Treatment upon Separation from Service Clause Samples
The "Treatment upon Separation from Service" clause defines how an employee's compensation, benefits, and obligations are handled when their employment ends. Typically, this clause outlines what payments or benefits the departing employee is entitled to, such as severance pay, accrued vacation, or continued health coverage, and may specify conditions like resignation, termination for cause, or retirement. Its core function is to provide clarity and predictability for both the employer and employee regarding post-employment entitlements and responsibilities, thereby reducing the risk of disputes after separation.
Treatment upon Separation from Service. (a) If Grantee has a separation from service (within the meaning of Treasury Regulation § 1.409A-1(h), hereinafter a “Separation from Service”) by reason of death or Disability (as defined in the applicable Company long-term disability policy as in effect at the time of Grantee’s disability) prior to the Vesting Date, the Award shall become fully vested as of the date of such Separation from Service.
(b) If Grantee has a Separation from Service other than as specified in Section 3(a) above or Section 4 below prior to the Vesting Date, the Award shall be immediately forfeited as of the date of such Separation from Service.
Treatment upon Separation from Service. If Participant has a Separation from Service for any reason other than as specified in subparagraphs (A) or (B) below, any shares of Restricted Stock that were not already earned and vested as of the date of the Separation from Service shall be immediately canceled and forfeited as of the date of the Separation from Service and shall be returned to the Company.
Treatment upon Separation from Service. If you have a Separation from Service for any reason other than as specified in subparagraphs (i) or (ii) below, any PSUs that have not become earned pursuant to the schedule specified under “Vesting Schedule” in the table at the beginning of this Agreement prior to your Separation from Service shall be immediately cancelled and forfeited as of the date of the Separation from Service in their entirety, and you will not be entitled to any payment with respect to such PSUs.