Involuntary Separation from Service definition

Involuntary Separation from Service means a Separation from Service due to the independent exercise of the unilateral authority of the Bank to terminate the Executive’s services, other than due to the Executive’s implicit or explicit request, where the Executive was willing and able to continue performing services (and not as the result of a Disability of a Termination For Cause).

Involuntary Separation from Service means that the Bank terminates Executive’s employment at any time before Executive’s Normal Retirement Age and such termination is not considered a Termination for Cause. A Separation from Service for “Good Reason” will also be treated as an Involuntary Separation from Service, provided such Separation from Service meets the necessary “safe harbor” conditions as set forth under Section 409A of the Code.

Involuntary Separation from Service means a Separation from Service due to the independent exercise of the unilateral authority of the Company (or any successor or related employer treated as the service recipient for purposes of Internal Revenue Code Section 409A) to terminate the Employee’s employment, other than due to the Employee’s implicit or explicit request, where the Employee was willing and able to continue employment with the Company. Notwithstanding the foregoing, a termination for Good Reason may constitute an Involuntary Separation from Service. Involuntary Separation from Service shall have the same meaning as such term has for purposes of Internal Revenue Code Section 409A (including Treasury Regulation Section 1.409A-1(n)).

Examples of Involuntary Separation from Service in a sentence

• In the event of the Involuntary Separation from Service of the Executive without Cause or the Voluntary Separation from Service for Good Reason, the Corporation shall pay the Compensation Payments to the Executive as soon as practicable or within the period required by law.

• No amounts earned by the Executive after the Executive’s Involuntary Separation from Service or voluntary Separation from Service for Good Reason, whether from self-employment, as a common law employee, or otherwise, shall reduce the amount of any payment or benefit under any provision of this Agreement.

• Notwithstanding the foregoing to the contrary, in the event that the Executive is a Specified Employee and Executive’s Involuntary Separation from Service occurs due to Good Reason, the Company will pay to the Executive the amounts described in Paragraph (2) of Annex A in a single lump sum payment six months following the Separation from Service Date.

• No amounts earned by the Executive after the Executive’s Involuntary Separation from Service without Cause or Voluntary Separation from Service for Good Reason, whether from self-employment, as a common law employee, or otherwise, shall reduce the amount of any payment or benefit under any provision of this Agreement or otherwise.

• In the event of the Involuntary Separation from Service (as defined in Section 2) of the Executive for Cause (as defined in Section 2) or voluntary Separation from Service by the Executive other than for Good Reason, the Corporation shall pay the Compensation Payments to the Executive as soon as practicable or within the period required by law, and the Executive shall be entitled to no other compensation, except as otherwise due to the Executive under applicable law, applicable plan or program.

More Definitions of Involuntary Separation from Service

Involuntary Separation from Service means Separation from Service due to the independent exercise of the unilateral authority of the Service Recipient to terminate the Executive's services, other than due to the Executive’s implicit or explicit request, where the Executive was willing and able to continue performing services, within the meaning of Code section 409A and Treasury Regulation section 1.409A-1(n)(1) or any successor thereto.

Involuntary Separation from Service means Your separation from service due to the independent exercise of the unilateral authority of the Company to terminate Your services, other than due to Your implicit or explicit request, where You were willing and able to continue performing services, within the meaning of Code Section 409A and Treasury Regulation section 1.409A-1(n)(1) or any successor thereto.

Involuntary Separation from Service means a Separation from Service due to the independent exercise of the unilateral authority of the Company or an Affiliate to terminate an individual’s services, other than due to the individual’s implicit or explicit request, where the individual was willing and able to continue performing services.

Involuntary Separation from Service means Separation From Service due to the independent decision of the Company to terminate the Participant’s services, other than due to the Participant’s explicit request, when the Participant was willing and able to continue performing services.

Involuntary Separation from Service means that the Bank notifies the Executive in writing that Executive’s employment with the Bank has been terminated by the Bank for reasons other than “Cause.”

Involuntary Separation from Service means a Separation from Service due to the independent exercise of the unilateral authority of the Company to terminate the Employee's employment, other than due to the Employee's implicit or explicit request, where the Employee is willing and able to continue employment with the Company. Notwithstanding the foregoing, a termination for Good Reason may constitute an Involuntary Separation from Service. For purposes of this agreement, Involuntary Separation from Service shall have the same meaning as such term has for purposes of Internal Revenue Code ss.409A (including Treasury Regulation ss.1.409A-1(n))."

Involuntary Separation from Service means a Participant’s Separation From Service as a result of the elimination of his job or a reduction in force.