Vacation Benefits upon Termination Sample Clauses

Vacation Benefits upon Termination. Upon the termination or expiration of the Executive's employment by Company under this Agreement, the Executive shall not be entitled to compensation for any unutilized vacation leave.
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Vacation Benefits upon Termination. When an employee in the bargaining unit terminates for any reason, he/she shall be entitled to all vacation benefits earned and accumulated up to and including the effective date of the termination. Such vacation benefits shall be awarded in the form of vacation days to be used in the period available between notice of termination and effective date of termination whenever possible.
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Vacation Benefits upon Termination. 1. An employee who is separated from the service by reason of resignation, death, retirement or discharge (except for discharge by reason of a felony conviction relating to or arising out of or in connection with his service as a Firefighter) shall be compensated at the employee's straight-time and basic hourly rate of pay at the time of separation, for all unused vacation duty days accumulated, including those vacation duty days accumulated in the year of separation, on a pro-rata basis. Vacation time shall not accumulate from year to year except as provided herein. (a) An employee who is separated from service by reason of retirement following sick or injury leave which was a result of a duty connected injury, illness or disability, or determined to be an occupational disability or duty disability following retirement, shall be compensated at the employee’s straight- time and basic hourly rate of pay at the time of separation for all unused vacation duty days accumulated, including vacation days accumulated during such sick or injury leave. (b) An employee who is separated from service by reason of retirement at age sixty (60) or above following sick or injury leave which was a result of a non-duty-connected injury, illness or disability shall be compensated at the employee’s straight-time and basic hourly rate of pay at the time of separation for all unused vacation duty days accumulated, including vacation days accumulated during such sick or injury leave. (c) An employee who is separated from service by reason of retirement at age fifty-nine (59) or below following sick or injury leave which was a result of a non-duty connected injury, illness or disability, or determined to be other than a duty disability or occupational disability following retirement, shall be compensated at the employee’s straight-time and basic hourly rate of pay at the time of separation for all unused vacation duty days accumulated, prior to such sick or injury leave, except, at the employee’s option, the employee may schedule or re-schedule and use, during or after such non-duty leave, the vacation duty days accumulated prior to such non-duty leave. 3. An employee who is separated from the service by reason of resignation, death, retirement or discharge (except for discharge by reason of a felony conviction relating to or arising out of or in connection with his service as a Firefighter) after twenty (20) years of service or more shall be compensated an additional amount equiv...
Sample 1
Vacation Benefits upon Termination. Vacation days will be pro-rated if the Superintendent’s employment is terminated (including resignation and retirement) within the first eight (8) months of the fiscal year. (For example, if the Superintendent resigns/retires on September 30: the annual vacation days that were eligible for use as of July 1 will be prorated to ¼ of the annual amount for the fiscal year.) In the event that the Superintendent has used more vacation days than he was eligible to use (after the pro-rated calculation), then the dollar value of the excess days used shall be deducted from any outstanding pay that is due to the Superintendent.
Sample 1

Related to Vacation Benefits upon Termination

  • Termination Benefits (a) Upon the occurrence of a Change in Control, followed at any time during the term of this Agreement by the involuntary termination of the Executive’s employment (other than for Termination for Cause or death), or by the Executive for Good Reason, the Employers shall: (i) pay the Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a lump sum payment within thirty (30) days of the Date of Termination an amount equal to three (3) times the Executive’s average annual compensation for the five most recent taxable years that the Executive has been employed by the Employers or such lesser number of years in the event that the Executive shall have been employed by the Employers for less than five years. For this purpose, annual compensation shall include base salary and any other taxable income, including, but not limited to, amounts related to the granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses, pension and profit sharing plan contributions or benefits (whether or not taxable), severance payments, retirement benefits, and fringe benefits paid or to be paid to the Executive or paid for the Executive’s benefit during any such year; and (ii) cause to be continued life insurance and non-taxable medical, dental and disability coverage substantially identical to the coverage maintained by the Employers for the Executive prior to his Date of Termination, except to the extent such coverage may be changed in its application to all employees on a nondiscriminatory basis. Such coverage and payments shall cease upon the expiration of thirty-six (36) full calendar months from the Date of Termination. (b) Notwithstanding the foregoing, to the extent required to avoid penalties under Section 409A of the Code, the cash severance payable under Section 3 of this Agreement shall be delayed until the first day of the seventh month following the Executive’s Date of Termination. (c) For purposes of this Agreement, a “termination of employment” shall mean a “Separation from Service” as defined in Section 409A of the Code and the regulations promulgated thereunder, such that the Employers and the Executive reasonably anticipate that the level of bona fide services the Executive would perform after a termination of employment would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or as an independent contractor) over the immediately preceding thirty-six (36) month period.

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