Severance Base definition

Severance Base means the sum of (1) Base Salary, plus (2) the higher of (a) Target Incentive Bonus or (b) Average Incentive Bonus.
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Severance Base shall equal the Executive’s Annual Base Salary for twelve (12) months as of the termination date. In addition, provided that Executive timely elects to continue his group health care coverage pursuant to the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), and remains eligible for these benefits, the Company agrees to (I) reimburse the Executive for the COBRA premiums required to continue the group health care coverage for the Executive and those dependents of the Executive who were enrolled as participants in Company’s group health care coverage as of the date of termination of the Executive’s employment with the Company, for COBRA coverage for one (1) year. To the extent the Executive becomes eligible for group health care coverage from a subsequent employer during this period, the Company shall have no obligation to provide further reimbursement under this Agreement. The Executive agrees that the Executive will immediately notify the Company within one week of becoming eligible for group health care coverage through another employer; and (II) an additional tax “gross up” payment to cover all estimated applicable local, state and federal income and payroll taxes imposed on the Executive with respect to the payments made by the Company pursuant to clause (I) (provided, however, that if the Company’s making these payments would violate the nondiscrimination rules applicable to non-grandfathered plans under the Affordable Care Act (the “ACA”), or result in the imposition of penalties under the ACA and the related regulations and guidance promulgated thereunder), the parties agree to reform this Section in a manner as is necessary to comply with the ACA);
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Severance Base has the meaning specified in SECTION 5.7(a).
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Examples of Severance Base in a sentence

  • The Company will pay the Severance Base Pay and the Bonus Multiple in a lump sum on the first payroll date that occurs more than five (5) days after the Release Effective Date.

  • To the extent any of the Fringe Benefits are not readily available to the Employee following termination of employment, the monthly cost thereof, except vacation pay, incurred by Company prior to termination shall be paid to Employee at the same time as the Severance Base Salary.

  • Notwithstanding the foregoing, to the extent required to comply with Section 409A (as defined below), in the event that the Release Period spans two calendar years such that the Release Effective Date could occur in either of such calendar years, the Severance Base Pay and Bonus Multiple to be paid to the Participant will be made in the second calendar year.

  • The Company will pay the Severance Base Pay in a lump sum on the first payroll date that occurs more than five (5) days after the Release Effective Date.

  • Subject to the execution (and non-revocation) of the Release, upon a Change in Control Termination, (A) the Participant will receive as severance an amount equal to the Participant’s Severance Base Pay, and (B) the Participant will also receive as severance an amount equal to the Participant’s Bonus Multiple.

  • Severance Benefits" shall mean, for purposes of this Agreement, (a) one-half of Employee's Base Salary as of the date of termination (the "Severance Base Salary") for a period of six full calendar months from the date of termination and (b) continuation of all of Employee's Fringe Benefits for a period of twelve full calendar months from the date of termination.

  • Notwithstanding the foregoing, to the extent required to comply with Section 409A (as defined below), in the event that the Release Period spans two calendar years such that the Release Effective Date could occur in either of such calendar years, the Severance Base Pay to be paid to the Participant will be made in the second calendar year.

  • The Company will pay the Severance Base Pay and the Bonus Multiple, if applicable, in a lump sum on the first payroll date that occurs more than five (5) days after the Release Effective Date.

  • Any Severance Base Salary payable under this Agreement shall be paid to Employee in six equal installments on the last business day of each of the six calendar months following the date of termination of employment.

  • Should Employee be terminated by the Company without cause during the Term, Employee shall receive from the Company, in a lump-sum payment due on the effective date of termination, equal to the Severance Base Salary for whatever time period is remaining under the Term of this Agreement (not to exceed two years) or for one (1) year, whichever amount is greater.


More Definitions of Severance Base

Severance Base has xxx xxxxxxx xxxxxxxxx xx Xxxxxxx 0.7(a).
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Related to Severance Base

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

  • Performance-Based Compensation means any compensation that is intended to qualify as “performance-based compensation” as described in Section 162(m)(4)(C) of the Code.

  • Incentive-Based Compensation means any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure.

  • 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.

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

  • Severance Multiple means 2.50; provided, however, that notwithstanding the foregoing, for each full month that elapses during the period beginning on the date the Executive attains age 63 and ending on the date the Executive attains age 65, the Severance Multiple shall be reduced by an amount equal to the product of (i) 1/24 and (ii) the excess of (A) the original Severance Multiple set forth above over (B) 1.0 (rounded to the nearest hundredth).

  • Qualified Performance-Based Compensation means any compensation that is intended to qualify as “qualified performance-based compensation” as described in Section 162(m)(4)(C) of the Code.

  • Change in Control Benefits means the following benefits:

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

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

  • Average Incentive Compensation means the average of the annual incentive compensation under Subparagraph 3(a) received by Executive for the three (3) immediately preceding fiscal years or such fewer number of complete fiscal years as Executive may have been employed by the Company. In no event shall “Average Incentive Compensation” include any sign-on bonus, retention bonus or any other special bonus. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Paragraphs 4 and 5 of this Agreement, all payments of the Severance Amount shall immediately cease. Notwithstanding the foregoing, in the event Executive terminates his employment for Good Reason as provided in Subparagraph 6(e), he shall be entitled to the Severance Amount only if he provides the Notice of Termination provided for in Subparagraph 6(f) within thirty (30) days after the occurrence of the event or events which constitute such Good Reason as specified in clauses (A), (B), (C), (D), (E) and (F) of Subparagraph 6(e);

  • Annual Compensation means an amount equal to the greater of:

  • Severance Amount means:

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

  • 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).

  • Final compensation of a member means:

  • Bonus Compensation shall have the meaning set forth in Section 3(b).

  • 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;

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

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

  • Employment benefits means all benefits provided or made

  • Includible Compensation means an Employee’s actual wages in box 1 of Form W-2 for a year for services to the Employer, but subject to a maximum of $245,000 (or such higher maximum as may apply under section 401(a)(17) of the Code) and increased (up to the dollar maximum) by any compensation reduction election under section 125, 132(f), 401(k), 403(b), or 457(b) of the Code (including any Elective Deferral under the Plan). Beginning in 2009 and thereafter, such term also includes any “differential pay” that may be received from the Employer while performing qualified military service under section 414(u) of the Code. The amount of Includible Compensation is determined without regard to any community property laws.

  • Additional Compensation has the meaning set out in Section 11.3(1).

  • Basic Compensation means Salary and Benefits.

  • Annual Bonus shall have the meaning set forth in Section 4(b) hereof.