Section, Compensation definition

Section, Compensation means Compensation defined in Section 1.11, excluding only the exclusions described in paragraphs (i) through (iv), and including deferrals under (a) Code Section 402(e)(3) relating to a Code Section 401(k) arrangement; (b) Code Section 125 relating to a cafeteria plan; (c) Code Section 403(b) relating to a tax sheltered annuity plan; (d) Code Section 408(h) relating to a simplified employee pension; and (e) Effective January 1, 1998, Code Section 402(k) relating to a simple retirement account. Compensation in excess of the Statutory Compensation Limit will be disregarded. The definition of Compensation shall be limited to Compensation earned during (i) the Determination Year for purposes of Section 1.21(d)(2)(i) and (ii) the Lookback Year for purposes of Sections 1.21(d)(2)(ii) and 1.21(j)."
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Examples of Section, Compensation in a sentence

  • For purposes of this Section, "Compensation Amount" shall mean the net of (i) all revenue minus (ii) all expenses (excluding compensation due under this Section) of P.C. recorded on an accrual basis using tax accounting principles.

  • For purposes of this Section, Compensation Time shall be defined as time off work during the school year for service rendered between school years as described above.

  • For purposes of this Section, "Compensation" means Compensation as defined in Section 5.9(e)(ii) plus, to the extent not otherwise counted in Section 5.9(e)(ii), Pay Deferral Contributions made by Employer on behalf of a Participant and pay reduction contributions made on behalf of a Participant in a plan under Section 125 or Section 403(b) of the Code.

  • For purposes of this Section, "Compensation Amount" shall mean the net of (i) all revenue minus (ii) all expenses (excluding compensation due under this Section) of HMCorp recorded on an accrual basis using tax accounting principles.

  • For purposes of this Section, "Compensation" means Compensation as defined in Section 5.9(e)(ii), plus any Pay Deferral Contributions made by Employer on behalf of a Participant.

  • As total compensation for the Goods and Services, the County shall pay the Contractor the sums as provided in this Section Compensation and Method Payment (“Goods and Services Fee”), pursuant to the terms and conditions as provided in this Agreement.

  • To the extent that any of the obligations of Seller in this Section ("Compensation Obligations") are not fulfilled, Purchaser shall have the right to pay such obligation and Purchaser shall be reimbursed from the Escrow Amount pursuant to the Escrow Agreement and the Seller and the Shareholders shall be jointly and severally obligated to replenish the Escrow Amount by depositing with the Escrow Agent upon such payment cash in a like amount.

  • At least five (5) working days prior to their effective date of layoff (or within five (5) days following notification, if payment in lieu of notice is given), Employees will be required to elect in writing to avail themselves of the procedures set forth under Section Recall or Section Compensation.

  • For purposes of this Section, Compensation shall be determined prior to any reductions made pursuant to Code Sections 125, 132(f)(4), 402(e)(3), 402(h)(1)(B), 403(b) or 457(b), and employee contributions described in Code Section 414(h)(2) that are treated as Employer contributions.

  • If an Employee fails to make such election within the five (5) days the Employee shall be deemed to have elected Section Compensation.