Salary and Benefits Continuation definition

Salary and Benefits Continuation shall be defined to mean the following:
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Salary and Benefits Continuation shall be defined to mean the following: (i) payment of sum equal to Employee's base salary for a twelve (12) month period; (ii) payment of an amount of cash equal to two (2) times the average Short-Term Incentive Compensation Plan Benefit (as defined in the Employment Agreement) earned over the prior three year period; (iii) immediate vesting of all previously unvested stock options and grants; (iv) immediate delivery of an amount of cash equal to two (2) times the average value (measured as the difference between the applicable strike price and the Fair Market Value as defined in the Company's Long-Term Incentive Plan on the date the change in control is consummated) of the average number of stock options granted to Employee over the preceding three (3) years under the applicable Company Long-Term Incentive Plan; (v) provision to Employee and his eligible dependents of medical, disability, dental and life insurance coverage (to the extent such coverage was in effect immediately prior to the Change of Control) for 24 months; and (vi) reimbursement to Employee of reasonable costs (not to exceed 20% of base salary) incurred by Employee for outplacement services following termination of Employee's employment in connection with a Change of Control. If the Agreement has not been in effect two (2) years, the length of the Executive's employment is used when provisions call for an average. In such event, the sum of the benefits is placed in the numerator and the actual length of service in months capped at 24 is placed in the denominator. All amounts payable by the Company to the Employee in cash pursuant to Section 3(i), (ii), (iii) and (iv) shall be made in a lump sum unless the Employee otherwise elects and notifies the Company in writing prior to the termination of his employment of his desire to have all payments made in accordance with the Company's regular salary and benefit payment practices, provided that the lump sum payment or first payment is made within thirty (30) days after the Employee's termination hereunder. All other amounts payable by the Company to the Employee pursuant to Section 3 shall be paid or provided in accordance with the Company's standard payroll and reimbursement procedures, as in effect immediately prior to the Change of Control. In the event that medical, disability, dental and life insurance benefits cannot be provided under appropriate Company group insurance policies, an amount equal to the premium necessary for the Employee ...
Sample 1
Salary and Benefits Continuation shall be defined to mean the following: (i) payment of sum equal to Employee's base salary for a twenty-four (24) month period; (ii) payment of an amount of cash equal to two (2) times the average incentive earned over the prior three year period; (iii) immediate vesting of all previously unvested cash awards and stock incentives; (iv) immediate delivery of Company stock or payment of an amount of cash equal to two (2) times the value of the average grants received by Employee over the preceding five (5) years under the applicable Company long term incentive plans; (v) provision to Employee and his eligible dependents of medical, disability, dental and life insurance coverage (to the extent such coverage was in effect immediately prior to the Change of Control) for twenty-four (24) months; (vi) immediate granting to Employee of twenty-four (24) months of service and age credit for determining benefit amounts and any early retirement reductions with respect to all applicable Company retirement benefit plans; in addition, no early retirement reductions will be imposed on the retirement benefits if age at termination equals or exceeds 55; (vii) reimbursement to Employee of reasonable costs incurred by Employee for outplacement services in the twenty-four (24) month period following termination of Employee's employment in connection with a Change of Control.
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Examples of Salary and Benefits Continuation in a sentence

  • Subject to the provisions of any other agreement between the Employee and the Company, the Employee shall remain an employee at will and nothing herein shall confer upon the Employee any right to continued employment and shall not affect the right of the Company to terminate the Employee for any reason not prohibited by law; provided, however, that any such removal shall be without prejudice to any rights the Employee may have to Salary and Benefits Continuation hereunder.

  • Notwithstanding the foregoing, the Employee shall serve in said office(s) at the pleasure of the Board, and the Employee may be removed from said office(s) at any time with or without Cause (as hereinafter defined); provided, that such removal shall be without prejudice to any rights the Employee may have to Salary and Benefits Continuation (as hereinafter defined) hereunder.

  • The rights to Salary and Benefits Continuation shall be in addition to whatever other benefits the Employee may be entitled to under any other agreement or compensation plan, program or arrangement of the Company; provided, that the Employee shall not be entitled to any separate or additional severance payments pursuant to the Company's severance plan as then in effect and generally applicable to similarly situated employees.

  • A third case involved the recommendation that a lieutenant be reduced to the rank of police officer following a gross dereliction of duty.

