Separation Benefit. (a) If (i) Carmike at any time terminates Executive’s employment without Cause or (ii) Executive resigns during his Protection Period for Good Reason, then:
(b) Carmike shall pay Executive a total amount equal to two (2) times his base salary in effect on the day before his or her employment terminates, payable in equal monthly installments (subject to applicable tax withholdings) over the twenty-four (24) consecutive calendar month period beginning with the calendar month that coincides with or next follows the sixty-day period beginning on the date Executive has a separation from service (within the meaning of § 409A of the Code); provided, however, that if Executive has secured employment with another employer or is providing consulting services to another business prior to or during the last 12 calendar months of such 24 month period (the “Second Year Payment Period”), such monthly payments required to be made by Carmike to Executive during the Second Year Payment Period will offset by compensation Executive earns from any such employment or services during the Second Year Payment Period. Executive covenants to promptly provide notice to Carmike upon securing such employment or providing such consulting services.
(1) Each outstanding and nonvested stock option granted to Executive by Carmike shall (notwithstanding the terms under which such option was granted) become fully vested and exercisable on the date Executive’s employment so terminates and each outstanding stock option shall (notwithstanding the terms under which such option was granted) remain exercisable for ninety (90) days, or if less, for the remaining term of each such option (as determined as if there had been no such termination of Executive’s employment), subject to the same terms and conditions as if Executive had remained employed by Carmike for such term or such period (other than any term or condition which gives Carmike the right to cancel any such option) and (2) any restrictions on any outstanding shares of Carmike restricted stock held by Executive immediately shall (notwithstanding the terms under which such grant was made) expire and Executive’s right to such stock shall be non-forfeitable;
(d) For the period described in § 3.1(b), Executive shall continue to be eligible to purchase substantially the same health, dental and vision care coverage and life insurance coverage as Executive was provided under Carmike’s employee benefit plans, policies and practices on the day befor...
Separation Benefit. Subject to the provisions of this Agreement, the Company will pay Executive the benefits set forth in Section 2(a)(iv) of Executive’s Severance and Non-Competition Agreement with the Company, but subject to Section 3 thereof (“Separation Benefit”), commencing within twenty-one (21) days of the expiration of the revocation period described in Paragraph 16 of this Agreement. The Separation Benefit shall be subject to all required payroll withholdings. The Separation Benefit does not constitute nor is it intended to be any form of compensation to Executive for any services to the Company.
Separation Benefit. Upon separation of service from the North Baltimore School District, a member of the bargaining unit having ten (10) or more years of service in the North Baltimore School District shall be paid a sum equal to the employee's daily rate of pay at the date of separation, excluding supplemental salary, times twenty-five per cent (25%) of the total accumulated sick leave days (to a maximum of twenty-five per cent (25%) of two hundred and seventy-five (275) days that he/she has in public employment. No employee terminated for cause pursuant to 3319.16 and 3319.161 shall be eligible for such payment. Xxxx leave that has been transferred to another employer is not eligible for separation payment. Additionally, sick leave that has been paid out in severance by North Baltimore Schools and/or any other public employer is not eligible for transfer.
Separation Benefit. Subject to the provisions of this Agreement, the Company will pay Executive the benefits set forth in Article V, Subsection 5.2(c) [or (d)] [or (e)](ii) and (iii) of Executive’s Employment Agreement with the Company (“Separation Benefit”), and at the time set forth in the Employment Agreement. The Separation Benefit does not constitute nor is it intended to be any form of compensation to Executive for any services to the Company.
Separation Benefit. Subject to the provisions of this Agreement, the Company will pay Employee the separation benefits set forth in Article V, Section 5.2(c) of Employee's Employment Agreement with the Company, less required withholding, within twenty-one (21) days after his signing of this Agreement. The Separation Benefit does not constitute nor is it intended to be any form of compensation to Employee for any services to the Company.
Separation Benefit. (a) Parent agrees to pay the Employee an amount equal to one (1) year of his then-existing base salary (minus applicable withholdings and payroll taxes), payable in equal installments over a one-year period in accordance with Parent’s normal payroll practices, in the event that:
(i) the Employee’s employment with Parent or any of its subsidiaries (including the Company) is terminated by Parent or any such subsidiary (including the Company) without Cause (as hereinafter defined); or
(ii) at any time during the period commencing thirty (30) days prior to a Change of Control (as hereinafter defined) of Parent and ending one-hundred-eighty (180) days after a Change of Control of Parent, Parent or any of its subsidiaries (including the Company) fails to retain the Employee in the same or similar position to that which he occupies immediately prior to such Change of Control and at the same or similar base compensation to that which he enjoys immediate prior to such Change of Control.
