Separation Package. As used herein, the "Separation Package" shall consist of two years' Base Salary (at the annual rate in effect at the date of the Severance Termination) plus an amount equal to the Performance Bonus actually paid to Executive with respect to the eight fiscal quarters preceding the date of the Severance Termination (or if Executive has been employed for less than two years, the amount of Performances Bonus paid to Executive for the entire period of employment multiplied by a fraction, the numerator of which is the number eight and the denominator of which is the actual number of fiscal quarters for which Executive was employed by the Company). In addition, all Options and Anniversary Options which are scheduled to vest on the next anniversary of the commencement of the Agreement shall vest as of the date of the Severance Termination. Further, all options that have become exercisable as of the date of such termination (including those which do so as a result of the provisions of the preceding sentence) shall remain so for a period of 24 months. In the event of a Severance Termination, Executive will also be provided with reasonable office space and secretarial support as well as the same mailing address and telephone number which Executive had during the term for up to six months, and the Company shall pay the costs of outplacement services with a provider of its choice at a level appropriate to Executive's title and position as requested by Executive. For purposes of this paragraph, a "Defacto Termination" shall include any of the following events: (i) the Company shall fail to pay or shall reduce the Base Salary, Performance Bonus or other benefits provided herein, except as permitted hereuner, or shall otherwise breach any material provision hereof which breach is not cured within 10 days after receipt of notice thereof from Executive; (ii) the Company shall fail to cause Executive to remain the Chief Executive Officer of the Company; (iii) Executive shall not be continuously afforded the authority, powers, responsibilities and privileges contemplated in Section 1 above (whether or not accompanied by a change in title); (iv) the Company shall require Executive's primary services to be rendered in an area other than the Company's principal offices in the Los Angeles metropolitan area; or (v) after a Change in Control (as defined below), the Company increases the Base Salary for senior executives of the Company generally without similarly increasing the Bas...
Separation Package means the collection of payments that is to be provided to a person;
Separation Package. As used herein, the "Separation Package" shall mean the Termination Amount each year for three years payable monthly on the first day of each calendar month and in addition, all stock options and other awards previously granted shall become exercisable and shall remain exercisable for three years. In the event of a Severance Termination, Employee will also be provided with reasonable office space and secretarial support for up to three months, and the Company shall pay the costs of outplacement services with a provider of its choice at a level appropriate to Employee's title and position as requested by Employee. Notwithstanding the provisions of this Section 10(d), in the event that the Employee breaches any of the covenants set forth in Section 14 hereof, then the "Termination Amount" shall consist solely of the Base Salary at the time of the Employee's termination of employment and shall not include any bonus.
Examples of Separation Package in a sentence
To be entitled to receive a Separation Package, the time period during which Executive can revoke the Release must expire before the sixtieth (60th) day after the Date of Termination.
Unless and until Executive has executed and not revoked a Release and the time period during which Executive can revoke the Release has expired, Executive shall have no right to receive a Separation Package.
If Executive has not executed without revoking a Release and the time period during which Executive can revoke the Release has not expired before the sixtieth (60th) day after the Date of Termination, Executive shall immediately forfeit his rights to a Separation Package.
The Executive shall not be required to mitigate any portion of the Separation Package by seeking other employment nor shall it be reduced by any remuneration or compensation earned by the Executive after the termination date.
The Separation Package shall be payable in a lump sum within thirty (30) days of the termination date.
More Definitions of Separation Package
Separation Package means an offer of a payment of an amount not less than the lesser of the following:
Separation Package has the meaning assigned in Section 4.
Separation Package has the meaning set forth in Section 11.2 of this Agreement;
Separation Package means the monetary package provided to employees who are retrenched.
Separation Package shall consist of two years' Base Salary (at the annual rate in effect at the date of the Severance Termination) plus an amount equal to the Performance Bonus actually paid to Executive with respect to the eight fiscal quarters preceding the date of the Severance Termination (or if Executive has been employed for less than two years, the amount of Performance Bonus paid to Executive for the entire period of employment multiplied by a fraction, the numerator of which is the number eight and the denominator of which is the actual number of fiscal quarters for which Executive was employed by the Company).
Separation Package. If your employment with NetLogic is involuntarily terminated prior to a Change in Control, for any reason other than Misconduct, NetLogic will provide you with the following separation package that includes the following: (1) six months of salary, (ii) six months of any applicable employee benefits in effect at the time of your termination, and (iii) 12 months of acceleration for any options granted you by the time of your termination. If your employment with NetLogic or its successor corporation is Involuntarily Terminated (which, as defined in subparagraph (2) above “occurs by reason of dismissal for any reason other than Misconduct or of voluntary resignation following: (i) a change in position that materially reduces the level of your responsibility, (ii) a material reduction in your base salary, or (iii) relocation by more than 50 miles; provided that (ii) and (iii) will apply only if you do not consent to the change or relocation) following a Change in Control, NetLogic or its successor corporation will provide you with the following separation package (in addition to any acceleration of vesting you may be entitled to under subparagraphs (A) or (B) above): (1) six months of salary, and (ii) six months of any applicable employee benefits in effect at the time of your termination. In order to receive either separation package described in this section, you will need to execute a Separation Agreement and General Release (“Agreement”) and comply with the terms of the Agreement, including that you will:
Separation Package. As used herein, the "Separation Package" shall consist of two years' Base Salary (at the annual rate in effect at the date of Severance Termination) plus an amount equal to the Performance Bonus actually paid to Executive with respect to the eight fiscal quarters preceding the date of the Severance Termination (or if Executive has been employed for less than two years, the amount of Performance Bonus paid to Executive for the entire period of employment multiplied by a fraction, the numerator of which is the number eight and the denominator of which is the actual number of fiscal quarters for which Executive was employed by the Company). In addition, all Options granted over the term shall become immediately exercisable on the date of termination and all vested options shall remain exercisable for a period