  • The Company's Salary and Benefits Continuation Program or other program maintained by the Company for the purpose of providing severance-type benefits to employees whose employment is involuntarily terminated.

  • These special severance benefits replace any compensation or benefits under the Rxxxxxxx American Salary and Benefits Continuation Program (“SBC”).

  • The Company and Employee have agreed on the terms of the separation of Employee's employment with the Company including payment of salary and benefits as described below through July 24, 2020 ("Salary and Benefits Continuation End Date").

  • Any Base Salary and Benefits Continuation payable pursuant to this Section 3 (Severance Benefits) will commence on the first payroll date following the Severance Benefit Commencement Date and will be made in substantially equal installments according to the Employer’s then-current payroll process; provided that the first installment will include those Base Salary and Benefits Continuation amounts accrued after the Termination Date through the period covered by such first installment.

  • EMPLOYEE PROTECTION PLAN Certain Terms and Conditions of Salary and Benefits Continuation An Eligible Employee entitled to salary and benefits continuation under the Employee Protection Plan (the "Plan") of Synavant Inc.

  • The overall sample size of the study reported under the inclusion criteria is 13373.


More Definitions of Salary and Benefits Continuation

Salary and Benefits Continuation means payment within 30 days of the Triggering Event of a lump sum amount of cash equal to $150,000.
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Related to Salary and Benefits Continuation

  • Benefits Continuation Period has the meaning set forth in Section 6.01(b).

  • Compensation and Benefits Programs means all compensation and benefit plans, policies, and programs of the Debtors, and all amendments and modifications thereto, applicable to the Debtors’ employees, former employees, retirees, and non-employee directors and the employees, former employees and retirees of their subsidiaries, including all savings plans, retirement plans, health care plans, disability plans, and incentive plans, deferred compensation plans, and life, accidental death, and dismemberment insurance plans.

  • Benefit Continuation Period means the period beginning on the Date of Termination and ending on the last day of the month in which occurs the earlier of (i) the 24-month anniversary of the Date of Termination and (ii) the date on which you elect coverage for you and your covered dependents under substantially comparable benefit plans of a subsequent employer.

  • Accrued Compensation means an amount which shall include all amounts earned or accrued through the "Termination Date" (as hereinafter defined) but not paid as of the Termination Date, including (i) base salary, (ii) reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company during the period ending on the Termination Date, (iii) vacation pay and (iv) bonuses and incentive compensation (other than the "Pro Rata Bonus" (as hereinafter defined)).

  • Base Compensation means the amount equal to the sum of (i) the greater of Executive’s then-current Annual Base Salary or Executive’s Annual Base Salary as of the date one day prior to the Change in Control, and (ii) the Average Incentive Bonus.

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Salary as defined in Section 3.1(a).

  • Continuation Period shall have the meaning set forth in Section 6.9(a).

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • Leave Salary means the monthly amount paid by the University to an employee who is on leave.

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Employment benefits means all benefits provided or made

  • Compensation Accrued at Termination means the following:

  • Compensation and Benefit Plans has the meaning set forth in Section 5.03(m)(i).

  • Base Salary shall have the meaning set forth in Section 3(a) hereof.

  • Normal salary means the salary that would be paid to a participating employee if that person was not participating in a Plan and includes salary expressed as an annual rate, fortnightly rate, weekly rate, daily rate or hourly rate. It includes all allowances that are paid as an annual rate, fortnightly rate, weekly rate, daily rate or hourly rate but not overtime payments and shift work penalty rates unless they are paid as a component of an annualised rate.

  • Severance Term means the six (6) month period following Employee’s termination by the Company without Just Cause (other than by reason of death or Disability) or by Employee for Good Reason; provided, that if such termination occurs within twelve (12) months following a Change in Control, the Severance Term shall be the twelve (12) month period following such termination.

  • Fringe benefits means the amount of:

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

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Severance Period means the period of time commencing on the date of the first occurrence of a Change in Control and continuing until the earlier of (i) the second anniversary of the occurrence of the Change in Control and (ii) the Executive’s death.

  • 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;

  • Earned Compensation means any Annual Base Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant to Section 3(a) (but excluding any salary and interest accrued thereon payment of which has been deferred).

  • Annual Salary means the salary given under this Part.