Severance Benefit Amount definition

Severance Benefit Amount means the benefit payable under the Plan in accordance Section 2.4 herein.
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Examples of Severance Benefit Amount in a sentence

  • The Committee may at any time distribute the Severance Benefit Amount with respect to all future benefits payable pursuant to Article II of the Plan, in a lump sum payment equal to the present value of all future benefits payable to such Participant.

  • Upon the occurrence of a Termination Event, the Savings Bank shall pay monthly to the Participant the Severance Benefit Amount, as described and in the amount set forth at Article II, Section 2.2. Payment of such Severance Benefit Amount shall begin on the first business day of the month following such Termination Event.

  • The Severance Benefit Amount shall be calculated as the aggregate annual Board retainer and regular monthly Board fees in effect with respect to such Director at the Termination Event, which would normally be paid during the next twelve month period to such Participant as a Director.

  • Notwithstanding the above portion of this Section 5, the maximum Severance Benefit Amount shall be equal to (a) 12 times the Monthly Base Salary in the case of an Eligible Executive whose salary midpoint is between 1040 to 2000, inclusive (or equivalent) and (b) 18 times the Monthly Base Salary in the case of an Eligible Executive whose salary midpoint is 2001 or above (or equivalent).

  • As of his/her retirement eligibility date, the Eligible Executive's employment shall be terminated, and his/her otherwise applicable Severance Benefit Amount and Severance Benefit Period shall be proportionately reduced by the bridge compensation and period.

  • The amount of the total severance benefit (the “Gross Severance Benefit Amount”) shall be determined by multiplying the Weekly Severance Benefit Amount by the number of weeks of severance benefits to which the Employee is entitled pursuant to Schedule A hereto.

  • In the event that an Eligible Executive is entitled to the payment of a Severance Benefit Amount and he/she dies before the completion of the Severance Payment Period, the unpaid balance of any Severance Benefit Amount as of the date of death shall be paid in a single lump sum to his/her designated beneficiary as soon as practicable following the date of death.

  • In the event that an Eligible Executive is entitled to a Severance Benefit Amount and is furnished a company-owned vehicle for use as an employee, he/she shall be allowed to purchase the assigned vehicle for the current low Blue Book price, less $500.

  • Bernstein, Antidiscrimination Laws and the First Amendment, 66 MO.

  • In the event of an "Involuntary Termination of Employment" with a Participating Employer, an Eligible Executive shall be entitled to the payment of a severance benefit amount ("Severance Benefit Amount") equal to the Eligible Executive's "Monthly Base Salary" multiplied by his/her "Years of Service".

Related to Severance Benefit Amount

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

  • Severance Amount means:

  • Benefit Amount shall have the meaning set forth in Section 20.12 hereof.

  • Maximum Benefit Amount means the maximum amount payable for coverage provided to You as shown in the Schedule of Benefits.

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

  • 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 Benefit means the benefit described in Section 2.4.

  • Change in Control Benefits means the following benefits:

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

  • 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.

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

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

  • 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.

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

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

  • 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).

  • Vested Benefits means amounts that are vested or that Executive is otherwise entitled to receive, without the performance by Executive of further services or the resolution of a contingency, under the terms of or in accordance with any investment and savings plan or retirement plan (including any plan providing retiree medical benefits) of the Company or its affiliates, and any ERPs or ESPs related thereto, and any deferred compensation or employee stock purchase plan or similar plan or program of the Company or its affiliates.

  • Annual Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder in a Policy Year irrespective of whether any limits of any benefit items stated in the Benefit Schedule have been reached. The Annual Benefit Limit is counted afresh in a new Policy Year.

  • Final compensation of a member means:

  • 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).

  • 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;

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Disability benefit recipient means a member who is receiving a disability benefit.

  • Employment benefits means all benefits provided or made