From Service definition

From Service means the Executive's termination of employment with the Company on account of a voluntary quit, resignation, death or Disability (as defined in Section 4).
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From Service means either: (i) the complete cessation of the performance of services by the Employee for the Corporation for whatever reason, or (ii) a diminished level of services where the Employee is expected to perform services at a level equal to 20% or less of the average level of service provided during the immediately preceding 36 months. Key Employee means an Employee who meets the requirements of Code section 416(i)(l)(A)(i), (ii), or (iii) applied in accordance with the regulations thereunder and disregarding Code section 416(i)(5). Compensation for purposes of identifying the Key Employee defined according to Treasury Regulation section 1.415(c)-2)(a) applied without regard to the safe harbor provided in Treasury Regulation section 1.415(c)-2(d), and the special timing rules provided in Treasury Regulation section 1.415(c)-2(e), and the special rules provided in Treasury Regulation section 1.415(c)-2(g).
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From Service shall have the same meaning as ascribed to such term in Employee’s Key Executive Employment and Severance Agreement with the Company. All other incentive compensation and benefits being received by Employee shall cease upon termination of employment, subject to applicable law.
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Examples of From Service in a sentence

  • If the Company determines that any severance benefits provided under this Agreement constitutes “deferred compensation” under Section 409A, for purposes of determining the schedule for payment of the severance benefits, the effective date of the Release will not be deemed to have occurred any earlier than the sixtieth (60th) date following the Separation From Service, regardless of when the Release actually becomes effective.

  • Notwithstanding the foregoing provisions which normally require payment of certain elements of compensation within a stated period after a Separation From Service, in no event shall any payment to a Specified Employee of compensation which is subject to Internal Revenue Code Section 409A be made prior to the date which is six (6) months and one (1) day after the date of such Separation From Service.

  • In the event of the termination of the Executive’s employment or a Separation From Service, as applicable, during the term of this Agreement or any renewal thereof, compensation and benefits shall be paid as set forth below.

  • In addition, notwithstanding any other provision of this Agreement to the contrary, any payment or benefit described in Section 5 that represents a “deferral of compensation” within the meaning of Section 409A shall only be paid or provided to Executive upon a Separation From Service as defined herein.

  • In addition, the Executive shall be entitled to receive executive level outplacement assistance under any outplacement assistance program then being maintained by the Company in accordance with the terms of any such program, or if no such program then exists, in an amount not to exceed $10,000; provided that any reimbursable expense must be incurred by the Executive no later than the end of the second calendar year following the year of the Separation From Service.

  • This provision shall not be construed as preventing payments pursuant to Section 5 equal to an amount up to 2 times the lesser of (a) the Executive’s annualized compensation for the year prior to the Separation From Service, and (b) the maximum amount that may be taken into account under a qualified plan pursuant to section 401(a)(17) of the Code, being paid to the Executive in the first six months following the Separation From Service.

  • The parties intend that the phrase “termination of employment” and words and phrases of similar import used in this Agreement means a Separation From Service with the Company and its subsidiaries.

  • The Company will determine whether the Executive has terminated active employment (and incurred a Separation From Service) based upon facts and circumstances described in Treasury Regulation 1.409A-1(h)(1)(ii).

  • The Executive shall incur a Separation From Service if the Company and the Executive reasonably anticipate the Executive will not perform any additional services after a certain date or that the level of bona fide services (as an employee or an independent contractor) will permanently decrease to no more than twenty (20%) percent of the average level of bona fide services performed over the immediately preceding 36-month period.

  • For purposes of this Agreement, all references to “termination”, “termination of employment”, Date of Termination and correlative phrases shall mean a Separation From Service.