Separation of Service or “Separates from Service” means termination of the Executive’s employment. Whether a Separation of Service has occurred is determined based on whether the facts and circumstances indicate that the Bank and the Executive reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Executive would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%) 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.
Separation of Service means the Employee dies, retires or otherwise experiences a “Termination of Employment” with the Company (as defined below). Provided, however, a Separation from Service does not occur if the Employee is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the Employee retains a right to reemployment with the Company under an applicable statute or by contract. For purposes of this Agreement, a leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Employee will return to perform services for the Bank or Corporation. If the period of leave exceeds six (6) months and the Employee does not retain the right to reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six (6) month period. Notwithstanding the foregoing, where a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, where such impairment causes the Employee to be unable to perform the duties of his position of employment or any substantially similar position of employment, a twenty-nine (29) month period of absence may be substituted for such six (6) month period. The Employee shall incur a “Termination of Employment” for purposes of this Agreement when a termination of employment has occurred under Treasury Regulation 1.409A-1(h)(1)(ii). For the purposes of this Agreement, the term “Business of the Company” shall mean the banking, loans, and investment and planning services provided by the Company. For purposes of this Agreement, the term “solicit” means any direct or indirect communication of any kind whatsoever, regardless of by whom initiated, which encourages or requests any person or entity, in any manner, to terminate, reduce, limit, or otherwise adversely change their business relationship with the Company.
Separation of Service means the Executive’s service as a director, executive, or independent contractor to the CCOW and any member of a controlled group, as defined in section 414 of the Code, terminates for any reason, other than because of a leave of absence approved by CCOW and other than because of the Executive’s death. For purposes of this Agreement, if there is a dispute about the Executive’s status or the date of the Executive’s Separation from Service, the Board of Directors of CCOW shall have the sole and absolute right to determine the date of Executive’s Separation of Service in conformance with section 409A of the Code and regulations promulgated thereunder. For purposes of this Severance Agreement, the term Good Reason means the occurrence of any of the following without the Executive’s written consent -
Examples of Separation of Service in a sentence
Any benefits payable under insurance, health, retirement, Bonus, or other plans as a result of the Employee’s participation in such plans through such date of Separation of Service shall be paid when and as due under those plans.
To enable the Plan Administrator to perform its functions, the Employer shall supply full and timely information to the Plan Administrator on all matters relating to the date and circumstances of the retirement, Disability, death, or Separation of Service of the Executive and such other pertinent information as the Plan Administrator may reasonably require.
All base salary continuation amounts owing to Employee with respect to portions of the Severance Period following the six-month anniversary of the Separation of Service shall be paid in accordance with the Company’s customary pay schedule.
If benefit distributions which would otherwise be made to the Executive due to a Separation of Service are limited because the Executive is a Specified Employee, then such distributions shall not be made during the first six (6) months following Separation of Service.
Rather, any distribution which would otherwise be paid to the Executive during such period shall be accumulated and paid to the Executive in a lump sum on the first day of the seventh month following the Separation of Service.
More Definitions of Separation of Service
Separation of Service means a “separation of service” from the Company within the meaning of Section 409A.
Separation of Service means the first day occurring on or after a grant date on which the Participant ceases to be an Eligible Employee or Director of, or service provider to, the Company or any Subsidiary, regardless of the reason for such cessation, subject to the following:
Separation of Service means the termination of employment by means of layoff, resignation or discharge.
Separation of Service has the meaning set forth in Section 409A of the Code and the Treasury regulations issued thereunder, as amended from time to time, including without limitation, executive provides services to the Company or an affiliate (as an employee or independent contractor) at a level 20% or less of the level of services being provided by Executive prior to such departure or change in status, as measured over the past three (3) years (or shorter period of actual employment.)
Separation of Service means the Participant’s termination of service to the Corporation, whether on account of death, Disability, or otherwise, whether voluntary or involuntary, for any reason or no reason. The Corporation will determine whether a separation of service has occurred based on the facts and circumstances.
Separation of Service means the termination of a participant’s service on the Board for any reason, including death or disability, other than for removal as provided in the Corporation’s Certificate of Incorporation. A leave of absence or an interruption in service (including an interruption during military service) authorized or acknowledged by the Board shall not be deemed a Separation of Service for the purposes of these Rules.
Separation of Service means that the Executive ceases to be employed by the Bank for any reason, voluntary or involuntary, other than by reason of a leave of absence approved by the Bank.