Separation Benefit Sample Clauses

Separation Benefit. (a) Parent agrees to pay the Employee an amount equal to one (1) year of his then-existing base salary (minus applicable withholdings and payroll taxes), payable in equal installments over a one-year period in accordance with Parent’s normal payroll practices, in the event that: (i) the Employee’s employment with Parent or any of its subsidiaries (including the Company) is terminated by Parent or any such subsidiary (including the Company) without Cause (as hereinafter defined); or (ii) at any time during the period commencing thirty (30) days prior to a Change of Control (as hereinafter defined) of Parent and ending one-hundred-eighty (180) days after a Change of Control of Parent, Parent or any of its subsidiaries (including the Company) fails to retain the Employee in the same or similar position to that which he occupies immediately prior to such Change of Control and at the same or similar base compensation to that which he enjoys immediate prior to such Change of Control. (b) If the Employee’s employment with Parent or any of its subsidiaries is terminated as contemplated by Section 2(a) of this Agreement, then Parent agrees to pay the Employee an amount equal to the bonus that would have been earned by the Employee for the year in which the Employee’s employment with Parent or any of its subsidiaries is so terminated, prorated for the portion of such year during which the Employee remained employed with Parent or such subsidiary to and including the earlier of (i) the date of termination of the Employee’s employment with Parent or such subsidiary (in the case of a termination contemplated by Section 2(a)(i) of this Agreement) or (ii) the date on which the Employee is provided with notice or otherwise becomes aware of Parent or such subsidiary’s failure so to retain the Employee (in the case of a termination contemplated by Section 2(a)(ii) of this Agreement, such bonus payment to be made at substantially the same time and in substantially the same manner (and minus applicable withholdings and payroll taxes) as Parent’s normal payroll practices in respect of the payment of similar bonuses. For purposes of this Section 2(b), the prorated amount of any bonus shall be determined to be a fraction, the numerator of which is the number of days in the fiscal year ending on the day specified in Section 2(b)(i) or (ii) (as applicable), and the denominator of which is 365. (c) For the purposes of this Agreement:

Separation Benefit. Upon separation of service from the North Baltimore School District, a member of the bargaining unit having ten (10) or more years of service in the North Baltimore School District shall be paid a sum equal to the employee's daily rate of pay at the date of separation, excluding supplemental salary, times twenty-five per cent (25%) of the total accumulated sick leave days (to a maximum of twenty-five per cent (25%) of two hundred and seventy-five (275) days that he/she has in public employment. No employee terminated for cause pursuant to 3319.16 and 3319.161 shall be eligible for such payment. Sick leave that has been transferred to another employer is not eligible for separation payment. Additionally, sick leave that has been paid out in severance by North Baltimore Schools and/or any other public employer is not eligible for transfer.

Separation Benefit. Subject to the provisions of this Agreement, the Company will pay Executive the benefits set forth in Article V, Subsection 5.2(c) [or (d)] [or (e)](ii) and (iii) of Executive’s Employment Agreement with the Company (“Separation Benefit”), and at the time set forth in the Employment Agreement. The Separation Benefit does not constitute nor is it intended to be any form of compensation to Executive for any services to the Company.

Separation Benefit. (a) If Carmike at any time terminates Executive’s employment without Cause or if Executive resigns during his Protection Period for Good Reason, then: (b) Carmike shall pay Executive a total amount equal to (i) 2 times his Base Salary (at a rate equal to the highest level of Base Salary Executive was paid in the year prior to his termination of employment), plus (ii) 2 times his target Annual Bonus for the calendar year prior to the calendar year in which his termination of employment occurs. This severance benefit shall be payable in equal monthly installments (subject to applicable tax withholdings) over the twenty-four (24) consecutive month period which starts on the date Executive has a separation from service (within he meaning of § 409A of the Code), subject to Section 7.1(e) below; (c) Any restrictions on any outstanding restricted stock granted to Executive by Carmike before January 1, 2013 immediately shall (notwithstanding the terms under which such grant was made) expire and Executive’s right to such stock shall be non-forfeitable; (d) For the period described in § 7.1(b), Executive shall continue to be eligible to purchase substantially the same health, dental and vision care coverage and life insurance coverage as Executive was provided under Carmike’s employee benefit plans, policies and practices on the day before Executive’s employment terminated; provided, however, Executive shall pay 100% of the cost of such coverage. Carmike shall reimburse Executive for the difference between the cost of the coverage to Executive and the premium that an active employee would pay for the same coverage (“Carmike’s cost of coverage”) as soon as practical after Executive pays such cost. Further, if Carmike cannot make such coverage available to Executive under Carmike’s employee benefit plans, policies or programs, either Carmike shall, at its election, (i) make such coverage and benefits available to Executive outside such plans, policies and programs (with Executive paying 100% of the cost of such coverage and any tax liability and Carmike reimbursing Executive an amount equal to Carmike’s cost of coverage (as described above) as soon as practical after Executive pays such costs) or (ii) Carmike shall reimburse Executive for Executive’s cost to purchase substantially similar coverage and benefits; provided, however in no event will Carmike be required to incur annual reimbursement costs in an amount exceeding 150% of Carmike’s cost of coverage (as descri...

