Separation Benefits Clause Samples
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Separation Benefits. Provided that ▇▇▇▇▇▇▇ (x) executes this Agreement on or after the Separation Date and prior to November 21, 2016, returns a copy of this Agreement that has been executed by him to the Company so that it is received by ▇▇▇▇▇ ▇▇▇▇▇▇, Senior Vice President and General Counsel, ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, Suite 2020, Houston, Texas 77002 (email: ▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇) no later than 5:00 pm central standard time on November 21, 2016; (y) does not revoke his acceptance of this Agreement pursuant to Section 9 below; and (z) satisfies the other terms and conditions set forth in this Agreement, ▇▇▇▇▇▇▇ shall receive the following consideration:
(a) The Company shall pay ▇▇▇▇▇▇▇ a lump sum cash severance payment equal to $531,093.80, less applicable taxes and withholdings, which payment shall be paid on the Company’s first regularly scheduled pay date following the expiration of the Release Revocation Period (as defined below) (the “Initial Payment Date”);
(b) The Company shall pay ▇▇▇▇▇▇▇ a lump sum cash payment equal to $31,200, less applicable taxes and withholdings, which payment represents the cost of COBRA continuation coverage for ▇▇▇▇▇▇▇ for 12 months following the Separation Date and shall be paid on the Initial Payment Date;
(c) Pursuant to the terms of ▇▇▇▇▇▇▇’▇ STI Award Grant Notice and STI Award Agreement dated February 9, 2016 (the “STI Award Agreement”), a pro-rated portion of the Target Amount (as defined in the STI Award Agreement) will be deemed to have become earned for the Performance Period (as defined in the STI Award Agreement, the “2016 STI Performance Period”), which pro-rated portion shall be equal to $333,484 (the “Target STI Value”) and shall be settled by issuing to ▇▇▇▇▇▇▇ a number of common units (“Common Units”) in Black Stone Minerals, L.P., a Delaware limited partnership (the “Partnership”) (rounded to the nearest whole Common Unit) equal to the number of Common Units that, as of the Separation Date, have a Fair Market Value (as defined in the Black Stone Minerals, L.P. Long-Term Incentive Plan) equal to the Target STI Value on or before December 31, 2016, but in no event prior to the expiration of the Release Revocation Period; provided, however, that if the dollar value of the STI Award (as defined in the STI Award Agreement) that would have become earned based on actual performance for the 2016 STI Performance Period multiplied by a fraction, the numerator of which is the number of days ▇▇▇▇▇▇▇ was employed by the Company in th...
Separation Benefits. Upon termination of your employment with Intuit for any reason, you will receive payment for all unpaid salary and vacation accrued to the date of your termination of employment; and your benefits will be continued under Intuit’s then existing benefit plans and policies for so long as provided under the terms of such plans and policies and as required by applicable law. Under certain circumstances and conditioned upon your execution of a release and waiver of claims against the Company, its officers and directors, you will also be entitled to receive severance benefits as set forth below, but you will not be entitled to any other compensation, award or damages with respect to your employment or termination.
(a) In the event of your Voluntary Termination or Termination for Cause, you will not be entitled to any severance benefits.
(b) In the event of your Involuntary Termination or Termination without Cause, conditioned upon your execution of a release and waiver of claims against the Company, its officers and directors in a form acceptable to the Company, you will be entitled to (i) a single lump sum severance payment equal to eighteen (18) months of your current annual base salary and one and one-half times your Target Bonus for the then current fiscal year (less applicable deductions and withholdings) payable within 30 days after the effective date of your termination; and (ii) immediate acceleration of the vesting and exercisability of the New Hire Option by that portion of the shares subject to the New Hire Option that would have vested and become exercisable in the eighteen (18) full calendar months following the effective date of such termination.
(c) In the event of your Termination Following a Change in Control, conditioned upon your execution of a release and waiver of claims against the Company, its officers and directors in a form acceptable to the Company, you will be entitled to (i) a single lump sum severance payment equal to eighteen (18) months of your current annual base salary and one and one-half times your Target Bonus for the then current fiscal year (less applicable deductions and withholdings) payable within thirty (30) days after the effective date of your termination; and (ii) immediate acceleration of the vesting and exercisability of the New Hire Option by that portion of the shares subject to the New Hire Option that would have vested and become exercisable in the eighteen (18) full calendar months following the effective date o...
