Salary Severance Benefit definition

Salary Severance Benefit means the Executive’s Base Salary that would have been payable from the effective date of termination through the end of the Severance Term based on the Base Salary in effect on the effective date of the termination.
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Salary Severance Benefit means the sum of the salary that would have been payable and the deferred compensation that would have accrued from the effective date of termination through the end of the Severance Term based on the Base Salary in effect on the effective date of the termination. The "Bonus Severance Benefit" shall mean the sum of (1) 100% of the Annual Severance Bonus (as defined below) for each fiscal year ending in the Severance Term plus (2) an amount equal to a pro rata portion of the Annual Severance Bonus for the fiscal year beginning in but ending after the Severance Term (based on the number of days of such fiscal year which are included in the Severance Term. The Annual Severance Bonus shall equal the bonus actually payable in respect of the fiscal year in which the termination occurs, provided, however, that if the termination occurs in the first six months of the fiscal year, the Annual Severance Bonus shall equal the bonus payable in respect of the immediately preceding fiscal year.
Sample 1
Salary Severance Benefit means the sum of the salary that would have been payable and the deferred compensation that would have accrued from the effective date of termination through the end of the Severance Term based on the Base Salary in effect on the effective date of the termination. The "Bonus Severance Benefit" shall mean the sum of (1) 100% of the Annual Severance Bonus (as defined below) for each fiscal year ending in the Severance Term plus (2) an amount equal to a pro rata portion of the Annual Severance Bonus for the fiscal year beginning in but ending after the Severance Term (based on the number of days of such fiscal year which are included in the Severance Term); provided, however, that (A) in the event of a termination before July 1 of any fiscal year the amount payable under the preceding clause (2) shall not exceed 50% of the Annual Severance Bonus and (B) in the event of a termination prior to July 1, 1997 the Bonus Severance Benefit shall be 200% of the Annual Severance Bonus. The "Annual Severance Bonus" shall be determined as follows. If the termination occurs prior to the first anniversary hereof, Annual Severance Bonus shall equal the Target Bonus. If the termination occurs on or after the first anniversary hereof, the Annual Severance Bonus shall equal the bonus actually payable in respect of the fiscal year in which the termination occurs, provided, however, that if the termination occurs in the first sixth months of the fiscal year, the Annual Severance Bonus shall equal the bonus payable in respect of the immediately preceding fiscal year.
Sample 1

Examples of Salary Severance Benefit in a sentence

  • The Salary Severance Benefit and the Bonus Severance Benefit shall be paid over the Severance Term in accordance with the Company’s usual payroll practices and shall be subject to the Executive’s continued compliance with Sections 11 and 12 of this Agreement.

  • On June 3, 1999 ("Severance Date"), you will be entitled to a severance benefit to be paid in the form and manner set forth in this Section (1) equivalent to six (6) months Base Salary ("Severance Benefit").

  • The Salary Severance Benefit and the Bonus Severance Benefit shall be paid in equal installments over the Severance Term in accordance with the Company’s usual payroll practices and shall be subject to the Executive’s continued compliance with Section 10 of this Agreement.

  • In addition, provided that the Participant executes a Release that becomes effective and irrevocable on or before the Release Deadline Date, the Participant shall be entitled to receive the following severance payments and benefits, reduced by the portion, if any, of such severance payments and benefits previously provided in accordance with Section 6.1 if the Participant’s Qualifying Termination occurred during the Pre-Change in Control Period:(a)Base Salary Severance Benefit.

  • The Base Salary Severance Benefit shall be paid in equal installments over the Severance Period on the regular payroll dates of the Company and subject to applicable tax withholding, beginning no later than 60 days following the date of your termination of employment.

  • This payment will be paid to you within 15 days following your Release Effective Date (as defined below in Section 3), but in no event will your Base Salary Severance Benefit payment be paid on a date that is later than 21/2 months following the end of calendar year in which you are discharged from employment.

  • The Salary Severance Benefit shall be paid in equal installments over the Severance Term in accordance with the Company’s usual payroll practices and shall be subject to the Executive’s continued compliance with Section 10 of this Agreement.

  • Employee A’s Base Salary Severance Benefit equals 6.75 (Severance Months), multiplied by $5,000 (Monthly Base Salary), or $33,750.

  • The following examples demonstrate how an eligible employee’s Base Salary Severance Benefit is determined.

  • In addition, provided that the Participant executes a Release that becomes effective and irrevocable on or before the Release Deadline Date, the Participant shall be entitled to receive the following severance payments and benefits:(a)Base Salary Severance Benefit.

Related to Salary Severance Benefit

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

  • 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.

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 of this Agreement.

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

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

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Change in Control Benefits means the following benefits:

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

  • Severance Amount means:

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

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

  • Retention Bonus means the amount equal to:

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

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • 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;

  • 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).

  • 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.

  • 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.

  • Employment benefits means all benefits provided or made

  • Final compensation of a member means:

  • Normal Retirement Benefit means an annual benefit payment in the amount of Sixty-Six Thousand Three Hundred and Seventy-Three Dollars ($66,373.00) for a period of fifteen (15) years.

  • 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.

  • Accrued Bonus means the bonus, which may be negative or positive, which is calculated in the manner set forth in Section V.A.