Common use of Separation from Service Payment Clause in Contracts

Separation from Service Payment. Upon the Executive’s separation from service, including by reason of death, disability, termination by the Company for any reason, and termination by the Executive for any reason, the Company will pay to the Executive a lump sum cash payment within ninety (90) days of separation from service in an amount equal to a pro-rata portion (based on the number of days preceding the Executives termination in the fiscal year of termination) of the bonus that otherwise would have been paid in the fiscal year of the Executive’s termination, assuming that targeted EBITDA had been met. For purposes of this Section, references td separation from service means a “separation from service” (as defined at Section 1.409A-1(h) of the Treasury Regulations) from the Company and from all other corporations and trades or businesses, if any, that would be treated as a single “service recipient” within the Company under Section 1.409A-1(h)(3) of the Treasury Regulations.

Separation from Service Payment. Upon the Executive’s separation from service, including by reason of death, disability, termination by the Company for any reason, and termination by the Executive for any reason, the Company will pay to the Executive a lump sum cash payment within ninety (90) days of separation from service in an amount equal to a pro-rata portion (based on the number of days preceding the Executives Executive’s termination in the fiscal year of termination) of the bonus that otherwise would have been paid in the fiscal year of the Executive’s termination, assuming that targeted EBITDA had been met. For purposes of this Section, references td to separation from service means a “separation from service” (as defined at Section 1.409A-1(h) of the Treasury Regulations) from the Company and from all other corporations and trades or businesses, if any, that would be treated as a single “service recipient” within with the Company under Section 1.409A-1(h)(3) of the Treasury Regulations.