Separation from Employment. Employees who leave the District with a vacation balance shall have their vacation balance cashed out. If vacation is loaded on July 1st, the vacation balance shall be pro-rated prior to cash out.
Separation from Employment. You will, upon separation from employment with the Company and its subsidiaries for any reason (such as termination, resignation, death or disability) (each, a “Separation”), receive such salary and other benefits as have accrued as of the date and time of Separation, and as may otherwise be required by law, as well as such Salary, bonuses and benefits as may be due and owing under this Agreement. Notwithstanding the forgoing, in the event that the Company determines in good faith that your Separation is not considered a “separation from service” under Treasury Regulation § 1.409A-1(h) because (a) you have not separated but have changed status to a part time employee, consultant or independent contractor performing more than 20% of the average level of bona fide services (whether as an employee, consultant or independent contractor) you performed over the immediately preceding 36-month period, or (b) you are continuing employment with another entity that is considered a single entity with the Company (“Employer Group”) under Section 414(b) or (c) of the Internal Revenue Code of 1986, as amended (the “Code”), any Severance Benefits to which you may be entitled under other provisions of this Agreement shall begin immediately when your status changes such that the Company determines that you have “separated from service” under Treasury Regulation § 1.409A-1(h). For this purpose, service performed as an employee or as an independent contractor is counted, except that service as a member of the board of directors of a member of the Employer Group is not counted unless termination benefits under this Agreement are aggregated for purposes of Section 409A of the Code with benefits under any other Employer Group plan or agreement in which you also participate as a director. Notwithstanding any provisions of this Agreement to the contrary, if you are a “specified employee” (within the meaning of Section 409A of the Code and determined pursuant to procedures adopted by the Company) at the time of your separation from service and if any portion of the payments or benefits to be received by you upon separation from service would be considered deferred compensation under Section 409A of the Code, amounts that would otherwise be payable pursuant to this Agreement during the six-month period immediately following your separation from service shall instead be paid or made available, with interest at the Wall Street Journal prime rate as of the date of separation from servi...
Separation from Employment. Executive and Comerica agree that Executive’s employment with Comerica shall terminate effective February 28, 2009 (the “Separation Date”).
Separation from Employment. The Option may be terminated prior to the expiration of the Option Period, and the date when the Option may first be exercised may be modified, in accordance with the following terms and conditions:
Separation from Employment. 23 At the time of separation from county service, the county does not 24 compensate employees for unused sick leave.
Separation from Employment. Any employee eligible for use of annual vacation leave who is separated from service for any reason shall be compensated for all unused annual vacation leave days at the time of his separation, or as soon thereafter as may be practical in accordance with the established County payroll procedure.
Separation from Employment. Upon termination of employment, accumulated paid absence leave shall be waived unless employee qualifies for severance.
Separation from Employment. (a) The Company and Executive acknowledge and agree that Executive’s employment with the Company will end as of the Separation Date. As of the Separation Date, Executive will no longer be employed by the Company or any other Company Party (as defined below), and Executive will be deemed to have automatically resigned (i) as an officer of the Company and its affiliates (as applicable) and (ii) from the board of managers, board of directors or similar governing body of each of the Company and its affiliates (as applicable) and any other corporation, limited liability company, trade organization, or other entity in which the Company or any of its affiliates holds an equity interest or with respect to which board or similar governing body Executive serves as the designee or other representative of the Company or any of its affiliates.
(b) Executive acknowledges and agrees that Executive has been paid in full all bonuses, been provided all benefits, and otherwise received all wages, compensation and other sums that Executive has been owed by each Company Party. Executive further acknowledges and agrees that Executive has received all vacation and leaves (paid and unpaid), including payment of accrued but unpaid paid time off, that Executive has been entitled to receive from each Company Party.
Separation from Employment. Your employment as the Company’s Chief Financial Officer, as well as your employment and all other positions you currently hold or held with the Company or any of its affiliates (including, without limitation, as a director, employee, officer or manager) terminate on the Separation Date. All benefits and perquisites of employment are ceased as of the Separation Date, except that you will receive, to the extent not already paid to you, the Accrued Benefits (as defined in your employment agreement with the Company, dated as of September 21, 2018 (as amended and/or restated from time to time, the “Employment Agreement”)). All payments due to you from the Company or any of its affiliates from and after the date of this Agreement will be determined under the applicable provisions of this Agreement. You and the Company agree that you are not entitled to any further compensation or benefits from the Company or any of its affiliates other than (i) the Accrued Benefits, (ii) if applicable, the Separation Benefits (as defined below), and (iii) without duplication of any Accrued Benefits or Separation Benefits, the following:
a. You will retain any vested balance in your Diffusion 401(k) account;
b. You will be entitled to retain all Diffusion purchased computer and electronic equipment in your possession, provided that you must allow the Company the ability to remove/disconnect your access to Diffusion’s systems and technology infrastructure; and
c. Diffusion will not oppose any application for unemployment compensation you may make, if any For the avoidance of doubt, the Accrued Benefits to be paid in accordance with the Employment Agreement include the following amounts:
● a lump-sum cash payment (less applicable taxes and other withholdings) in respect of the cash portion of your base salary earned but unpaid through the Separation Date, paid in accordance with the Company’s normal payroll policies;
● a lump-sum cash payment of $15,840.00 (less applicable taxes and other withholdings and amounts in respect of any days utilized after the date of this letter and prior to the Separation Date) in respect of accrued but unused vacation in accordance with the Company’s policies and applicable law; and ● any unreimbursed business expenses incurred by you prior to the Separation Date that are otherwise reimbursable in accordance with the Company’s expense reimbursement policies.
Separation from Employment. Cash Payment: Upon separation from employment, permanent employees shall receive their unused accumulated vacation as a cash payment. Any vacation cash-out shall be paid at the employee’s base rate at time of separation.
