Separation Pay Sample Clauses
The Separation Pay clause defines the compensation an employee is entitled to receive upon the termination of their employment. Typically, this clause outlines the amount or formula for calculating the payment, the timing of disbursement, and any conditions that must be met, such as signing a release of claims. Its core practical function is to provide financial support to employees after their employment ends and to clarify the employer’s obligations, thereby reducing disputes and ensuring a smoother transition for both parties.
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Separation Pay. Company may terminate this Agreement at any time whether or not such termination constitutes “Proper Cause” as defined in Section 7 hereof. In the event Company terminates this Agreement without Proper Cause as defined in Section 7 hereof:
(1) The Officer shall not be considered an employee after the effective date of the termination.
(2) Company shall pay to Officer an amount equal to two (2) times Officer’s annual salary at the time of termination (“Separation Pay”).
(3) Company shall pay the Officer the Separation Pay over a period of twenty-four (24) months in equal installments less all withholdings required by law and authorized deductions, at intervals consistent with Company payroll practices.
(4) Officer will not be entitled to receive any benefits or bonuses described in Section 3(b) and (c) hereof.
(5) Officer will be entitled to receive such Separation Pay only if the Officer executes and does not revoke a Release of all claims and liabilities in form prescribed by Company.
(6) Following termination without cause, Officer is entitled to elect insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA) for a period of up to eighteen (18) months following officers termination, and Company shall be obligated to pay on behalf of Officer the monthly premium cost for Officer’s health/medical coverage under COBRA, less the same contribution as required by employee’s group life and health insurance coverages pursuant to the prevailing policies and practices of the Company (now and in the future) with respect to similarly positioned officers of the Company or its present or future subsidiaries or affiliates.
(7) Nothing herein shall restrict the Officer’s vested rights, if any, pursuant to Company’s 401(k) Plan, Retirement Income Plan, Basic Retirement Plan, 2001 Incentive Plan, or any similar plans. Notwithstanding the Officer receiving any payments under the terms of this Section, on the date of the Officer’s termination, all vesting, for purposes of the Company’s 401(k) Plan, Retirement Income Plan, Basic Retirement Plan, 2001 Incentive Plan, or other such plans, shall cease.
Separation Pay. (a) Subject to Executive’s execution and delivery to the company of the Company’s standard form of Separation and Release Agreement, the Company shall pay Executive an amount equal to the Separation Pay upon the occurrence of the applicable Separation Event but in no case later than two and one-half months following the year in which the Separation Event occurs. Separation Pay shall be payable in accordance with the Company’s payroll policy as constituted from time to time, and shall be subject to withholding of all applicable federal, state and local taxes and any other deductions required by applicable law. In the event of Executive’s death, the Company’s obligation to pay further compensation hereunder shall cease forthwith, except that Executive’s legal representative shall be entitled to receive his fixed compensation for the period up to the last day of the month in which such death shall have occurred.
(b) Section 8(a) above shall not apply should Executive receive severance benefits under the Company’s Change in Control Severance Benefit Plan.
Separation Pay. 11.1 Upon separation, eligible employees may choose either Option A or Option B.
11.2 Option A - Upon separation from the service by resignation, layoff, expiration of a leave of absence or death, a permanent employee, their designated beneficiary, or their estate shall be paid one-half (1/2) of all unused accumulated sick leave days provided:
(1) That at the time of separation, the employee has at least four hundred and eighty (480) hours of accumulated sick leave to their credit.
(2) That at the time of separation from the County service, the employee must have been employed by the County in the classified service for at least ten (10) years prior to their separation, except that this section shall not apply to an employee whose cause of separation is death, layoff, whose position has been abolished, or who was required to retire from service under provisions of a compulsory retirement law.
(3) An employee who is laid off or whose position has been abolished shall have the option of waiting until their eligibility for reinstatement expires before applying for separation pay.
(4) That the rate of payment shall be based upon the regular hourly salary of the employee, in their permanent classification, at the time of separation. Separation as used in this rule means the last working day of the employee in the classified service.
(5) That in the event an employee has been separated and paid for such accumulated sick leave and subsequently is re-employed, their sick leave shall be calculated as though they were a new employee.
(6) Effective January 1, 2008, the maximum allowance shall not exceed $13,000 for any on employee.
11.3 Option B - Upon separation from the service by resignation, layoff, expiration of a leave of absence or death, a permanent employee with at least twenty (20) years (41,600 hours) of service, their designated beneficiary, or their estate shall be paid according to the schedule below, to a maximum of $7,000 effective January 1, 2008. An employee who is laid off or whose position has been abolished shall have the option of waiting until their eligibility for reinstatement expires before applying for separation pay: (no exceptions to 20 year requirement) Effective January 1, 2008: $210 per year for the first 1-10 years of service $280 per year for years 11-20 $350 per year for years over 20
11.4 That no classified employee who is on a leave of absence to accept a position in the exempt service of the County shall be eligible for separatio...
Separation Pay. The Company shall pay to Executive an amount equal to One Half (1/2) of Executive’s Base Compensation as of the Termination Date, representing six (6) months annual base compensation, payable to Executive in approximately equal installments over six (6) months, with such period commencing on the first normal payroll date of the Company after the Termination Date and continuing thereafter in accordance with the Company’s regular payroll schedule, but in no event shall such amount paid under this Section 4.3(b)(i) exceed the lesser of two times (A) the limit of compensation set forth in section 401(a)(17) of the Code as in effect for the year in which the Termination Date occurs, or (B) Executive’s annualized compensation based upon the annual rate of pay for services to the Company for the calendar year prior to the calendar year in which the Termination Date occurs (adjusted for any increase during that year that was expected to continue indefinitely if the Employee had not separated from service). The Company and Executive intend the payments under this Section 4.3(b)(i) to be a “separation pay plan due to involuntary separation from service” under Treas. Reg. § 1.409A-1(b)(9)(iii).
