Constructive Separation definition
Examples of Constructive Separation in a sentence
In such event, the Company shall provide to Executive those amounts and benefits described in Section 4.4 hereof, as if Executive’s Constructive Separation had occurred.
Executive may terminate this Agreement and his employment hereunder on account of Constructive Separation.
If Executive is terminated for Cause or Executive terminates his employment other than on account of Constructive Separation prior to December 31, 2026, then Executive shall forfeit his right to receive the Retention Bonus.
Upon a Change in Control followed within twelve (12) months by either the Executive's Separation from Service or Constructive Separation from Service, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.
The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing within thirty (30) days following either the Executive's Separation from Service or Constructive Separation from Service.
Executive acknowledges and agrees that the changes addressed in this Amendment shall not be the basis for a Constructive Separation under the Employment Agreement.