Separation Pay definition

Separation Pay means a lump sum amount equal to twelve months of Executive’s then effective salary.

Separation Pay means the cash amount payable to a Participant as determined pursuant to Section 4.01(b).

Separation Pay means the cash benefit payable under this Plan pursuant to Section 4.1 or to a Rebadged Employee pursuant to Section 4.5.

Examples of Separation Pay in a sentence

• To avoid duplicate payments, if you are eligible to receive severance under this Agreement, you hereby waive any payments under the X.X. Xxxxxxxxx & Sons Company Separation Pay Plan.

• Following the Six Month Delay, (1) to the extent applicable, the Employee shall receive a lump sum cash payment equal to the Severance Pay or CIC Severance Pay, as applicable, he otherwise would have received during the Six Month Period (absent the Six Month Delay) less the Separation Pay Amount and (2) the Employee shall receive the remainder of his Severance Pay or CIC Severance Pay, as applicable, in the manner prescribed by subsection 7(a) or subsection 7(e), as applicable.

• Upon the termination of this Agreement, Executive shall have no further rights to compensation under this Agreement except for Separation Pay as provided in Exhibit A.

• Except as expressly or by necessary implication amended hereby, each Financial Performance Plan and Involuntary Separation Pay Arrangement shall continue in full force and effect.

• If, upon ultimate Separation from Service, the separation pay for which you would be eligible under the X.X. Xxxxxxxxx & Sons Company Separation Pay Plan applicable to employees generally, if any, would be greater than the separation pay payable under to this Agreement, then your Severance Pay shall be increased to correspond to the pay you would have been eligible for under such Plan.

More Definitions of Separation Pay

Separation Pay means a lump sum amount equal to six months of Executive’s then effective salary.

Separation Pay means an amount paid in connection with separation from the Military Service when the person’s military status is terminated. This includes payments under sections 3502, 3503, 3504, and 3506.

Separation Pay means that portion of the Severance Amount payment to be provided in Section 6(c)(i) or 6(d)(i) which the Company has determined is exempt from Section 409A and which does not exceed two times the lesser of (i) the sum of Executive’s annualized compensation based upon the annual rate of pay for services provided to the Company for the taxable year of Executive preceding the Date of Termination, or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Code Section 401(a)(17) for the year of the Date of Termination.

Separation Pay. As noted in Section 5.2 of the Employment Agreement dated October 22, 2018. Executive agrees that payments and benefits described in the above paragraphs provided by Employer are good and valuable consideration for this Agreement and Executive’s release of claims, and are in excess of any earned wages, benefits or other amounts to which Executive is entitled as of the Date of Termination. Executive further acknowledges and warrants that Executive has received all wages, bonuses, overtime, vacation pay and other benefits and compensation due or owing by virtue of Executive’s employment, and further specifically warrants and agrees that he or she received all leaves of absences, including but not limited to, all FMLA leave, and all paid or unpaid time off that Executive requested or was otherwise eligible for while employed by Employer. Executive agrees to promptly pay in full all federal, state or local taxes due or owed on any separation payments made pursuant to this Agreement.

Separation Pay means any Deferred Compensation (applied before application of any exclusion applicable to Separation Pay Plans under Treas. Reg. §1.409A-1(b)(9)) that will not be paid under any circumstances unless the Participant incurs a Separation from Service, whether voluntary or involuntary, including payments in the form of reimbursements for expenses incurred and provision of in-kind benefits. Deferred Compensation that a Participant may receive without incurring a Separation from Service is not Separation Pay merely because the Participant elects to receive or receives payment upon or after Separation from Service. Deferred Compensation does not fail to constitute Separation Pay merely because the Participant must execute a release of claims, noncompetition agreement or nondisclosure agreement or is subject to similar requirements. Any amount or entitlement that acts as a substitute for, or replacement of, Deferred Compensation is a payment of Deferred Compensation and is not Separation Pay.

Separation Pay means separation pay within the meaning of Treasury Regulations Section 1.409A-1(m), issued under Code Section 409A.

Separation Pay means Employee's Compensation times a fraction, the numerator of which shall be the number of months of Employee's service with UTI, Employer, UGI Corporation, a Delaware corporation ("UGI"), or any company affiliated with either Employer or UGI, and the denominator of which shall be 260, payable within thirty (30) days after termination of employment; provided that Separation Pay shall in no event exceed fifty percent (50%) of Compensation.