Additional Separation Pay Clause Samples
Additional Separation Pay. The Company shall pay to Executive an amount equal to two times Executive’s Base Compensation as of the Termination Date payable to Executive in approximately equal installments over twelve (12) 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 4.4(a)(ii) 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 4.4(a)(ii) to be a “separation pay plan due to involuntary separation from service” under Treas. Reg. § 1.409A-1(b)(9)(iii).
Additional Separation Pay. Fifty-two (52) weeks of base salary -------------------------- continuation, excluding bonus eligibility or entitlement, at Executive's final base salary rate less required deductions and withholdings.
Additional Separation Pay. In the event of a termination of Employee’s employment described in Section 4.5.1 of this Agreement, if the Employee executes the release and waiver under Section 4.10 of this Agreement and such release is effective and is not revoked, and the Employee has complied with Section 4.12 of this Agreement, then in addition to the payments to be made pursuant to Section 4.5.1 of this Agreement on the sixtieth (60th) day after termination the Company shall pay to the Employee a lump sum equal to 2.9 times the sum of (a) the Employee’s then current base salary, and (b) the greater of: (i) the Employee’s targeted bonus for services rendered in the year of termination; or (ii) the average bonus paid to the Employee for services rendered in each of the three years prior to termination. In the event the conditions in the preceding sentence are not satisfied and the release is not irrevocable by the sixtieth (60th) day after termination of employment, the Employee shall not be entitled to the payments set forth in clauses (a) and (b) above. The Company also shall pay to the Employee prior to March 15th of the year following termination, the incentive compensation that the Employee would have earned based on his targeted bonus as provided in Section 3.2 of this Agreement pro-rated for the portion of the year that the Employee was an employee. All restricted stock, restricted stock units and stock options and other service-based or performance-based equity awards held by Employee on the date of termination shall vest and be paid in accordance with the equity plan and agreement pursuant to which they were issued. In addition, the fringe benefits provided to the Employee during the Term of this Agreement pursuant to Section 3.4 of this Agreement, shall continue for 24 months after the termination to the extent permitted by, and in accordance with, applicable law, provided, however, that to the extent such benefits are provided pursuant to life, health, disability, dental or similar benefit plans of the Company, in lieu of continuing coverage, the Company shall pay to the Employee, on the 60th day after termination of employment, a lump sum equal to the amount which the Company would have paid to provide such benefits if the employment of the Employee had continued for an additional 24 months.
Additional Separation Pay. Subject to and conditioned upon the Advisor’s execution and delivery to the Company of an effective release of claims in substantially the form attached hereto as Exhibit B (the “Advisor Release”) within seven (7) days following the expiration of the Initial Term or the earlier termination of this Agreement and the Services of Advisor hereunder, Advisor shall be entitled to the accelerated of vesting of his F Unit Awards (as contemplated by Section 2(B)(iv).
Additional Separation Pay. Subject to and conditioned upon the Consultant’s execution and delivery to the Company of an effective release of claims in substantially the form attached hereto as Exhibit B (the “Consulting Release”) within seven (7) days following the expiration of the Term or the earlier termination of this Agreement and the Services of Consultant hereunder, Consultant shall be entitled to a lump sum payment of seven thousand five hundred dollars ($7,500), less applicable taxes and authorized deductions.