Separation Payment Sample Clauses
A Separation Payment clause defines the financial compensation an employee receives upon the termination of their employment. Typically, this payment is provided in addition to any earned salary or benefits and may be calculated based on factors such as length of service or position within the company. The core function of this clause is to ensure that employees are fairly compensated when their employment ends, helping to provide financial stability during the transition and reducing the risk of disputes over severance entitlements.
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Separation Payment.Ěý(a) In order to encourage term officers to remain until the end of their term, and in recognition that they may forgo other employment opportunities in doing so, such officers will be entitled to the following: On separation from CSIRO following completion of a period of fixed term employment, term officers who are not offered further employment, will receive a payment for completed months of service equivalent to one week’s salary for each six months of service. Service will include contiguous periods of fixed term employment preceding the concluding term. An officer shall not have an entitlement to the separation payment if they decline an offer by CSIRO of further employment: â€� in the same city; â€� at the same or higher classification and salary level; and â€� the period of employment offered is of at least six months duration and the offer is made at least one month prior to the term end. For the purposes of this paragraph: â€� service shall date from 17 June 1998; â€� the minimum specified term period for payment is one calendar month (e.g. from 9 April to 8 May); â€� payment is calculated at the termination salary and includes the following allowances;
(i) Enhanced Responsibilities Allowance, if it was received for a continuous period of at least 12 months preceding the date of cessation;
(ii) Payment for shift work, restriction duty or overtime where it was received regularly i.e. in 50% or more of the pays received in the 12-month period preceding cessation. In this case the average fortnightly payment during that period will be included for the purpose of calculating the separation payment; and
(iii) First Aid Allowance, Superior Performance Rating (Premium Step) and ACDP Site Allowance. � where there is a change in hours of work during the period of the term (for example, a movement to part-time hours), payment will be based on average hours worked over the full period of the term; � an officer shall not receive payment more than once for a specific period of service; � all periods of leave without pay do not count as service for purposes of payment under this clause; and � an officer who secures indefinite CSIRO employment during or at the conclusion of a period of fixed term employment, shall have no entitlement to this separation payment in respect of previous periods of term employment.
(b) An officer who resigns prior to the term end date is entitled to the separation payment only in the following circumstances: � The officer does not receive an offe...
Separation Payment.ĚýAn ASF Member shall be compensated at the final rate of pay for all unused, accumulated vacation, leave time upon separation from state service, or movement to a vacation ineligible position. An employee on an unpaid leave of absence of more than one (1) year for a purpose other than accepting an unclassified position in state civil service, or an employee on layoff that results in separation from service, may elect to be compensated at the final rate of pay for unused accumulated vacation leave. This accumulated vacation payout shall not exceed two hundred and seventy-five (275) hours, except in the case of the ASF Member's death. Calculation of an ASF Member's hourly rate for purposes of computing vacation separation payment shall be based upon a base of two thousand eighty-eight (2,088) working hours per year. Appointment periods of less than one
(1) year in duration shall be prorated on this basis. Except as provided in Article 16, Section C, Subdivision 4 which pertains to the separation payment to retirees, the separation payment will be made in cash.
Separation Payment.ĚýThe Company shall continue to pay you your base salary in effect at the time of termination of your employment with the Company for the Severance Period. Such Separation Payments will be subject to applicable state and federal tax withholdings and paid in accordance with the Company’s normal payroll practices; and
Separation Payment.ĚýPay You a single, lump sum separation payment equal to Three Hundred Seventy Thousand Dollars and Zero Cents ($370,000.00), minus all applicable withholdings, including taxes and Social Security (the “Separation Paymentâ€�). The Separation Payment shall be paid within five (5) days after You return an executed version of this Agreement to the Company’s Controller, located at 0000 X Xxxxxxx, Xxxxxxx, XX, 00000; and
Separation Payment.ĚýExcept with respect to the Accrued Benefits as defined in the Employment Agreement, if you sign this Agreement, agreeing to be bound by the General Release in Paragraph 3 below and the other terms and conditions of this Agreement described below, and comply with the requirements of this Paragraph 2 (other than the Accrued Benefits), you will receive the compensation and benefits as contemplated by the Employment Agreement. You will not be eligible for the payment and benefits described in this Paragraph 2 unless: (i) you sign this Agreement no later than twenty-one (21) days after you receive it, promptly return the Agreement to the Company after you sign it, and do not timely revoke it; and (ii) you have returned all Company property and documents in accordance with Paragraph 15 below.
Separation Payment.ĚýThe Company agrees to pay Employee the lump sum total of $121,153.85 less applicable withholdings (such payment being the “Separation Paymentâ€�). The Separation Payment is equivalent to 15 weeksâ€� of Employee’s base salary as in effect on the Notice Date. The Company shall pay the Separation Payment to Employee in the first payroll cycle after the Effective Date of this Agreement, in accordance with the Company’s regular payroll practices.
