Separation Payments and Benefits definition

Separation Payments and Benefits means the following:
Sample 1
Separation Payments and Benefits. (a) Provided that Executive complies with her obligations under this Agreement, the Company shall pay Executive severance in the form of continuation of Executive’s base salary in effect on Executive’s Separation Date for the period of time from September 8, 2022 until September 30, 2023. These payments will be made on the Company’s ordinary payroll dates starting with the first pay date after Company receives a copy of this Agreement signed by Executive and the expiration of the Revocation Period without Executive revoking this Agreement, and the first payment will include any payments not yet made between September 8, 2022 and the date of the first payment. In the event that Executive obtains employment elsewhere before September 30, 2023, Executive shall promptly notify the Company of such new employment in writing, and the Company may elect to make one lump sum payment to Executive for all remaining severance amounts due to her under this Paragraph 2(a). All payments described in Paragraph 2 shall be subject to all standard deductions and withholdings, under applicable law, and shall be reported on a W-2 for the Company. (b) Provided that Executive complies with her obligations under this Agreement, the Company shall pay Executive a pro-rated annual bonus for fiscal year 2022, notwithstanding that the Executive will not be employed with the Company through the date of payment, in the amount determined based on the actual level of achievement of any applicable performance goals as identified and established by the Company, its Board of the Directors, or a committee thereof, and multiplied by a fraction, the numerator of which is the number of days of Executive’s employment from January 1, 2022 through the Separation Date, and the denominator of which is 365. Subject to the terms and conditions of this Agreement, the pro-rated bonus, if any, shall be paid to the Executive in 2023 in the normal course of business at the same time that annual bonuses are paid to current executives. (c) Provided that Executive complies with her obligations under this Agreement and satisfactorily performs the duties of a consultancy with the Company for the period commencing September 8, 2022 and ending December 31, 2022, which duties shall assist the Company in its transition of Executive’s former employment duties and will include the performance of any other duties as the Company may from time to time reasonably request, the Company shall pay to Executive the sum of $75,0...
Sample 1

Examples of Separation Payments and Benefits in a sentence

  • You acknowledge and agree that you are not entitled to receive the Severance Payments and Benefits unless you sign (and do not revoke this Agreement), and that the Separation Payments and Benefits exceed all amounts and benefits to which you may otherwise be eligible if you did not sign this Agreement (except for the Wages set forth in Paragraph 2 above).

  • For the avoidance of doubt, in the event the Company terminates Executive’s employment for other than Cause before the Planned Termination Date, then Executive shall be deemed to have continued employment through the Planned Termination Date and remain eligible for the Separation Payments and Benefits described in this Section 5, subject to the other terms and conditions set forth in the preceding sentence.

  • You understand that if you do not sign the Agreement, or if you revoke the signed Agreement as described in Paragraph 19 below (if applicable), the Company has no obligation to, and will not, provide you with the Separation Payments and Benefits.

  • For the avoidance of doubt, in the event the Company terminates Executive’s employment for other than Cause, then Executive shall continue to be paid as though Executive continued employment through the Planned Termination Date and, subject to the terms and conditions of Section 5, shall be entitled to the Separation Payments and Benefits described in Section 5.

  • Further, the Separation Payments and Benefits represent all of the compensation (including vacation and severance pay) to which Executive is, or may be, entitled by virtue of Executive's employment and separation from employment with Employer.

  • Employee acknowledges and agrees that the Separation Payments and Benefits referenced in this Section 4 constitute adequate and valuable consideration, in and of themselves, for the promises contained in this Agreement.

  • Executive Separation Policy (the "Policy"), and the terms, conditions and levels of Separation Payments and Benefits for Tier II participants.

  • If you do not satisfy any of the conditions identified in (1)-(4) above, then you will not receive the Separation Payments and Benefits.

  • By: ______________________________________ Its: ______________________________________ ________________________________________ Date In order to receive the Separation Payments and Benefits offered herein, you are required to sign and return this Mutual Release within twenty-one (21) days of its receipt by you.

  • Without admission of any liability, fact or claim, the Company hereby agrees, as consideration for Employee’s execution and non-revocation of this Agreement and Employee’s compliance with Employee’s continuing obligations pursuant to this Agreement and the post-employment obligations contained in his Employment Agreement, to provide Employee the Separation Payments and Benefits set forth below.

Related to Separation Payments and Benefits

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

  • 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.

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

  • 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)).

  • Change in Control Benefits means the following benefits:

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

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • Severance Amount means:

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 of this Agreement.

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • 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.

  • Employment benefits means all benefits provided or made

  • Compensation and Benefit Plans has the meaning set forth in Section 5.03(m).

  • Compensation Accrued at Termination means the following:

  • Severance Costs means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel.

  • Accrued Obligations means (i) all accrued but unpaid Base Salary through the date of termination of Executive’s employment, (ii) any unpaid or unreimbursed expenses incurred in accordance with Section 7 hereof, and (iii) any benefits provided under the Company’s employee benefit plans upon a termination of employment, in accordance with the terms contained therein.

  • Termination Payments has the meaning specified in Section 10(a).

  • 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).

  • Compensation Payment means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of an insurer to a complainant to compensate the complainant for a proven or estimated financial loss incurred as a result of the insurer’s contravention, non-compliance, action, failure to act, or unfair treatment forming the basis of the complaint, where the insurer accepts liability for having caused the loss concerned, but excludes any –

  • Accrued Amounts means: