Separation From Service

Example Definitions of "Separation From Service"
Separation From Service. The termination of the Executive's employment with the Company and all Related Entities; provided, however, that the Executive will not be considered as having had a Separation from Service if (i) the Executive continues to provide services to the Company or any Related Entity as an employee at an annual rate that is at least equal to 20 percent of the services rendered, on average, during the immediately preceding three full calendar years of employment (or, if employed less than three years,... such lesser period) and the annual remuneration for such services is at least equal to 20 percent of the average annual remuneration earned during the final three full calendar years of employment (or if less, such lesser period), (ii) the Executive continues to provide services to the Company or any Related Entity in a capacity other than as an employee and such services are provided at an annual rate that is 50 percent or more of the services rendered, on average, during the immediately preceding three full calendar years of employment (or, if employed less than three years, such lesser period) and the annual remuneration for such services is 50 percent or more of the annual remuneration earned during the final three full calendar years of employment (or, if less, such lesser period) or (iii) the Executive is on military leave, sick leave or other bona fide leave of absence (such as temporary employment by the government) so long as the period of such leave does not exceed six months, or if longer, so long as the Executive's right to reemployment with the Company or any Related Entity is provided either by statute or by contract. If the period of leave exceeds six months and the Executive's right to reemployment is not provided either by statute or by contract, the Separation from Service will be deemed to occur on the first date immediately following such six-month period. For purposes of this Section 6(o), the annual rate of providing services shall be determined based upon the measurement used to determine the Executive's base compensation. This definition of Separation from Service is intended to comply with the definition of "separation from service" as used in Section 409A(a)(2)(A)(i) of the Code and shall be interpreted accordingly. View More
Found in Insteel Industries, Inc. contract
Separation From Service. The Means Executive's death, Retirement, or other termination of employment by the Bank. No Separation from Service shall be deemed to occur due to 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 Executive's employment with right to reemployment is provided by law or contract. If the Company leave exceeds six months and all Related Entities; provided, however, that Executive's right to reemployment... is not provided by law or by contract, then Executive shall have a Separation from Service on the first date immediately following such six-month period. Executive will shall not be considered treated as having had a Separation from Service if (i) Executive provides more than insignificant services for the Executive continues to provide Bank following Executive's actual or purported termination of employment with the Bank. Services shall be treated as more than insignificant if such services to the Company or any Related Entity as an employee are performed at an annual rate that is at least equal to 20 percent 20% of the services rendered, rendered by the Executive for the Bank, on average, during the immediately preceding three full calendar years of employment (or, (or if employed less than three years, such shorter period of employment) and the annual base compensation for such services is at least equal to 20% of the average base compensation earned during the final three full calendar years of employment (or if employed less than three years, such shorter period of employment). Where Executive continues to provide services to a previous employer in a capacity other than as an employee, a Separation from Service will not be deemed to have occurred if Executive is providing services at an annual rate that is 50% or more of the services rendered, on average, during the immediate preceding three full calendar years of employment (or if employed less than three years, such lesser period) and the annual remuneration base compensation for such services is at least equal to 20 percent 50% or more of the average annual remuneration base compensation earned during the final three full calendar years of employment (or if less, such lesser period), (ii) the Executive continues to provide services to the Company or any Related Entity in a capacity other than as an employee and such services are provided at an annual rate that is 50 percent or more of the services rendered, on average, during the immediately preceding three full calendar years of employment (or, if employed less than three years, such lesser period) and the annual remuneration for such services is 50 percent or more of the annual remuneration earned during the final three full calendar years of employment (or, if less, such lesser period) or (iii) the Executive is on military leave, sick leave or other bona fide leave of absence (such as temporary employment by the government) so long as the period of such leave does not exceed six months, or if longer, so long as the Executive's right to reemployment with the Company or any Related Entity is provided either by statute or by contract. If the period of leave exceeds six months and the Executive's right to reemployment is not provided either by statute or by contract, the Separation from Service will be deemed to occur on the first date immediately following such six-month period. For purposes of this Section 6(o), the annual rate of providing services shall be determined based upon the measurement used to determine the Executive's base compensation. This definition of Separation from Service is intended to comply with the definition of "separation from service" as used in Section 409A(a)(2)(A)(i) of the Code and shall be interpreted accordingly. period). View More
