Salary and Payments upon Separation Date Sample Clauses

Salary and Payments upon Separation Date. Employee shall receive a base salary of $200,000 per year during the period of her employment as Vice President, Special Projects, and will continue to participate in all company health and retirement plans and other benefits programs during such period. Provided Employee executes this Agreement, does not revoke this Agreement under Section 3(b), is not terminated by Employer for Cause, and does not resign her employment or quit without Good Reason prior to the Separation Date, then subject to the terms of this Agreement, Employer will pay Employee gross aggregate amount of $75,000, subject to the usual withholding required by law (the “Cash Stay Bonus”). The Cash Stay Bonus will be in accordance with and subject to the terms and conditions of this Agreement and shall be paid not later than seven (7) days after the Separation Date. Additionally, Employee may elect COBRA continuation coverage after the Separation Date, for which Employer shall reimburse Employee for its portion of the contribution for a period of up to five (5) months after the Separation Date; if Employee obtains another job during this period through which health benefits would be provided, Employee shall promptly inform Employer, who shall then discontinue further COBRA reimbursements. Employee’s participation in the group medical and dental plan of Employer shall then terminate in accordance with the COBRA continuation of coverage provisions under the group medical and dental plan of Employer. Good Reason, as used in this Agreement, means failure of Employer to provide the pay and benefits described in this Agreement for the Vice President –Special Projects or moving Employee’s work location more than twenty-five miles from its current location. Cause, as used in this Agreement, means Employee’s consistent and prolonged failure or inability to perform duties as assigned or adhere to the policies of the Company; Employee’s perpetuation of fraud, theft or other misappropriation of Employer property or funds; Employee is charged with, indicted of, or has pleaded guilty or nolo contendere to any felony or to any crime involving moral turpitude; and/or Employee willfully violates laws and regulations or commits acts that causes material damage to the Employer.
View Source

Related to Salary and Payments upon Separation Date

  • Rights and Payments Upon Termination The Executive’s right to compensation and benefits for periods after the date on which his employment with the Company terminates for whatever reason (the “Termination Date”), shall be determined in accordance with this Section 6 as follows:

  • 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.

  • Accrued Salary and Paid Time Off On the Separation Date, the Company will pay you all accrued salary, and all accrued and unused vacation earned through the Separation Date, subject to standard payroll deductions and withholdings. You are entitled to these payments by law.

  • Compensation and Payment Terms (a) S&C’s fees for the Services shall be calculated at the rate(s) set forth in Exhibit “A” attached hereto. The Maximum Compensation to S&C for the Services performed under this Agreement is One Hundred Two Thousand Five Hundred and 00/100 Dollars ($102,500.00).In no event shall the amount paid by County to S&C under this Agreement exceed said Maximum Compensation without an approved change order. (b) S&C understands and agrees that the Maximum Compensation stated is an all- inclusive amount and no additional fee, cost or reimbursed expense shall be added whatsoever to the fees stated in the attached Exhibit “A.” (c) County will pay S&C based on the following procedures: Upon completion of the tasks identified in the Scope of Services, S&C shall submit to County staff person designated by the Facilities Management and Planning Director, one (1) electronic (pdf) copy of the invoice showing the amounts due for services performed in a form acceptable to County. County shall review such invoices and approve them within 30 calendar days with such modifications as are consistent with this Agreement and forward same to the Auditor for processing. County shall pay each such approved invoice within thirty (30) calendar days. (d) Accrual and payment of interest on overdue payments shall be governed by Chapter 2251 of the Texas Government Code. (e) S&C understands and agrees that County’s obligation to make any payment(s) hereunder is dependent upon S&C’s completion of the Services in a timely, good, and professional manner and in accordance with the performance representations made in Section 25 of this Agreement. Therefore, County reserves the right to withhold payment pending verification of satisfactory work performed.

  • Vacation Pay Upon Termination When an employee in the bargaining unit is terminated for any reason, he/she shall be entitled to all vacation pay earned and accumulated up to and including the effective date of the termination.