Separation Pay definition

Separation Pay means a lump sum amount equal to twelve months of Executive’s then effective salary.

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Separation Pay means the cash benefit payable under this Plan pursuant to Section 4.1 or to a Rebadged Employee pursuant to Section 4.5.

Separation Pay means a lump sum amount equal to six months of Executive’s then effective salary.

Examples of Separation Pay in a sentence

• Employee agrees that the Company is not obligated to provide the Separation Pay until Employee complies with this Section.

• Within twelve (12) months of a Change of Control, if the Company or the Bank terminates the employment of the Executive other than for reasons set forth in Section 6.2 above, then the Bank shall provide to the Executive the amounts required under Section 6.2(e), if any, in addition to the Separation Pay described in Section 6.3.3(c).

• In the absence of a Change in Control, if the Company or the Bank terminates the employment of the Executive other than for reasons set forth in Section 6.2 above, then the Bank or the Company shall provide to the Executive the amounts required under Section 6.2(e), if any, in addition to the Separation Pay described in Section 6.3.3(b).

• Within twelve (12) months of a Change of Control, if the Executive voluntarily resigns from the Company’s or the Bank’s employ due to any of the events listed in Section 6.3.1 after providing the Company or the Bank the cure rights recited in Section 6.3.1 below, then the Bank shall provide to the Executive the amounts required under Section 6.2(e), if any, in addition to the Separation Pay described in Section 6.3.3(c).

• The Company will pay Employee in the gross amount of Five Hundred Fifty Thousand and 00/100 Dollars ($550,000.00) (the “Separation Pay”); of that total Separation Pay, $70,421 will be paid directly to ▇▇▇▇▇▇▇ Law LLC as attorneys’ fees, and ▇▇▇▇▇▇▇ Law LLC will provide a Form W-9 and be issued a Form 1099-MISC, Box 10 for such payment.

More Definitions of Separation Pay

Separation Pay means an amount paid in connection with separation from the Military Service when the person’s military status is terminated. This includes payments under sections 3502, 3503, 3504, and 3506.

Separation Pay. As noted in Section 5.2 of the Employment Agreement dated October 22, 2018. Executive agrees that payments and benefits described in the above paragraphs provided by Employer are good and valuable consideration for this Agreement and Executive’s release of claims, and are in excess of any earned wages, benefits or other amounts to which Executive is entitled as of the Date of Termination. Executive further acknowledges and warrants that Executive has received all wages, bonuses, overtime, vacation pay and other benefits and compensation due or owing by virtue of Executive’s employment, and further specifically warrants and agrees that he or she received all leaves of absences, including but not limited to, all FMLA leave, and all paid or unpaid time off that Executive requested or was otherwise eligible for while employed by Employer. Executive agrees to promptly pay in full all federal, state or local taxes due or owed on any separation payments made pursuant to this Agreement.

Separation Pay means that portion of the Severance Amount payment to be provided in Section 6(c)(i) or 6(d)(i) which the Company has determined is exempt from Section 409A and which does not exceed two times the lesser of (i) the sum of Executive’s annualized compensation based upon the annual rate of pay for services provided to the Company for the taxable year of Executive preceding the Date of Termination, or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Code Section 401(a)(17) for the year of the Date of Termination.

Separation Pay means any Deferred Compensation (applied before application of any exclusion applicable to Separation Pay Plans under Treas. Reg. §1.409A-1(b)(9)) that will not be paid under any circumstances unless the Participant incurs a Separation from Service, whether voluntary or involuntary, including payments in the form of reimbursements for expenses incurred and provision of in-kind benefits. Deferred Compensation that a Participant may receive without incurring a Separation from Service is not Separation Pay merely because the Participant elects to receive or receives payment upon or after Separation from Service. Deferred Compensation does not fail to constitute Separation Pay merely because the Participant must execute a release of claims, noncompetition agreement or nondisclosure agreement or is subject to similar requirements. Any amount or entitlement that acts as a substitute for, or replacement of, Deferred Compensation is a payment of Deferred Compensation and is not Separation Pay.

Separation Pay means separation pay within the meaning of Treasury Regulations Section 1.409A-1(m), issued under Code Section 409A.

Separation Pay means Employee's Compensation times a fraction, the numerator of which shall be the number of months of Employee's service with UTI, Employer, UGI Corporation, a Delaware corporation ("UGI"), or any company affiliated with either Employer or UGI, and the denominator of which shall be 260, payable within thirty (30) days after termination of employment; provided that Separation Pay shall in no event exceed fifty percent (50%) of Compensation.

Separation Pay means the continuation of a Participant's Base Pay during the Separation Benefits Period in accordance with the terms and conditions of the Plan.