Separation Package. As used herein, the "Separation Package" shall consist of (i) a cash amount equal to the base salary which would have been payable to Executive over 12 months (computed at the annual rate in effect at the date of the Separation Termination), plus (ii) a cash amount equal to the pro rated portion of the performance bonus (computed by reference to the actual number of days Executive is employed during the applicable fiscal year) which would have been paid to Executive under the Company's performance bonus plan for the fiscal year in which the Separation Termination occurs (if any such plan is then in effect) if Executive's employment had continued through the end of the fiscal year and the Company had achieved 100% of its scheduled performance goals, plus (iii) paid up COBRA benefits for Executive and his or her family for the 12 months following the date of the Separation Termination. Further, notwithstanding any contrary provision in the applicable stock option agreement, all Options which are not vested as of the date of the Separation Termination shall become vested and immediately exercisable and all Options held by Executive as of the date of the Separation Termination (including those which become exercisable solely as a result of the provisions of this sentence) shall remain exercisable for a period of 15 months following the date of the Separation Termination. For purposes of this paragraph, "Defacto Termination" shall include any of the following events: (i) the Company shall reduce the Executive's base salary in an aggregate amount in excess of 10% from that paid in the prior fiscal year, except as part of a general reduction of executive officers compensation in general; (ii) the Company shall fail to cause Executive to remain an executive officer of the Company; (iii) Executive shall not be afforded the authority, powers, responsibilities and privileges customarily accorded to an executive with his or her title; or (iv) the Company shall require Executive's primary services to be rendered in an area other than the Company's principal offices in the greater Los Angeles metropolitan area.
Separation Package means the collection of payments that is to be provided to a person;
Separation Package. As used herein, the "Separation Package" shall mean the Termination Amount each year for three years payable monthly on the first day of each calendar month and in addition, all stock options and other awards previously granted shall become exercisable and shall remain exercisable for three years. In the event of a Severance Termination, Employee will also be provided with reasonable office space and secretarial support for up to three months, and the Company shall pay the costs of outplacement services with a provider of its choice at a level appropriate to Employee's title and position as requested by Employee. Notwithstanding the provisions of this Section 10(d), in the event that the Employee breaches any of the covenants set forth in Section 14 hereof, then the "Termination Amount" shall consist solely of the Base Salary at the time of the Employee's termination of employment and shall not include any bonus.
Examples of Separation Package in a sentence
To be entitled to receive a Separation Package, the time period during which Executive can revoke the Release must expire before the sixtieth (60th) day after the Date of Termination.
If Executive has not executed without revoking a Release and the time period during which Executive can revoke the Release has not expired before the sixtieth (60th) day after the Date of Termination, Executive shall immediately forfeit his rights to a Separation Package.
Unless and until Executive has executed and not revoked a Release and the time period during which Executive can revoke the Release has expired, Executive shall have no right to receive a Separation Package.
The Separation Package shall be payable in a lump sum within thirty (30) days of the termination date.
The Executive shall not be required to mitigate any portion of the Separation Package by seeking other employment nor shall it be reduced by any remuneration or compensation earned by the Executive after the termination date.
More Definitions of Separation Package
Separation Package means an offer of a payment of an amount not less than the lesser of the following: (8 + 3CYS)WP; 104WP, where – CYS is the number of the transferred employee’s continuous years of service in relevant employment determined in the manner fixed by the Minister by order in writing under s 24 (6) of the ECRD Act; and WP is the transferred employees weekly rate of pay determined in the manner fixed by the Minister by order in writing under s 24 (6) of the ECRD Act.
Separation Package means the monetary package provided to employees who are retrenched.
Separation Package has the meaning assigned in Section 4.
Separation Package has the meaning set forth in Section 11.2 of this Agreement;
Separation Package means twelve (12) months' severance pay in lieu of notice of termination. The total amount of severance pay for the 12 months is calculated as follows:
Separation Package means an offer of a payment of an amount not less than the lesser of the following:
Separation Package shall consist of two years' Base Salary (at the annual rate in effect at the date of the Severance Termination) plus an amount equal to the Performance Bonus actually paid to Executive with respect to the eight fiscal quarters preceding the date of the Severance Termination (or if Executive has been employed for less than two years, the amount of Performance Bonus paid to Executive for the entire period of employment multiplied by a fraction, the numerator of which is the number eight and the denominator of which is the actual number of fiscal quarters for which Executive was employed by the Company). In addition, all of the Options granted over the term shall become immediately exercisable as of the date of such termination and shall remain so for a period of 12 months thereafter. The option provided for in this Section 6(c)(ii) shall be applicable with respect to each Change in Control notwithstanding Executive's failure to exercise such option with respect to any prior Change in Control.