Separation Pay. 23.1. When an Employee leaves City employment, they shall be paid in full on the payroll covering the last day they actually worked for their salary due, plus the value of accumulated vacation time, personal leave, and unused compensatory time off earned, such value to be calculated based on their Basic Hourly Rate at the time of their separation from employment.
Separation Pay. 11.1 Upon separation from the service by resignation, layoff, expiration of a leave of absence or death, a permanent employee, their designated beneficiary, or their estate shall be paid severance pay according to Article 11.8 below, provided:
11.2 That at the time of separation, the employee has at least one hundred (100) hours of accumulated sick leave to their credit.
11.3 That at the time of separation from the County service, the employee must have been employed by the County in the classified service for at least five (5) years prior to their separation, except that this section shall not apply to an employee whose cause of separation is death, layoff, or whose position has been abolished, or who was required to retire from the service under the provisions of the Compulsory Retirement Law, Laws of Minnesota 1981, Chapter 68, Section 38.
11.4 An employee who is laid off or whose position has been abolished shall have the option of waiting until their eligibility for reinstatement expires before applying for severance pay.
11.5 That no classified permanent employee who is on a leave of absence to accept a position in the exempt service of the County shall be eligible for severance pay until their employment is finally terminated.
11.6 That the rate of payment shall be based upon the regular hourly salary of the employee, in their permanent classification, at the time of separation. Separation as used in this rule means the last working day of the employee in the classified service.
11.7 That in the event an employee has been separated and paid for such accumulated sick leave and subsequently is re-employed, their sick leave shall be calculated as though they were a new employee.
11.8 Employees meeting the requirements of this Article will be paid severance pay based on one-half (1/2) of their accumulated sick leave hours at the time of separation according to the following schedule: Employees with at least 100 hours sick leave and less than 480 hours - $ 5,000 Employees with at least 480 hours sick leave and less than 850 hours - $ 10,000 Employees with at least 850 hours sick leave and less than 1,000 hours - $ 11,000 Employees with at least 1,000 hours sick leave and less than 1,150 hours - $ 12,000 Employees with at least 1,150 hours sick leave and less than 1,300 hours - $ 13,000 Employees with at least 1,300 hours sick leave and less than 1,450 hours - $ 14,000 Employees with at least 1,450 hours sick leave and less than 1,600 hours - $ 15,000 Emp...
Separation Pay. 24.01 A regular employee shall be entitled to separation pay as set out in subsection .03 provided he/she has not
(a) if he/she is terminated for a reason other than set out in subsection .02;
(b) if he/she is laid off and on any date during his/her layoff the hours scheduled for him/her during the pre‑ vious twelve (12) consecutive months were less than fifty percent (50%) of normal full time hours provided he/she is not eligible for any Company or Government pension or for benefits under the Company’s insured Weekly Indemnity or Long Term Disability Plans;
(c) in special cases where a laid off employee appears to have little prospect of recall to regular work within a period of six months he/she may request immedi‑ ate termination and separation pay, and with the con‑ ▇▇▇▇▇▇▇▇ of the Company and the Union this may be granted notwithstanding the eligibility clause in (b) above;
(d) if he/she is ultimately designated for indefinite lay off as a result of a major technological change as provided in Section .02 of the Letter of Understanding concern‑ ing technological change; An employee eligible for a separation payment hereunder must apply for it not later than six months after he/she first becomes eligible therefor, otherwise his/her right to such payment shall be cancelled. Notwithstanding the above if the Company permanently discontinues an operation; an employee laid off as a result thereof must apply for and shall receive any separation pay to which he/she is entitled without waiting the six month’s period.
24.02 Notwithstanding subsection .01, an employee shall be excluded from separation pay eligibility if:
(a) he/she quits;
(b) he/she is terminated for just cause;
(c) he/she is terminated under Section 6.07 of this Col‑ lective Agreement;
(d) he/she has been terminated because of specific direc‑ tion or decree from any Government authority which has the effect of curtailing any of the Company’s oper‑ ations; unless
(i) the direction or decree is the result of an illegal act committed by the Company or one of its rep‑ resentatives, or
(ii) the direction or decree purports to change the method of beer retailing and/or beer distribution within the Province;
(e) he/she has been laid off because of any act of war or the hostile act of any foreign power or by any act of sabotage or insurrection or by any act of God;
(f) he/she is laid off and has arranged with the Company to take leave of absence without pay for a specific per‑ iod in lieu of his/her lay...
Separation Pay. A regular employee shall be entitled to separation pay as set out in subsection .03 provided he has not been excluded by subsection .02 and provided he meets any of the following eligibility provisions:
Separation Pay. A regular employee with more than six (6) months service who is discharged for incompetence or is perma nently separated due to discontinuance of the job, store closing or reduction in force, shall be given one week's notice or one week's pay in lieu of notice. An employee separated during a week for any of these reasons is entitled to pay through the day he was told of his dismissal, plus pay for one additional week which, at the option of the Employer may either be worked out or paid in lieu of notice.
Separation Pay. Upon termination of this Agreement, Executive shall be entitled to Separation Pay in accordance with the following provisions: