CIC Benefit definition

CIC Benefit means with respect to each Eligible Employee, a lump sum payment calculated in accordance with Exhibit A hereto.
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Examples of CIC Benefit in a sentence

  • The Pro Rata Bonus, the Salary Continuation Severance Payments, the Benefit Payment, the CIC Benefit Payment, and the CIC Severance Payment are each intended to be separate payments for purposes of Section 409A.

  • This lump sum payment shall be called the Executive's "CIC Benefit." If the Executive's Covered Termination occurs on or before the expiration of twelve (12) months from the occurrence of a Change in Control, the Executive shall be entitled to receive 100% of his or her CIC Benefit.

  • Without limiting the foregoing, the Company and Executive acknowledge and agree that the Federal Deposit Insurance Corporation (the "FDIC") has issued a regulation that prohibits payment of the CIC Benefit under certain circumstances, unless such payments were approved by the FDIC, the Federal Reserve Bank of San Francisco (the "FRB") and the California State Banking Department (the "SBD").

  • Executive's CIC Benefit may be further reduced as a result of the limits on payment of aggregate CIC Benefits described in Exhibit A to this Agreement.

  • Notwithstanding any other provision to the contrary, the Company shall not be obligated under this Agreement to pay any CIC Benefit to the extent that such payment would violate any prohibition or limitation on termination payments under any applicable federal or state statute, rule or regulation promulgated, or effective order issued, by any federal or state regulatory agency having jurisdiction over the Company or Bancshares.

  • Such costs include but are not limited to, attorneys' and investment bankers' fees, travel expenses, the CIC Benefit, due diligence expenses, and expenses related to concurrent or future acquisitions by Centene affiliates.

  • SILICON VALLEY BANK, a California corporation By:___________________________________ Name:_________________________________ Title:________________________________ Exhibit A: CIC Benefit Table Exhibit B: Arbitration Procedure EXHIBIT A SCHEDULE OF BENEFITS ELIGIBLE EMPLOYEES AT GRADE LEVELS 14 AND ABOVE LUMP SUM SEVERANCE PAYMENT.

  • For example, if the date on which a Change of Control occurs is September 1, 1996 and the Executive incurs a Covered Termination on November 15, 1997, then the Percentage of CIC Benefit to which Executive is entitled shall be 79% (75% + (16/91 x 25%)) or (75% + 4.4%) or 79.4%, as rounded to the nearest whole percentage.

  • In the event Employee’s employment with the Company is terminated by Employee for Good Reason pursuant to Section 3.02(f) within eighteen (18) months after the consummation of a Change of Control, the Company will pay to Employee, within fifteen (15) days after the termination of his employment, in one lump-sum payment: (a) the Accrued Rights and (b) the CIC Benefit.

  • The Separation Benefit or the CIC Benefit, whichever may be applicable, is in lieu of any severance, salary or income continuation or protection under any other Company plan, program or policy that may now or hereafter exist and shall satisfy and be in full and final settlement of all obligations to Employee under this Agreement or any other agreement between the Parties.

Related to CIC Benefit

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

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

  • 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.

  • 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.