Separation Benefits. If this Agreement is terminated either by the Company without Cause in accordance with Section 6(c) (including the Company’s non-renewal of this Agreement) or by Employee resigning his employment for Good Reason in accordance with Section 6(d), the Company shall have no further obligation to Employee under this Agreement, except the Company shall provide the Accrued Obligations to Employee in accordance with Section 7(a) plus the following payments and benefits (collectively, the “Separation Benefits”) to Employee: (i) an amount equal to one times the sum of the Base Salary in effect immediately before the Termination Date plus the Annual Bonus received by Employee for the fiscal year preceding the Termination Date (or if Employee was employed for less than one full fiscal year prior to the Termination Date, the Annual Bonus for purposes of this Section 7 shall be the Annual Bonus payable during the current fiscal year at the target amount provided above) (together, the “Separation Pay”); and (ii) during the six-month period commencing on the Termination Date that Employee is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s group heath insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), or similar state law, the Company shall reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect and continue such coverage under COBRA and the employee contribution amount that active employees of the Company pay for the same or similar coverage; provided, however, that Employee shall notify the Company in writing within five days after he becomes eligible after the Termination Date for group health insurance coverage, if any, through subsequent employment or otherwise and the Company shall have no further reimbursement obligation after Employee becomes eligible for group health insurance coverage due to subsequent employment or otherwise. The Separation Pay shall be paid to Employee in a lump sum within 60 days of the Termination Date; provided, however, that no Separation Pay shall be paid to Employee unless the Company receives, on or within 55 days after the Termination Date, an executed and fully effective copy of the Release (as defined below). Any COBRA reimbursements due under this Section shall be made by the last day of the month following the month in which the applicable premiums were paid by Employee. ...
Separation Benefits. For purposes of this Agreement, “Separation Benefits” shall mean:
Separation Benefits. You shall be entitled to receive separation benefits upon termination of employment only as set forth in this Section 3; provided, however, that in the event you are entitled to any severance pay under a Company-sponsored severance pay plan, any such severance pay to which you are entitled under such severance pay plan shall reduce the amount of severance pay to which you are entitled pursuant to this Section 3. In all cases, upon termination of employment you will receive payment for all salary, earned bonus (if any) and unused vacation accrued as of the date of your termination of employment, and your benefits will be continued under the Company’s then existing benefit plans and policies in accordance with such plans and policies in effect on the date of termination and in accordance with applicable law. In furtherance of, and not in limitation of the foregoing, but without duplication, during the period wherein which you shall be receiving Separation Payments in accordance with the provisions of Section 3(d) hereof (the “Severance Period”), then the Company shall, at its election, either (i) continue to pay for your health benefits under the Company’s sponsored health care program in which you were enrolled and eligible to receive benefits prior to your termination of employment, or (ii) pay for your health coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), in each case, for the Severance Period, when such premiums are due and owing.
Separation Benefits. In consideration for you (i) signing and returning this Agreement within twenty-one (21) days of receipt and not revoking this Agreement during the seven (7) day revocation period after it is signed and returned; (ii) complying with the terms of this Agreement; (iii) waiving all of your claims (except as provided in this Agreement) and releasing the Company as further described below in this Agreement; and (iv) waiving and releasing any rights or entitlements to severance or similar post-termination payments or benefits, other than those provided in this Agreement, Butterfly will provide you with the following benefits:
(a) The Company will pay you an amount equal to six (6) months of your current base salary ($210,000), less applicable withholdings and other deductions. The payment will be made in one lump sum following the expiration of the seven (7) day revocation period. You acknowledge that the Company has the sole obligation to pay the amounts due under this Sections 3(a), and that Insperity has no obligation to pay the additional compensation, even though the payments may be processed through Insperity.
