Severance Incentive definition

Severance Incentive means the greater of (i) the target annual incentive under an Incentive Plan applicable to the Executive for the Performance Period in which the Termination Date occurs, or (ii) the average of the actual annual incentives paid (or payable, to the extent not previously paid) to the Executive under the applicable Incentive Plan for each of the two calendar years preceding the calendar year in which the Termination Date occurs.
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Severance Incentive means the Target Incentive for the performance period in which the Termination Date occurs; provided, however, that for purposes of Section 5, “Severance Incentive” shall mean the greater of (a) the Target Incentive for the performance period in which the Termination Date occurs, or (b) the average of the actual Annual Incentives paid (or payable, to the extent not previously paid) to a Participant under the Annual Incentive Award Plan for each of the two calendar years preceding the calendar year in which the Termination Date occurs.
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Severance Incentive means the average of the annual incentive awards paid to a Participant under the LTIP (or such other annual incentive plan or arrangement under which the Participant is entitled to such awards), a successor plan or otherwise with respect to each of the two calendar years preceding the year in which occurs the Participant's Termination of Employment.
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Examples of Severance Incentive in a sentence

  • Individuals who were accepted for the Northern Michigan University 2000-2001 Severance Incentive Plan, regardless of whether their age and years of service were equal or greater than seventy (70), and who terminated their employment during that period of time, are considered a retiree and are eligible for retirement benefits and privileges as a retiree of the University.

  • A Severance Incentive Program shall be offered to the members of the bargaining unit who have fifteen (15) or more years of professional service with the ▇▇▇▇▇▇ Public Schools at the time of termination of employment.

  • An amount equal to 2.99 times the sum of (x) Base Salary plus (y) the Severance Incentive.

  • An amount equal to three (3.0) times the sum of (x) Base Salary plus (y) the Severance Incentive.

  • For Administrator's receiving severance only, with no Retirement Severance Incentive grant, payment of the severance amount shall be made in two equal payments.

  • Subject to the approval of the Superintendent, Administrators may accumulate ten (10) days of approved worked non-contracted days per year toward their Retirement Severance Incentive grant.

  • A Retirement Severance Incentive Program shall be offered to Administrators meeting the eligibility criteria of Article 9.

  • If an Administrator has met the criteria stated in Article 9.031, the District shall provide the Administrator a contract for termination of services and payment of a Retirement Severance Incentive grant.

  • It is mutually agreed that the Medical Benefits applicable to the Voluntary Severance Incentive Plan (VSIP dated December 13, 2000) participants shall not be diminished in any manner during the lifetime of each participant, his or her spouse, and eligi- ble children, if any.

  • As soon as reasonably practicable after the Distribution Date, HP shall determine the total reserves for the HP VEBA Voluntary Severance Incentive Plan as of the Distribution Date, which shall be equal to the total of the maximum permissible reserves calculated separately for the HP Employees and the Agilent Transferred Employees as of the Distribution Date using the rules in Code Section 419A.


More Definitions of Severance Incentive

Severance Incentive means the average of the Annual Incentive Awards paid to a Participant with respect to each of the two calendar years preceding the year in which occurs the Participant's Termination of Employment.
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Severance Incentive means (a) for purposes of Section 8.1, the average of the annual incentive awards paid to Executive under the LTIP (or such other Incentive Plan under which Executive is entitled to such awards), a successor plan or otherwise with respect to each of the two calendar years preceding the year in which the Termination Date occurs; and (b) for all other purposes under the Agreement, the greater of (i) the Target Incentive for the performance period in which the Termination Date occurs, or (ii) the average (mean) of the actual Annual Incentives paid (or payable, to the extent not previously paid) to Executive under the Incentive Plan for each of the two calendar years preceding the calendar year in which the Termination Date occurs.
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Severance Incentive means the average of the annual incentive awards paid to a Participant under the LTIP (or such other Incentive Plan under which the Participant is entitled to such awards), a successor plan or otherwise with respect to each of the two calendar years preceding the year in which occurs the Participant's Termination of Employment; provided, however, that for purposes of Section 5, "Severance Incentive" shall mean the greater of (a) the Target Incentive for the performance period in which the Termination Date occurs, or (b) the average (mean) of the actual annual incentives paid (or payable, to the extent not previously paid) to a Participant under the Incentive Plan for each of the two calendar years preceding the calendar year in which the Termination Date occurs.
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Related to Severance Incentive

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

  • 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)

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

  • 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).