Conversion Upon Separation Clause Samples

Conversion Upon Separation. Upon separation from the county service, an employee is entitled to compensation for any earned, but unused vacation leave credit at the time of separation, provided the employee has completed at least one year of service. The accrual cannot exceed two years vacation time, based on the individual employee accrual rate. The payment will be made at the employee’s current rate of pay based on employee’s permanent position.
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Conversion Upon Separation. The employee may convert Sick Leave subject to all of the following conditions: 1. The employee separates employment while in good standing (employee’s separation must not be for just cause) with the City; 2. The employee has at least ten (10) years of full-time public service, five (5) years of which must be full-time continuous service with the City; and 3. The employee must have a Sick Leave Balance of at least five hundred (500) hours at the time of separation; The rate of pay for such accumulated ▇▇▇▇ Leave will be at the employee's straight time hourly rate of pay at separation multiplied by one-third (1/3) of the total number of accumulated Sick Leave hours. Total payment under this provision will not exceed 700 hours. In the event an employee dies while in the employ of the City, except as provided in paragraph (C) of this section, and the employee has at least ten (10) years of full-time public service, five (5) of which is full-time continuous service with the City, their spouse, or secondarily their estate, will be paid the aforementioned rate of redemption for accumulated unused Sick Leave.
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Conversion Upon Separation. The employee may convert his/her Sick Leave subject to all of the following conditions: 1) The employee separates employment while in good standing (employee’s separation must not be for just cause) with the City; 2) The employee has at least ten (10) years of full-time public service, five (5) years of which must be full-time continuous service with the City; and 3) The employee must have a Sick Leave Balance of at least five hundred (500) hours at the time of separation; The rate of pay for such accumulated Sick Leave shall be at the employee's straight time hourly rate of pay at separation multiplied by one-third (1/3) of the total number of accumulated Sick Leave hours. Total payment under this provision shall not exceed 700 hours. In the event an employee dies while in the employ of the City, except as provided in paragraph (C) of this section, and the employee has at least ten (10) years of full-time public service, five
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Conversion Upon Separation. Upon death, retirement, resignation or termination of employment not as a direct consequence of disciplinary action, a member shall be entitled to a conversion of any unused sick leave as described in Section 22.1 based on the following: A. A member shall be paid at the time of separation one (1) hour of sick leave for every two (2) hours of accumulated but unused sick leave, up to a maximum of 1000 hours of accumulated but unused sick leave and 500 hours of payments. Such payment shall be made at the rate of pay in effect at the time of separation. Members shall request such conversion in writing prior to the effective date of their separation or as soon as possible thereafter. B. In addition to the above, a member may, at the end of the calendar year, elect to receive a cash payment for unused sick leave as described in Section 22.1 (but not including Transferred Sick Leave Bank hours), not to exceed a total of sixty (60) hours, at the rate of pay in effect as of December 31st of that calendar year. Payment made pursuant to this paragraph shall be made in January of the next calendar year. C. Each member retiring, resigning, or terminating employment under the provisions of this article shall be furnished a statement by the Director of Finance stating the amount of non-reimbursed sick leave hours available to the member on the date of retirement, resignation or termination. D. In no event shall a member receive any pay out for Transferred Sick Leave Bank hours upon separation from employment.
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Conversion Upon Separation. Sick leave can also be converted to cash at separation from the Agency by the following method: 1) calculate fifty (50%) percent of accumulated sick leave time; 2) this amount will be reimbursed to the employee up to a maximum of four hundred eighty (480) hours.
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Conversion Upon Separation. The employee may convert his/her sick leave subject to all of the following conditions: 1) The employee separates employment while in good standing (employee’s separation must not be for just cause) with the City; 2) The employee has at least ten (10) years of full-time public service, five
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Conversion Upon Separation. The member may convert his/her sick leave subject to all of the following conditions: 1. must not be for just cause) with the City;
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Related to Conversion Upon Separation

  • Automatic Conversion upon Expiration In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be converted pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised or converted, and the Company shall promptly deliver a certificate representing the Shares (or such other securities) issued upon such conversion to Holder.

  • Payment Upon Separation An employee or an employee's estate, will be paid for: 1) the number of days of annual leave, not exceeding 50 days or 400 hours that were accrued at the end of the previous calendar year and that remain unused; and 2) the number of days of annual leave that accrued during the calendar year in which the employee’s State employment terminates and that remain unused upon termination of state service at the time that the employee receives his/her pay check for the final period of work or the next pay period.