Found in Georgetown Bancorp, Inc. contract
Separation From Service. The Means Executive's death, Retirement, or other termination of employment by the Bank. No Separation from Service shall be deemed to occur due to 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 Executive's employment with right to reemployment is provided by law or contract. If the Company leave exceeds six months and all Related Entities; provided, however, that Executive's right to reemployment... is not provided by law or by contract, then Executive shall have a Separation from Service on the first date immediately following such six-month period. Executive will shall not be considered treated as having had a Separation from Service if (i) Executive provides more than insignificant services for the Executive continues to provide Bank following Executive's actual or purported termination of employment with the Bank. Services shall be treated as more than insignificant if such services to the Company or any Related Entity as an employee are performed at an annual rate that is at least equal to 20 percent 20% of the services rendered, rendered by the Executive for the Bank, on average, during the immediately preceding three full calendar years of employment (or, (or if employed less than three years, such shorter period of employment) and the annual base compensation for such services is at least equal to 20% of the average base compensation earned during the final three full calendar years of employment (or if employed less than three years, such shorter period of employment). Where Executive continues to provide services to a previous employer in a capacity other than as an employee, a Separation from Service will not be deemed to have occurred if Executive is providing services at an annual rate that is 50% or more of the services rendered, on average, during the immediate preceding three full calendar years of employment (or if employed less than three years, such lesser period) and the annual remuneration base compensation for such services is at least equal to 20 percent 50% or more of the average annual remuneration base compensation earned during the final three full calendar years of employment (or if less, such lesser period), (ii) the Executive continues to provide services to the Company or any Related Entity in a capacity other than as an employee and such services are provided at an annual rate that is 50 percent or more of the services rendered, on average, during the immediately preceding three full calendar years of employment (or, if employed less than three years, such lesser period) and the annual remuneration for such services is 50 percent or more of the annual remuneration earned during the final three full calendar years of employment (or, if less, such lesser period) or (iii) the Executive is on military leave, sick leave or other bona fide leave of absence (such as temporary employment by the government) so long as the period of such leave does not exceed six months, or if longer, so long as the Executive's right to reemployment with the Company or any Related Entity is provided either by statute or by contract. If the period of leave exceeds six months and the Executive's right to reemployment is not provided either by statute or by contract, the Separation from Service will be deemed to occur on the first date immediately following such six-month period. For purposes of this Section 6(o), the annual rate of providing services shall be determined based upon the measurement used to determine the Executive's base compensation. This definition of Separation from Service is intended to comply with the definition of "separation from service" as used in Section 409A(a)(2)(A)(i) of the Code and shall be interpreted accordingly. period). View More
Found in Georgetown Bancorp, Inc. contract
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Separation From Service. A "separation from service" with the Company within the meaning of Section 409A of the Code and the Department of Treasury regulations and other guidance promulgated thereunder.
Found in Satsuma Pharmaceuticals, Inc. contract
Separation From Service. A "separation from service" with the Company within the meaning of Section 409A of the Code and the Department of Treasury regulations and other guidance promulgated thereunder. thereunder, including Treasury Regulation Section 1.409A-1(h).
Found in MENTOR GRAPHICS CORP contract
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Separation From Service. A "separation from service" from the Corporation, within the meaning of Section 409A and the regulations promulgated thereunder
Found in FARO Technologies, Inc. contract
Separation From Service. A "separation from service" from the Corporation, Company, within the meaning of Section 409A and the regulations promulgated thereunder thereunder.
