Company of fault or potential liability on the part of the Company.

  • Employee shall not have the power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify, or otherwise encumber, in advance, the Separation Compensation payable hereunder, nor shall any of such payments be subject to seizure for the payment of any debts, judgments, alimony, or separate maintenance owed by Employee, nor be transferable by operation of law in the event of bankruptcy, insolvency, or otherwise.

Related to Separation Compensation

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • Earned Compensation means any Annual Base Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant to Section 3(a) (but excluding any salary and interest accrued thereon payment of which has been deferred).

  • 414(s) Compensation means any definition of compensation that satisfies the nondiscrimination requirements of Code Section 414(s) and the Regulations thereunder. The period for determining 414(s) Compensation must be either the Plan Year or the calendar year ending with or within the Plan Year. An Employer may further limit the period taken into account to that part of the Plan Year or calendar year in which an Employee was a Participant in the component of the Plan being tested. The period used to determine 414(s) Compensation must be applied uniformly to all Participants for the Plan Year.

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Basic Compensation means Salary and Benefits.

  • Bonus Compensation shall have the meaning set forth in Section 3(b).

  • Gross compensation means every form of remuneration payable for a given period to an individual for services provided including salaries, commissions, vacation pay, severance pay, bonuses, and any board, rent, housing, lodging, payments in kind, and any similar benefit received from the individual's employer.

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Compensation and Benefits Programs means all compensation and benefit plans, policies, and programs of the Debtors, and all amendments and modifications thereto, applicable to the Debtors’ employees, former employees, retirees, and non-employee directors and the employees, former employees and retirees of their subsidiaries, including all savings plans, retirement plans, health care plans, disability plans, and incentive plans, deferred compensation plans, and life, accidental death, and dismemberment insurance plans.

  • Incentive Compensation Plans means annual incentive compensation plans and long-term incentive compensation plans of the Company, which long-term incentive compensation plans may include plans offering stock options, restricted stock and other long-term incentive compensation.

  • Special compensation means payment to an adult foster care facility to ensure the provision of a specialized program in addition to the basic payment for adult foster care. Special compensation does not include payment received directly from the Medicaid program for personal care services for a resident, or payment received under the supplemental security income program.

  • Incentive Compensation Plan means any plan, agreement or other arrangement that provides for the grant or issuance of equity or equity-based awards and that is now in effect or is hereafter adopted by the Company or the Manager for the benefit of any of their respective employees or other service providers (including directors, advisers and consultants), or the employees or other services providers (including directors, advisers and consultants) of any of their respective Affiliates or Subsidiaries.

  • Average Incentive Compensation means the average of the annual incentive compensation under Subparagraph 3(a) received by Executive for the three (3) immediately preceding fiscal years or such fewer number of complete fiscal years as Executive may have been employed by the Company. In no event shall “Average Incentive Compensation” include any sign-on bonus, retention bonus or any other special bonus. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Paragraphs 4 and 5 of this Agreement, all payments of the Severance Amount shall immediately cease. Notwithstanding the foregoing, in the event Executive terminates his employment for Good Reason as provided in Subparagraph 6(e), he shall be entitled to the Severance Amount only if he provides the Notice of Termination provided for in Subparagraph 6(f) within thirty (30) days after the occurrence of the event or events which constitute such Good Reason as specified in clauses (A), (B), (C), (D), (E) and (F) of Subparagraph 6(e);

  • Final compensation of a member means:

  • Covered Compensation means any Incentive-Based Compensation granted, vested or paid to a person who served as an Executive Officer at any time during the performance period for the Incentive-Based Compensation and that was Received (i) on or after October 2, 2023 (the effective date of the Nasdaq listing standards), (ii) after the person became an Executive Officer, and (iii) at a time that the Company had a class of securities listed on a national securities exchange or a national securities association such as Nasdaq.

  • Accrued Compensation means an amount which shall include all amounts earned or accrued through the "Termination Date" (as hereinafter defined) but not paid as of the Termination Date, including (i) base salary, (ii) reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company during the period ending on the Termination Date, (iii) vacation pay and (iv) bonuses and incentive compensation (other than the "Pro Rata Bonus" (as hereinafter defined)).

  • Base Compensation means the amount equal to the sum of (i) the greater of Executive’s then-current Annual Base Salary or Executive’s Annual Base Salary as of the date one day prior to the Change in Control, and (ii) the Average Incentive Bonus.

  • Annual Compensation means an amount equal to the greater of:

  • Salary as defined in Section 3.1(a).

  • Earnable compensation means the full rate of the

  • Compensation Period has the meaning specified in Section 2.12(c)(ii).

  • Deferred Compensation Plan means any plan, agreement or arrangement maintained by the Company from time to time that provides opportunities for deferral of compensation.

  • Compensation Plans shall have the meaning set forth in Section 3.11(b).

  • Share Compensation Arrangement means any stock option, stock option plan, employee stock purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Shares, including a share purchase from treasury which is financially assisted by the Corporation by way of a loan, guarantee or otherwise;