Separation Payment.ĚýUpon termination of employment for any reason, the Executive shall be entitled to: (A) the sum of his annual Base Salary from the date of termination to be paid according to Section 4; (B) any and all reasonable expenses paid or incurred by the Executive in connection with and related to the performance of his duties and responsibilities for the Parent during the period ending on the termination date to be paid according to Section 8; (C) any accrued but unused vacation time through the termination date in accordance with Parent policy; and (D) the sum of his annual Bonus from the date of termination to be paid according to Section 5(a); and (E) all Share Awards earned and vested prior to termination. With respect to any Share Awards held by the Executive as of his death that are not vested and exercisable as of such date, the Parent shall fully accelerate the vesting and exercisability of such Share Awards, so that all such Share Awards shall be fully vested and exercisable as of the Executive’s death, such options (as well as any Share Awards that previously became vested and exercisable) to remain exercisable, notwithstanding anything in any other agreement governing such options, until the earlier of (A) a period of one (1) year after the Executive’s death or (B) the original term of the option, if such Share Awards is an option. Additionally, if the Executive’s employment is terminated prior to expiration of the Employment Period (including due to his death or Disability, as defined in Section 11(b)) unless the Executive’s employment is terminated for Cause (as defined in Section 11(c)) or the Executive terminates his employment without Good Reason (as defined in Section 11(d) and other than for a Change in Control as provided in Section 11(d) and Section 11(f)), the Executive shall be entitled to receive a cash amount equal to the sum of the Executive’s Base Salary, Annual Bonus and Share Awards earned during the year immediately preceding the date of termination (herein the “Separation Paymentâ€�), or the amount payable (including Executive’s Base Salary, Annual Bonus and Share Awards) for the remainder of the Employment Period then in effect, if greater; provided, that the Executive executes an agreement releasing Parent and its affiliates from any liability associated with this Agreement and such release is irrevocable at the time the Separation Payment is first payable under this Section 6 and the Executive complies with his other obligations under...
Separation Payment.ĚýProvided that Xxxxxxx (x) executes this Agreement and returns a signed copy of it to the Company, care of Xxxx Xxxxxx, ProPetro Holding Corp., 0000 X. Xxxxxxx, Bldg. B, Midland, Texas 79701 (e-mail: [email protected]), so that it is received no later than the close of business on October 7, 2019, (y) in accordance with Section 21, returns to the Company a copy of the Confirming Release that has been signed by him on the Separation Date, and (z) satisfies the other terms and conditions set forth in this Agreement, Xxxxxxx shall receive the following consideration:
(a) During the period beginning on the Separation Date and ending on the first (1st) anniversary of the Separation Date (the �Payment Period�), the Company will pay to Xxxxxxx an aggregate amount equal to $490,000, less applicable taxes and other withholdings (the “Separation Payment�). The Separation Payment will be paid in equal installments during the Payment Period, beginning on the first regularly scheduled payroll date of the Company following the Separation Date (the �First Payment Date�), at the same time and in the same manner as Xxxxxxx would have been paid had Xxxxxxx remained employed by the Company during the Payment Period, in accordance with the Company’s normal payroll practices. For purposes of Section 409A (including, without limitation, for purposes of Section 1.409A-2(b)(2)(iii) of the Department of Treasury Regulations), Xxxxxxx’x right to receive the Separation Payment in the form of installment payments (the “Installment Payments�) shall be treated as a right to receive a series of separate payments and, accordingly, each Installment Payment shall at all times be considered a separate and distinct payment.
(b) During the portion, if any, of the Payment Period that Xxxxxxx elects to continue coverage for Xxxxxxx and Xxxxxxx’x spouse and eligible dependents, if any, under the Company’s group health plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“C°żµţ¸é´ˇâ€�) the Company shall promptly reimburse Xxxxxxx on a monthly basis for the difference between the amount Xxxxxxx pays to effect and continue such coverage and the employee contribution amount that current employees of the Company pay for the same or similar coverage under such group health plans, less applicable taxes and withholdings (the â€�COBRA Benefitâ€�). Each payment of the COBRA Benefit shall be paid to Xxxxxxx on the Company’s first regularly scheduled pay date in the ...
Separation Payment.ĚýProvided that Employee (x) executes this Agreement and returns it to the Company, care of General Counsel, 14701 Hertz Xxxxx Xxxxxxx Xxxx, Xxxxxxxx Xxxx, Xxxxxxxx 00000, so that it is received by the Company no later than the close of business on May 6, 2019, and does not revoke his acceptance of this Agreement pursuant to Section 7(d); and (y) honors each of Employee’s commitments set forth herein, then:
(a) The Company shall provide Employee with a lump sum payment of $262,500, less applicable taxes and withholdings (the �Cash Payment�), which Cash Payment shall be provided no later than the Company’s first regular pay date after the expiration of Release Revocation Period (as defined below).
(b) During the portion, if any, of the twelve (12)-month period following the Separation Date (the â€�Reimbursement Periodâ€�) that Employee elects to continue coverage for Employee and Employee’s spouse and eligible dependents, if any, under the Company’s group health plans pursuant to Consolidated Omnibus Budget Reconciliation Act of 1985 (“C°żµţ¸é´ˇâ€�), the Company shall promptly reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect and continue such coverage and the employee contribution amount that similarly situated employees of the Company pay for the same or similar coverage under such group health plans (the â€�COBRA Benefitâ€�). Each payment of the COBRA Benefit shall be paid to Employee on the Company’s first regularly scheduled pay date in the calendar month immediately following the calendar month in which Employee submits to the Company documentation of the applicable premium payment having been paid by Employee, which documentation shall be submitted by Employee to the Company within thirty (30) days following the date on which the applicable premium payment is paid. Employee shall be eligible to receive such reimbursement payments until the earliest of: (i) the last day of the Reimbursement Period; (ii) the date Employee is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which Employee becomes eligible to receive coverage under a group health plan sponsored by another employer (and any such eligibility shall be promptly reported to the Company by Employee); provided, however, that the election of COBRA continuation coverage and the payment of any premiums due with respect to such COBRA continuation coverage shall remain Employee’s sole responsibility, and the Company shall not assume a...
Separation Payment.Ěýâ€� Each employee who is separated from the County service shall be entitled to payment in lieu of all unused vacation leave which the employee may have accumulated as of the employee’s last day of work and shall be computed on the basis of such employee’s base hourly rate at the time of termination.