(b) The Company will accelerate the vesting of your outstanding option awards by adding six (6) months to the actual period of service that you have completed with the Company as of the Separation Date, which results in the following vested options assuming you remain employed through June 30, 2021: Issuing Company Grant Number Grant Date # of Shares Granted # of Shares Vested Type of Option Butterfly Network, Inc. 537-ISO 4/23/2020 46,723 6,811 Time-Based Butterfly Network, Inc. 537-NQO 4/23/2020 472,426 68,894 Time-Based Butterfly Network, Inc. 588 12/17/2020 500,000 129,787 Time-Based You acknowledge that except for the Separation Benefits, your final wages, and any accrued but unused vacation (each of which shall be paid to you in accordance with Company’s regular payroll practices and applicable law), you are not entitled to any other compensation from Company or any of its affiliates, subsidiaries or divisions, without limitation, other wages, commissions, bonuses, vacation pay, holiday pay, equity, units, stock, stock options, carve out, paid time off or any other form of compensation or benefit.
Separation Benefits. Executive shall be entitled to receive separation benefits upon such events and in such amounts as are set forth in this Section 6.
Separation Benefits. SICK LEAVE PAY AT SEPARATION for MBUs hired after August 16, 2005
Separation Benefits. In consideration for your signing this Agreement—both on or within 21 days after the Transition Date and then again on the Termination Date—and not timely revoking the ADEA Release in Section 7 below, and otherwise complying with all terms of this Agreement, you will be entitled to the following benefits, in each case subject to all applicable tax and other withholdings (the “Separation Benefits”):
(a) continued Base Salary and eligibility to participate in the Santander Group Arrangements during the Transition Period as described in Section 1 above;
(b) a lump sum cash payment of $342,500 (representing six months of Base Salary), to be paid on May 18, 2018 (Santander’s first regular payroll date after the Termination Date);
(c) a lump sum cash payment of $6,600 (representing three months of company-paid healthcare coverage for you and your dependents), to be paid on May 18, 2018 (Santander’s first regular payroll date after the Termination Date);
(d) an annual bonus payment for the 2017 performance year in an amount equal to $400,000 (representing 80% of your target bonus for the year), payable at the same times, and subject to the same terms (except for any continuing employment requirement), as 2017 annual bonuses paid to continuing SC employees;
(e) payment of your first tranche under Santander’s special regulatory incentive plan (“SRIP”) in an amount equal to $250,000, payable at the same times, and subject to the same terms (except for any continuing employment requirement), as SRIP payments made to continuing SC employees;
(f) any deferred and unearned restricted stock units granted to you in satisfaction of the sign-on bonus provided to you under your employment offer letter with Santander dated March 21, 2017 (“Offer Letter”) will continue to become earned and payable under and subject to the terms of your applicable restricted stock unit award agreement under the Santander Consumer USA Holdings Inc. Omnibus Incentive Plan (except for any continuing employment requirement);
(g) any continuing employment requirements required under your Offer Letter for your sign-on bonus or relocation benefits thereunder are waived; and
(h) the non-competition provision of your Offer Letter (specifically, Section 4(i) of Exhibit A thereto) is waived.
Separation Benefits. If Sucampo terminates Executive’s employment without meeting the conditions for “Termination for Cause” in Section H(1); if Executive resigns for Good Reason under the conditions set forth in Section H(2)(b), or due to the Executive’s “Death or Disability” under Section H(2)(c); and Executive (or the executor of Executive’s estate upon death or incapacity) signs and returns to Sucampo without revocation a release prepared by Sucampo of all legally waivable claims related to or arising from Executive’s employment with Sucampo and all other terms determined exclusively by Sucampo, then (i) Sucampo shall pay Executive (or the estate): (A) the amount of any COBRA continuation premium payments made by Executive during the 12-month period following the date of termination, or the period ending when Executive becomes eligible for comparable group medical benefits coverage from another source (whichever comes first); and (B) a lump sum payment equal to 12 months of Executive’s then-current annual Base Salary; and (ii) Executive’s Equity Incentive Awards shall vest as set forth in Section H(5)(a) (collectively, the “Separation Benefits”).