Found in Bloom Energy Corp contract
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Separation From Service. With respect to Awards that are subject to Section 409A, means a Participant's Termination of Employment with the Company and any of its Subsidiaries or Affiliated Companies, other than by reason of death or Disability, that qualifies as a ‘separation from service' for purposes of Section 409A. A Separation from Service will be deemed to occur where the Participant and the Company, its Subsidiary or its Affiliated Company reasonably anticipate that the bona fide level of services the... Participant will perform (whether as an employee or as an independent contractor) will be permanently reduced to a level that is 49% or less of the average level of bona fide services the Participant performed during the immediately preceding 36 months (or the entire period the Participant has provided services if the Participant has been providing services to the Company and any of its Subsidiaries or Affiliated Companies for less than 36 months). View More
Found in McDermott International contract
Separation From Service. With respect to Awards that are subject to Section 409A, means a A Participant's Termination of Employment with the Company and any of its Subsidiaries or Affiliated Companies, other than by reason of death or Disability, affiliates that qualifies as a ‘separation "separation from service' service" for purposes of Section 409A. 409A of the Code. A Separation from Service will be deemed to occur where the Participant and the Company, its Subsidiary or its Affiliated Company affiliate, reasonably... anticipate that the bona fide level of services the Participant will perform (whether as an employee or as an independent contractor) will be permanently reduced to a level that is 49% or less than thirty-seven and a half percent (37.5%) of the average level of bona fide services the Participant performed during the immediately preceding 36 months (or the entire period the Participant has provided services if the Participant has been providing services to the Company and any of its Subsidiaries or Affiliated Companies affiliates for less than 36 months). months) View More
Found in US ENERGY CORP contract
Separation From Service. With respect to Awards that are subject to Section 409A, means a A Participant's Termination of Employment with the Company and any of its Subsidiaries or Affiliated Companies, other than by reason of death or Disability, affiliates that qualifies as a ‘separation "separation from service' service" for purposes of Section 409A. 409A of the Code. A Separation from Service will be deemed to occur where the Participant and the Company, its Subsidiary or its Affiliated Company affiliate, reasonably... anticipate that the bona fide level of services the Participant will perform (whether as an employee or as an independent contractor) will be permanently reduced to a level that is 49% or less than thirty-seven and a half percent (37.5%) of the average level of bona fide services the Participant performed during the immediately preceding 36 months (or the entire period the Participant has provided services if the Participant has been providing services to the Company and any of its Subsidiaries or Affiliated Companies affiliates for less than 36 months). months) View More
Found in US ENERGY CORP contract
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Separation From Service. Means the Executive's "separation from service" (within the meaning of Section 409A (as defined below)) from the Company occurring as a result of the Executive's termination of employment either: (a) by the Company without Cause (as defined below); or (b) by the Executive with Good Reason (as defined below). Termination of the Executive's employment under any other circumstances shall not constitute a Separation from Service for purposes of the Executive's eligibility to receive payments and... benefits under Sections 2 and 3 of this Agreement. View More
Found in MRV COMMUNICATIONS INC contract
Separation From Service. An involuntary separation from service within the meaning of Section 409A of the Code.
Found in TESSERA TECHNOLOGIES INC contract
Separation From Service. Intended to have the same meaning as under Code Section 409A and any regulations or guidance issued under such provision
Found in ASB Bancorp Inc contract
Separation From Service. Any termination of employment with the Corporation for any reason; provided, however, that no Separation from Service is deemed to occur while the Executive is on military leave, sick leave or other bona fide leave of absence that does not exceed six (6) months, or if longer, the period during which the Executive's right to reemployment with the Corporation is provided either by statute or by contract. For purposes of determining whether a Separation from Service from the Corporation has... occurred, "Affiliates" will be identified in accordance with Code section 414(b) or (c), except that in applying Code section 1563(a)(1), (2), and (3) for purposes of Code section 414(b) or in applying Treas. Reg. §1.414(c)-2 for purposes of Code section 414(c), the language "at least 50 percent" shall be used instead of the language "at least 80 percent" each place it appears in such Code and regulations sections. Whether the Executive has incurred a Separation from Service shall be determined in accordance with the 409A Guidance (as defined in paragraph 8) View More
Found in POTASH CORP OF SASKATCHEWAN INC contract
Separation From Service. Shall mean the date of cessation of the employment relationship (other than an approved leave of absence) between the Executive and the Bank and its affiliates and subsidiaries (including any successor in interest, if applicable), and shall be construed to comply with Code Section 409A and Treasury Regulations Section 1.409A-1(h).
Found in Atlantic Coast Financial CORP contract
Separation From Service. Has the meaning set forth in Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. Section 1.409A-1(h)
Found in WEB.COM GROUP, INC. contract
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