Contract benefits definition
Contract benefits means the amounts obligated to be paid by the insurance company under an account contract.
Contract benefits means the following benefits which may become ----------------- payable to Executive in accordance with the applicable provision of ARTICLE FIVE, AS REDUCED DOLLAR FOR DOLLAR for all cash amounts previously paid to Executive pursuant to ARTICLE FOUR of this Contract:
(i) a special salary continuation benefit in a dollar amount equal to two (2) times the highest Salary level in effect for Executive at any time during the Employment Period. This amount shall be designated the SALARY CONTRACT BENEFIT and shall be paid at the time or times specified in ----------------------- the applicable provisions of ARTICLE FIVE.
(ii) the maximum bonus which Executive could have achieved under the CPC Annual Incentive Plan for the Fiscal Year in which the Contract Payout Event occurs. This clause (ii) amount shall be paid whether or not the performance goals established for such Fiscal Year are in fact met, and shall be paid within sixty (60) days after the Contract Payout Event.
(iii) the maximum bonus which Executive could have achieved for each three-year plan cycle which commences under the CPC Long-Term Incentive Plan prior to the date of the Contract Payout Event. The clause (iii) amount for each such plan cycle shall be paid whether or not the performance goals for that plan cycle are in fact met, and shall be paid in a lump sum within sixty (60) days after the Contract Payout Event. However, the clause (iii) amount otherwise payable to Executive for any such three-year plan cycle under the Long-Term Incentive Plan shall be prorated to the extent the Contract Payment Event occurs less than halfway through such plan cycle.
(iv) forgiveness of any outstanding loans CPC has made to Executive, except (A) any loans provided to finance the exercise of her options for shares of CPC common stock, which shall become due and payable in accordance with their terms, and (B) the special founder recognition award in the form of a CPC loan to Executive, which is to be forgiven over time in accordance with the express terms of such award. The applicable clause (iv) loan forgiveness shall occur immediately upon the Contract Payout Event.
(v) provision of benefits to Executive or her Beneficiary equivalent to each of the employee benefits described in paragraph 2.2.4 and 2.2.5, at CPC's sole cost and expense. These clause (v) benefits shall be designated the EMPLOYEE CONTINUATION BENEFITS and shall be provided for ------------------------------ a two (2)-year period measured from th...
Contract benefits means the following benefits which may become payable to Executive in accordance with the applicable provision of ARTICLE IV:
(i) a special salary continuation benefit in a dollar amount equal to the highest Salary level in effect for Executive at any time during the Employment Period. This amount shall be designated the Salary Contract Benefit and shall be paid at the time or times specified in the applicable provisions of ARTICLE
Examples of Contract benefits in a sentence
Contract benefits may not be placed under a payment plan unless the plan would provide to each beneficiary an initial monthly income of at least the minimum payment amount shown on page 4.
Contract benefits placed under a variable payment plan may not be applied to the Guaranteed Interest Fund.
Sourcewell and Contractor acknowledge that extending and amending the Contract benefits the Contractor, Sourcewell and Sourcewell’s Members.
Contract benefits may not be placed under a payment plan unless the plan would provide to each beneficiary a monthly income the initial amount of which is at least the minimum payment amount shown on page 4.
This Contract terminates and all Contract benefits, will end on the earliest of: 1.
You will receive Contract benefits for only emergency care and/or treatment received outside the United States.
The person(s) or entity(ies) designated to receive any Contract benefits upon the death of the Owner.
When This Contract is secondary, it determines its benefits after those of another Contract and may reduce the benefits it pays so that all Contract benefits do not exceed one hundred percent (100%) of the total Allowable Expense.
This Contract terminates and all Contract benefits, including those provided by any endorsements, end on the earlier of: 1.
The natural person(s) or entity(ies) entitled to receive any Contract benefits upon the death of the Owner or Annuitant as applicable in the circumstances.
More Definitions of Contract benefits
Contract benefits means all express or implied interest of OT in the Specified Contracts. "Corporations Law" means the Corporations Law and the Corporations Regulations in each Australian jurisdiction and (where the context so permits) includes any statute, ordinance, code or any prior corresponding legislation. "Deed of Novation" means a deed of novation substantially in the terms of Annexure E. "Disclosure Letter" means the disclosure letter in the form of Annexure G. "Distribution Agreement" means the distribution agreement entered into by OT and OSI dated 16 June 1995. "Employee Offer Letter" means a letter of offer of employment to an Employee from OSI substantially in the form of Annexure I. "Employee Retention Claim Event" means less than all 29of the named Employees in Annexure D accepting bona fide offers of permanent employment or engagement by OSI in respect of the Business on the terms set out in the Employee Offer Letter and the Consulting Agreement. "Employee Retention Claim Notice" means a written notice from OSI to OT and to the Escrow Agent which makes a claim on OT in respect of an Employee Retention Claim Event which is in accordance with the provisions of this agreement. "Employee Retention Payment Amount" means the amount determined by multiplying the number by which the number of Employees who accept offers of employment and engagement from OSI (as determined by clause 5) is less than 30 29by the amount of US$30,000 provided that where OT does not agree with an Employee Retention Claim Notice, the number of Employees not accepting offers of employment or engagement from OSI is the number determined by the Expert. The parties acknowledge that the amount of US$30,000 is a genuine pre-estimate of loss that will be suffered by OSI in the circumstances. "Employee Retention Reserve" means 12.5% of the Purchase Price. "Employees" means all the employees and Consultants of OT engaged in the Business comprising the Key Employees and those listed in Part B of Annexure D. "Encumbrance" means any mortgage, charge (whether fixed or floating) pledge, lien (including, without limitation any unpaid vendor's lien or similar), option, hypothecation, title retention or conditional sale agreement, lease, hire or hire purchase agreement, option, restriction as to transfer, use or possession, easement, subordination to any right of any other person, and any other encumbrance or security interest. "Escrow Agent" means the accounting firm ▇▇▇▇▇▇▇▇, Hatchman and ▇▇▇▇ or such o...
Contract benefits means all express or implied rights, benefits and interests of the Seller pursuant to the Contracts.
Contract benefits means the sum of (i) all payments to or for the benefit of Key Executive under this Agreement, (ii) all payments to or for the benefit of Key Executive under the Severance Agreement, and (iii) all other payments to or for the benefit of Key Executive under any other agreement to which Key Executive and the Company are parties, to the extent that such other payments would constitute parachute payments under Section 280G of the Internal Revenue Code and the regulations thereunder.