Separation Benefit. Subject to the provisions of this Agreement, the Company will pay Employee the separation benefits set forth in Article V, Section 5.2(c) of Employee's Employment Agreement with the Company, less required withholding, within twenty-one (21) days after his signing of this Agreement. The Separation Benefit does not constitute nor is it intended to be any form of compensation to Employee for any services to the Company.

Separation Benefit. ‌ Classified employees shall be paid for vacation time earned, but not taken, at the time of termination.

Separation Benefit. Provided that (i) Executive executes this Agreement in accordance with Section 9(a); (ii) Executive remains employed with the Company in good standing continuously through the Separation Date; and (iii) Executive re-executes and re-affirms this Agreement in accordance with Section 9(b) and it becomes effective pursuant to Section 9(b); then Company shall provide the following payments and benefits to Executive (collectively, the “Separation Benefit”): (a) Executive shall remain eligible to receive an amount representing a pro-rata bonus for calendar year 2023, subject to the discretion of the Board, calculated through August 1, 2023 (the “Pro-Rata Bonus”), which Pro-Rata Bonus shall be paid within ten (10) days following August 1, 2023. (b) If Executive is eligible for and elects to continue his health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following the Employment Separation Date, then the Company shall pay Executive’s monthly premium under COBRA until the earliest of (A) January 31, 2024; (B) the expiration of Executive’s continuation coverage under COBRA; or (C) the date when Executive becomes eligible to receive health insurance coverage in connection with new employment or self-employment. If the payment of any COBRA or health insurance premiums would otherwise violate the nondiscrimination rules or cause the reimbursement of claims to be taxable under the Patient Protection and Affordable Care Act of 2010, together with the Health Care and Education Reconciliation Act of 2010 (collectively, the “Act”) or Section 105(h) of the Internal Revenue Code (the “Code”), the Company-paid premiums shall be treated as taxable payments and be subject to imputed income tax treatment to the extent necessary to eliminate any discriminatory treatment or taxation under the Act or Section 105(h) of the Code. To the extent that any payment pursuant to this Section 3(b) is deemed to be taxable compensation to Executive (“Taxable Benefit”), then the Company shall pay to Executive an amount (the “Gross Up”) to compensate Executive for the economic cost with respect to federal, state and local income and payroll taxes payable with respect to the Taxable Benefit. The calculation of the amount of the Gross Up shall be calculated such that, after payment by Executive of the federal, state and local income and payroll taxes with respect to the Taxable Benefits and the Gross Up, Executive shall be in substantially the same economic ...

Separation Benefit. At time of voluntary separation (retirement or resignation), employees with at least twelve (12) months of service who subsequently leave the employ of the City, upon giving fourteen (14) days written notice, or employees whose service is terminated due to death, shall receive cash payment for all remaining earned vacation time, compensatory time, perfect attendance leave credits and longevity. Employees who do not give at least fourteen (14) days written notice prior to termination of employment shall forfeit the prorated earned vacation and perfect attendance leave during the year in which the termination takes place. The employee's last day of work will be the last day on the payroll. Employees will not be permitted to utilize vacation, compensatory time, and/or perfect attendance leave credits and stay on the payroll after the last day at work. This policy may be waived upon recommendation of the Human Resources Director and only in personal emergency or crisis situations.

Separation Benefit. The District will pay certified personnel who terminate employment voluntarily, are laid off, or die based upon the following schedule: Beginning with the sixth (6) year through fifteen (15) complete years of actual teaching in the District - 35% of unused sick leave. Beginning with the sixteenth (16) year through twenty-five (25) complete years of actual teaching in the District - 40% of unused sick leave. Beginning with the twenty-sixth (26th) complete year of actual teaching in the District - 50% of unused sick leave. Those employees receiving 35% of unused sick leave shall be paid at a rate of $125 per day or per diem, whichever is less. Those employees receiving 40% of unused sick leave shall be paid at a rate of $150 per day or per diem, whichever is less. Those employees receiving 50% of unused sick leave shall be paid at a rate of $170 per day or per diem, whichever is less. In the case of death, this benefit will be paid to a named beneficiary or to the estate of the bargaining unit member.