(b) If the Employee’s employment with Parent or any of its subsidiaries is terminated as contemplated by Section 2(a) of this Agreement, then Parent agrees to pay the Employee an amount equal to the bonus that would have been earned by the Employee for the year in which the Employee’s employment with Parent or any of its subsidiaries is so terminated, prorated for the portion of such year during which the Employee remained employed with Parent or such subsidiary to and including the earlier of (i) the date of termination of the Employee’s employment with Parent or such subsidiary (in the case of a termination contemplated by Section 2(a)(i) of this Agreement) or (ii) the date on which the Employee is provided with notice or otherwise becomes aware of Parent or such subsidiary’s failure so to retain the Employee (in the case of a termination contemplated by Section 2(a)(ii) of this Agreement, such bonus payment to be made at substantially the same time and in substantially the same manner (and minus applicable withholdings and payroll taxes) as Parent’s normal payroll practices in respect of the payment of similar bonuses. For purposes of this Section 2(b), the prorated amount of any bonus shall be determined to be a fraction, the numerator of which is the number of days in the fiscal year ending on the day specified in Section 2(b)(i) or (ii) (as applicable), and the denominator of which is 365.
(c) For the purposes of this Agreement:
Separation Benefit. Classified employees shall be paid for vacation time earned, but not taken, at the time of termination.
Separation Benefit. At time of voluntary separation (retirement or resignation), employees with at least twelve (12) months of service who subsequently leave the employ of the City, upon giving fourteen (14) days written notice, or employees whose service is terminated due to death, shall receive cash payment for all remaining earned vacation time, compensatory time, perfect attendance leave credits and longevity. Employees who do not give at least fourteen (14) days written notice prior to termination of employment shall forfeit the prorated earned vacation and perfect attendance leave during the year in which the termination takes place. The employee's last day of work will be the last day on the payroll. Employees will not be permitted to utilize vacation, compensatory time, and/or perfect attendance leave credits and stay on the payroll after the last day at work. This policy may be waived upon recommendation of the Human Resources Director and only in personal emergency or crisis situations.
Separation Benefit. The District will pay certified personnel who terminate employment voluntarily, are laid off, or die based upon the following schedule: Beginning with the sixth (6) year through fifteen (15) complete years of actual teaching in the District - 35% of unused sick leave. Beginning with the sixteenth (16) year through twenty-five (25) complete years of actual teaching in the District - 40% of unused sick leave. Beginning with the twenty-sixth (26th) complete year of actual teaching in the District - 50% of unused sick leave. Those employees receiving 35% of unused sick leave shall be paid at a rate of $125 per day or per diem, whichever is less. Those employees receiving 40% of unused sick leave shall be paid at a rate of $150 per day or per diem, whichever is less. Those employees receiving 50% of unused sick leave shall be paid at a rate of $170 per day or per diem, whichever is less. In the case of death, this benefit will be paid to a named beneficiary or to the estate of the bargaining unit member.
Separation Benefit. I understand that in return for the promises and agreements set forth in this Separation Agreement, Peoples agrees as follows:
a. Peoples will pay me $248,250, minus required tax withholding and deductions, payable in a lump sum within twelve days after my execution of this Agreement (subject to Section 8, below);
x. Xxxxxxx will pay for the cost of my executive physical at the Cleveland Clinic in October 2020, and reimburse me for the reasonable cost of staying in a hotel the night before the physical;
x. Xxxxxxx will pay me for the unused balance of my paid time off, which will be a gross pay amount of $23,551.95 included in the pay of October 15, 2020; and
x. Xxxxxxx will not contest any application I may make for unemployment compensation benefits arising from the separation of my employment from Peoples. I understand that (a) in no event shall any payment to me, or any part thereof, be considered earnings or compensation for any other Peoples employment purposes, including but not limited to benefits, benefit plans, and retirement plans, (b) all bonuses, payments, or other compensation owed, of any nature, are included within the payment set forth above, and (c) no payment will be made until after the expiration of the seven-day revocation period set forth in Section 8, below.
