Benefit Basis definition

Benefit Basis means the average of the highest three fiscal years of Compensation (or such lesser number of years as the Executive has been employed by the Company) earned by the Executive during the ten fiscal years of the Executive's employment prior to the Termination of Employment, or for such lesser number of fiscal years that the Executive was employed by the Company prior to the Termination of Employment, including the year in which Termination of Employment occurs.
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Benefit Basis means the Executive's highest annualized Compensation from the three (3) years prior to Separation from Service, including the year such Separation from Service occurs.
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Benefit Basis means the Executive's highest Compensation level in the three years immediately preceding the date of Termination of Employment.
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Examples of Benefit Basis in a sentence

  • Multiply the Projected Retirement Benefit Basis by the applicable percentage set forth in 2.1.1 (the product, "Annual Projected Retirement Benefit").

  • Retirement Age by increasing the Benefit Basis as of the Executive's date of Termination of Employment by 5% per year, compounded annually, until Normal Retirement Age (the "Projected Retirement Benefit Basis").

  • The annual benefit under this Section 2.1 is an amount equal to forty percent (40%) of the Benefit Basis, provided that in the event that the Executive has completed five Years of Service, the annual benefit under this Section 2.1 is an amount equal to sixty percent (60%) of the Benefit Basis.

  • The annual benefit under this Section 2.1 is an amount equal to Forty percent (40.0%) of the Benefit Basis, provided that in the event that the Executive has completed five Years of Service, the annual benefit under this Section 2.1 is an amount equal to Sixty percent (60.0%) of the Benefit Basis.

  • The annual benefit under this Section 2.2 is an amount equal to the greater of (i) the product of (A) the sum of (x) Thirty percent (30.0%) and (y) Three percent (3.0%) for each Year of Service completed by the Executive after the Early Retirement Age and (B) the Benefit Basis or (ii) the benefit under Section 2.3; provided that in no event shall the amount payable under this Section 2.2.1 be greater than the benefit set forth in Section 2.1.1.

  • The annual benefit under this Section 2.1 is forty percent (40%) of Benefit Basis.

  • The annual benefit under this Section 2.1 is an amount equal to forty three percent (43.0%) of the Benefit Basis.

  • Title BENEFIT LEVEL: 43% of the Benefit Basis as defined in the Agreement.

  • The annual benefit under this Section 2.1 is an amount equal to Sixty percent (60.0%) of the Benefit Basis.

  • The annual benefit under this Section 2.2 is an amount equal to the greater of (i) the product of (A) the sum of (x) thirty percent (30%) and (y) three percent (3%) for each Year of Service completed by the Executive after the Early Retirement Age and (B) the Benefit Basis or (ii) the benefit under Section 2.3; provided that in no event shall the amount payable under this Section 2.2.1 be greater than the benefit set forth in Section 2.1.1.


More Definitions of Benefit Basis

Benefit Basis. MEANS THE AVERAGE OF THE HIGHEST THREE FISCAL YEARS OF COMPENSATION (OR SUCH LESSER NUMBER OF YEARS AS THE EXECUTIVE HAS BEEN EMPLOYED BY THE COMPANY) EARNED BY THE EXECUTIVE DURING THE TEN FISCAL YEARS OF THE EXECUTIVE'S EMPLOYMENT PRIOR TO THE TERMINATION OF EMPLOYMENT, OR FOR SUCH LESSER NUMBER OF FISCAL YEARS THAT THE EXECUTIVE WAS EMPLOYED BY THE COMPANY PRIOR TO THE TERMINATION OF EMPLOYMENT, INCLUDING THE YEAR IN WHICH TERMINATION OF EMPLOYMENT OCCURS.
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