Common use of Separation Payment by Company Clause in Contracts

Separation Payment by Company. In consideration of Former Employee’s promises and covenants contained in this Agreement: a. Company will, within ten business days following the Effective Date of this Agreement, pay to Former Employee the sum of _____________________ and __/100 dollars ($_______________), which amount represents one-half of the amount of separation pay due Former Employee, less all applicable withholdings and deductions. The balance of separation pay shall be paid on a bi-weekly basis through the remaining severance period ending _______________. Former Employee acknowledges and agrees he has received payment for all unused accrued vacation pay as well as all salary to which he was entitled through the Effective Date of this Agreement, less usual deductions. b. Former Employee shall be entitled to receive continuing group health insurance coverage pursuant to COBRA and Company will pay the next six (6) months’ premiums for such continuation coverage.

Separation Payment by Company. In consideration of Former Employee’s promises and covenants contained in this Agreement: a. Company will, within ten business days following the Effective Date of this Agreement, pay to Former Employee the sum of _____________________ and __/100 dollars ($_______________$ ), which amount represents one-half of the amount of separation pay due Former Employee, less all applicable withholdings and deductions. The balance of separation pay shall be paid on a bi-weekly basis through the remaining severance period ending _______________. Former Employee acknowledges and agrees he has received payment for all unused accrued vacation pay as well as all salary to which he was entitled through the Effective Date of this Agreement, less usual deductions. b. Former Employee shall be entitled to receive continuing group health insurance coverage pursuant to COBRA and Company will pay the next six (6) months’ premiums for such continuation coverage.

Separation Payment by Company. In consideration of Former Employee’s promises and covenants contained in this Agreement: a. Company will, within ten business days following the Effective Date of this Agreement, pay to Former Employee the sum of _____________________ and __/100 dollars ($_______________$ ), which amount represents one-half of the amount of separation pay due Former Employee, less all applicable withholdings and deductions. The balance of separation pay shall be paid on a bi-weekly basis through the remaining severance period ending _______________. Former Employee acknowledges and agrees he has received payment for all unused accrued vacation pay as well as all salary to which he was entitled through the Effective Date of this Agreement, less usual deductions. b. Former Employee shall be entitled to receive continuing group health insurance coverage pursuant to COBRA and Company will pay the next six (6( ) months’ premiums for such continuation coverage.