Benefit Payable Sample Clauses

Benefit Payable. The Executive shall be entitled to receive a supplemental retirement benefit (the "Supplemental Benefit") from the Company which shall be calculated pursuant to this Section 4(d) and paid on a non-qualified plan basis upon the termination of the Executive's employment with the Company, subject to the provisions of Section 4(d)(iv) hereof applicable upon a Change in Control. The Supplemental Benefit shall be an annual benefit determined pursuant to the following formula: (X) minus (Y), as adjusted by (Z), where:
Benefit Payable. After one hundred and four (104) days' absence due to illness or injury, should an employee remain disabled, she or he will receive an income from this plan equal to sixty percent (60%) of your earnings at the time of becoming disabled, to a maximum benefit of twenty-five hundred dollars ($2500) per month.
Benefit Payable. In exchange for the Enhanced Termination Benefits as described in the Letter, originally dated ___, from ____, Vice President, Human Resources, and the terms of which are incorporated herein by reference, on my own behalf and on behalf of my successors, assigns and representatives, I hereby irrevocably and unconditionally release any and all Claims, as described below, that I may now have against the Released Parties listed below. I agree that the Enhanced Termination Benefits, including but not limited to the extension of my termination date from November 30, 1999 to January 31, 2000, the $200,000 relocation allowance and the consulting arrangement, are greater in value than any benefit to which I am otherwise entitled. Covenant Not to Compete. I acknowledge that upon receipt of full payment of all amounts due ($1,918,800.00) under the Retention Agreement between me and the Corporation dated November 1, 1997 ("Retention Agreement") payable on or about February 1, 2000, I am fully bound by the terms of the Covenant Not to Compete Provision set forth in Section 5 of the Retention Agreement, which reasonably restricts my employment and business opportunities through January 31, 2001. In consideration for the lump sum payment in the amount of $288,000, payable on or about February 1, 2000 (which amount represents the collective consideration for this Covenant Not to Compete as well as payment for services rendered, if any, by me pursuant to a two-year consulting arrangement, set forth in a separate agreement between me and the Corporation), I agree to extend the Covenant Not to Compete obligation, set forth in Section 5 of the Retention Agreement, for another 12 month period beyond its current expiration date of January 31, 2001. Therefore, for a period extending from February 1, 2001 through January 31, 2002, I shall not engage in any business (whether as an officer, director, owner, employee, partner or other direct or indirect participant) competing with that of the Corporation in any area in which the Corporation is conducting any business on the date of my termination. For such period, I shall also not interfere with, disrupt, or attempt to disrupt the relationship, contractual or otherwise, between the Corporation and any customer, supplier or employee of the Corporation. It is the desire and intent of the parties that the provisions of this Covenant Not to Compete shall be enforced to the fullest extent permissible under the laws and public policies ap...

Related to Benefit Payable

  • Benefit Payments Upon completion of appropriate forms and subject to applicable terms and conditions under COBRA, the Company shall continue to provide Executive medical insurance coverage to the same extent that such insurance continues to be provided to similarly situated executives at the time of Executive’s termination with the cost of the regular premium for such benefits shared in the same relative proportion by the Company and Executive as in effect on the last day of employment, until the earlier to occur of: (i) eighteen (18) months following Executive’s termination date, or (ii) the date Executive becomes eligible for medical benefits with another employer. Notwithstanding the foregoing, if Executive’s COBRA Payment would cause the applicable group health plan to be discriminatory and, therefore, result in adverse tax consequences to Executive, the Company shall, in lieu of the COBRA Payment, provide Executive with an equivalent monthly cash payment, minus deduction of all amounts required to be deducted or withheld under applicable law, for any period of time Executive is eligible to receive the COBRA Payment. Executive shall bear full responsibility for applying for COBRA continuation coverage and the Company shall have no obligation to provide Executive such coverage if Executive fails to elect COBRA benefits in a timely fashion. Payment of the above described severance payments and benefits are expressly conditioned on Executive’s execution without revocation of the Release and return of Company property under Section 6. In the event that Executive is eligible for the severance payments and benefits under this Section 4(f), Executive shall not be eligible for any of the severance payments and benefits as provided in Section 4(e). The Company will pay the Lump Sum Severance Amount and will commence payment of the COBRA Payment on the first payroll date following the date on which the Release required by Section 4(g) becomes effective and non-revocable, provided, that if the 60 day period during which the Release is required to become enforceable and irrevocable crosses a tax year, then the payments will delayed until such subsequent calendar year; provided further that if such payments are delayed until such subsequent year, the first such payment shall be a lump sum in an amount equal to the payments that would have come due since Executive’s separation from service.

  • Tax Benefit Payments (a) If a Final Determination is made contrary to any of the positions described in 6.11(b)(i), (ii), or (iii), then (in addition to any other remedies which may be available to NBC but without duplication thereof) Xenon 2 will pay to NBC for each Post-Closing Tax Period an amount equal to the excess of (A) the liability for federal, state and local Taxes to which Xenon 2, Xoom or any other Affiliates or any successor to their assets or businesses (collectively, the "Taxpayer") would have been subject for all Post-Closing Tax Periods in each --------- relevant jurisdiction had the positions described in Section 6.11(b)(i), Section ------------------ ------- 6.11(b)(ii) and Section 6.11(b)(iii) been sustained (and had Xenon 2 not been ----------- -------------------- required to make any payments pursuant to this Section 6.12), over (B) the ------------ Taxpayer's actual liability for such Taxes for such periods. Such payment will be due (subject to a ten business-day grace period) when, as, and to the extent the Taxpayer derives an actual benefit (in the form of any refund, reduction in Tax liability, or otherwise) as the result of such excess. If any payment required under this Section 6.12(a) for any Post-Closing Tax Period is not made --------------- on or before the due date (without extensions) of the return of such period, then such payment will be made together with interest at the rate per annum determined from time to time under Section 6621(a)(2) of the Code compounded daily for the period from such due date to the date on which the payment is actually made.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Retirement Pay After 35 Years Schedule ‘A’, ’C’ and ‘D’ employees shall be paid an additional 140 hours pay and Schedule ‘B’ employees an additional 144 hours pay upon retiring from the service of the Employer on completion of a minimum of thirty-five (35) years of full-time equivalent employment with the employer.

  • Merit Pay It is the parties’ intent to not simultaneously provide employees with both: a) the wage premiums referenced in Subsection A of this Agreement, and b) an above-top-step merit premium program. Therefore, existing bargaining units with employees which have eligibility for above-top-step merit pay as provided under KCC 3.15.020(C)(3) and as administered under the King County Performance Appraisal and Merit Pay System under their appendix, that have elected as a group to be covered by the Merit Pay System, are not eligible for longevity-merit pay under Subsection A of this Agreement; however, such bargaining units have elected to forgo above-top-step merit for their members who are part of the Coalition in order for those members to be eligible for the longevity-merit pay under Subsection A of this Agreement. This provision would give employees who are covered by these administrative support coalition negotiations the option of: a) continuing to receive above-top-step merit pay they have access to under their respective bargaining unit’s existing collective bargaining agreement, or b) receiving the wage premium under Subsection A of this Agreement.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.