  • Termination Upon a Change of Control (a) In the event a Change of Control (as defined below) occurs, and within 24 months after such Change of Control: (i) your employment with the Company is terminated by you pursuant to a Termination for Good Reason (as defined below); or (ii) your employment with the Company is terminated by the Company for any reason other than death, disability or for Cause pursuant to Sections 9(a), (b) or (c); or (iii) this Agreement is not renewed due to a Termination Notice given by the Company, as provided in Section 1(a), (the events under clauses (i), (ii) and (iii) herein collectively called a "Change of Control Termination"), you shall be entitled to receive the payments and benefits set forth in Section 10(e) and (f) below, which payments and benefits shall be in substitution for, and not in addition to, the payments and benefits otherwise payable under Section 2(a) or 2(b) of this Agreement in the event of termination. Your right to receive such payments and benefits, other than the Accrued Obligations, shall be in consideration of your agreements under this Agreement, including but not limited to your agreement not to compete with the Company for two years after a Change of Control pursuant to Section 6, and shall be conditioned upon your execution of a Release. Such Release shall be substantially in the form of Exhibit A but may be modified by the Company as it deems appropriate to reflect changes in law or circumstances arising after the date of this Agreement; provided that no such modification shall increase any of your obligations to the Company over those contemplated by this Agreement, including Exhibit A hereto. (b) For purposes of the Agreement, a "Change of Control" shall be deemed to have occurred if: (i) any person (as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and as used in Sections 13(d) and 14(d) thereof)), excluding the Company, any subsidiary and any employee benefit plan sponsored or maintained by the Company or any subsidiary (including any trustee of any such plan acting in his capacity as trustee), but including a "group" as defined in Section 13(d)(3) of the Exchange Act, becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of shares of the Company having at least 30% of the total number of votes that may be cast for the election of directors of the Company; (ii) the shareholders of the Company shall approve any merger or other business combination of the Company, sale of all or substantially all of the Company's assets or combination of the foregoing transactions (a "Transaction"), other than a Transaction involving only the Company and one or more of its subsidiaries, or a Transaction immediately following which the shareholders of the Company immediately prior to the Transaction continue to have a majority of the voting power in the resulting entity (excluding for this purpose any shareholder of the Company owning directly or indirectly more than 10% of the shares of the other company involved in the Transaction) and no person is the beneficial owner of at least 30% of the shares of the resulting entity as contemplated by Section 10(b)(i) above; or (iii) within any 24-month period beginning on or after the date hereof, the persons who were directors of the Company immediately before the beginning of such period (the "Incumbent Directors") shall cease (for any reason other than death) to constitute at least a majority of the Board of Directors of the Company or the board of directors of any successor to the Company, provided that any director who was not a director as of the date hereof shall be deemed to be an Incumbent Director if such director was elected to the Board by, or on the recommendation of or with the approval of, at least two-thirds of the directors who then qualified as Incumbent Directors either actually or by prior operation of this Section 10(b)(iii), unless such election, recommendation or approval was the result of an actual or threatened election contest of the type contemplated by Regulation 14a-11 under the Exchange Act or any successor provision. Notwithstanding the foregoing, no Change of Control of the Company shall be deemed to have occurred for purposes of this Agreement by reason of any actions or events in which you participate in a capacity other than in your capacity as an executive or director of the Company.

  • Settlement Upon Conversion The type and amount of consideration (the “Conversion Consideration”) due in respect of each $1,000 principal amount of a Note (including, for the avoidance of doubt, any PIK Interest paid with respect thereto) to be converted will be a number of shares of Common Stock equal to the Conversion Rate in effect on the Conversion Date for such conversion. (i) If the number of shares of Common Stock deliverable pursuant to Section 2.8(c) upon conversion of any Note is not a whole number, then such number will be rounded to the nearest whole number. (ii) If a Purchaser converts more than one Note on a single Conversion Date, then the Conversion Consideration due in respect of such conversion will be computed based on the total principal amount of Notes converted on such Conversion Date by or with respect to such Purchaser. (iii) The Issuer will pay or deliver, as applicable, the Conversion Consideration due upon the conversion of any Note to the Purchaser on or before the second Business Day immediately after the Conversion Date for such conversion. (iv) At all times when any Notes are outstanding, the Issuer will reserve, out of its authorized but unissued and unreserved shares of Common Stock, a number of shares of Common Stock sufficient to permit the conversion of all then-outstanding Notes, assuming the Conversion Rate is increased by the maximum amount pursuant to which the Conversion Rate may be increased pursuant to Section 2.9. (v) Each Conversion Share delivered upon conversion of any Note will be duly and validly issued, fully paid, non-assessable, free from preemptive rights and free of any lien or adverse claim (except to the extent of any lien or adverse claim created by the action or inaction of the Purchaser holding such Note or the Person to whom such Conversion Share will be delivered). If the Common Stock is then listed on any securities exchange, or quoted on any inter-dealer quotation system, then the Issuer will cause each Conversion Share, when delivered upon conversion of any Note, to be admitted for listing on such exchange or quotation on such system. (vi) Upon conversion, a Purchaser shall not receive any separate cash payment for accrued and unpaid interest, if any. The Issuer’s delivery of the Conversion Consideration shall be deemed to satisfy in full its obligation to pay the principal amount of the Note and accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date. As a result, accrued and unpaid interest, if any (other than for the avoidance of doubt, PIK Interest), to, and including, the relevant Conversion Date shall be deemed to be paid in full rather than cancelled, extinguished or forfeited.

  • Termination Upon Notice Following thirty (30) days’ written notice, the State Entity may terminate the Contract in whole or in part without the payment of any penalty or incurring any further obligation to the Contractor. Following termination upon notice, the Contractor shall be entitled to compensation, upon submission of invoices and proper proof of claim, for goods and services provided under the Contract to the State Entity up to and including the date of termination.