CARs Benefit definition

CARs Benefit means, subject to Section 3.6, with respect to a CARs Award to a particular Participant, the product of (i) the CARs Award for such Participant, multiplied by (ii) the Aggregate Award Pool, if any.For example, assume that:Participant A’s CARs Benefit would be equal to 10% multiplied by $1 million, for a CARs Benefit of $100,000.
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Examples of CARs Benefit in a sentence

  • Except as set forth in Section 3.5, the Plan Committee shall effect no termination that diminishes the ability of a Participant who has already been awarded a CARs Award pursuant to this Plan to earn a CARs Benefit under this Plan unless it provides such Participant with a benefit determined by the Plan Committee in its sole discretion to be of comparable value.

  • If an error or omission is discovered in the CARs Benefit payable to a Participant, or in the amount paid to a Participant, the Plan Committee will make such equitable adjustments in the records of the Plan as may be necessary or appropriate to correct such error or omission as of the date on which such error or omission is discovered.

  • If in connection with a Change of Control of the Corporation, the stockholders of the Corporation are required to provide indemnification to the purchaser in connection therewith, each Participant agrees that accrual and payment of such Participant’s CARs Benefit shall be contingent on such Participant agreeing in writing to be liable for his or her Proportionate Share of such indemnification to the same extent as if such Participant was a stockholder.

  • However, the termination of the Plan pursuant to this Section 6.3(c) shall not affect the accrual of a CARs Benefit pursuant to Article 3 upon such Change of Control.

  • The earned CARs Benefit of a Participant shall be paid to the Participant, and may be subject to forfeiture upon the occurrence of certain events, in accordance with Article 4.

  • If such Participant does not claim the CARs Benefit within five years following the date of the Change of Control, the CARs Benefit shall be forfeited and the amount of the CARs Benefit shall be paid to the stockholders of the applicable Corporation on a proportional basis.

  • For purposes of the preceding sentence, as an example to demonstrate when further cash payments might be necessary beyond the withholding described in Section 7.14, if 28% federal withholding is applied to the Participant’s CARs Benefit, but the Participant is actually in a 39% marginal federal income tax bracket, another 11% of the Participant’s CARs Benefit must be paid in cash to accommodate the extra 11% of tax (39% minus 28%) that the Participant will subsequently owe based on the CARs Benefit.

  • However, no Participant in this Plan shall earn any CARs Benefit under this Plan with respect to the Corporation unless and until the date of a Change of Control has occurred with respect to the Corporation in accordance with Section 3.4.

  • If a Participant fails to deliver written notice of a claim within the ten (10) calendar day period required by this Section 7.2, such Participant shall be deemed to have accepted the decision of the Plan Committee or the calculation of his or her CARs Benefit and no claim may be made hereunder.

  • Upon the date of such Change of Control, each Participant that holds CARs Awards shall immediately earn his or her CARs Benefit with respect to the Corporation, calculated as of the date of such Change of Control, and no further CARs Benefits shall be earned under this Plan with respect to the Corporation.

Related to CARs Benefit

  • Retirement Benefit means the benefit set forth in Article 5.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Net Benefit means the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • relevant benefit means any benefit specified in paragraph 21(2); and

  • Disability Benefit means the benefit set forth in Article 8.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Public benefit means making capital available, or facilitating the availability of capital, to businesses in this state that have 750 or fewer employees, the intent of which is to create or retain employment opportunities for residents of this state, stabilize or increase the tax base of this state, or support the redevelopment of facilities for use by small businesses.

  • Termination Benefit means the benefit set forth in Article 7.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Relevant Benefits means any pension, annuity, lump sum, gratuity or other like benefit given or to be given on retirement or death, or in anticipation of retirement.

  • Annual Benefit means an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Service benefit means the credit toward retirement benefits as determined by the

  • Annuity Benefit means a benefit payable by us as described in Part VII.

  • Actuarial equivalent means a benefit of equal value when

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Maximum Benefit means the maximum benefit amount of each of the benefits covered under this Policy as stated in the Schedule of Benefits.

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—