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

  • 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 Xxxxxx Public Schools at the time of termination of employment.

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

  • For persons with Voluntary Severance Incentive or equivalent severance packages (whether voluntary or not), the last day of eligible employment will not include any of the period during which the employee has ceased working but is still otherwise treated as on payroll.

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

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

  • For Administrator's receiving both Severance and a Retirement Severance Incentive grant, the Administrator has the following payment options: A: payment shall be made in 3 equal payments beginning on January 15 of the year following separation from the District.

  • 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.

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

  • 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.

  • Name (a) Notes to Benefits to be Received Upon a Qualifying Termination following a CIC Table(1) Represents the estimated cash severance benefit equal to 2.99 times the sum of the executive’s (i) current base salary and (ii) Severance Incentive.


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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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).

  • Severance Amount means:

  • Severance means the complete separation and dismemberment of the part from the body.

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

  • 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);

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

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

  • Clawback Eligible Incentive Compensation means all Incentive-based Compensation Received by an Executive Officer (i) on or after the effective date of the applicable Nasdaq rules, (ii) after beginning service as an Executive Officer, (iii) who served as an Executive Officer at any time during the applicable performance period relating to any Incentive-based Compensation (whether or not such Executive Officer is serving at the time the Erroneously Awarded Compensation is required to be repaid to the Company), (iv) while the Company has a class of securities listed on a national securities exchange or a national securities association, and (v) during the applicable Clawback Period (as defined below).

  • Earned Compensation means any Annual Base Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant to Section 3(a) (but excluding any salary and interest accrued thereon payment of which has been deferred).

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

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

  • Leave Salary means the monthly amount paid by the University to an employee who is on leave.

  • Change in Control Benefits means the following benefits:

  • Recoverable Incentive Compensation means Incentive Compensation received by a Covered Officer during the Lookback Period that exceeds the amount of Incentive Compensation that would have been received had such amount been determined based on the Accounting Restatement, computed without regard to any taxes paid (i.e., on a gross basis without regard to tax withholdings and other deductions). For any compensation plans or programs that take into account Incentive Compensation, the amount of Recoverable Incentive Compensation for purposes of this Policy shall include, without limitation, the amount contributed to any notional account based on Recoverable Incentive Compensation and any earnings to date on that notional amount. For any Incentive Compensation that is based on stock price or TSR, where the Recoverable Incentive Compensation is not subject to mathematical recalculation directly from the information in an Accounting Restatement, the Administrator will determine the amount of Recoverable Incentive Compensation based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or TSR upon which the Incentive Compensation was received. The Company shall maintain documentation of the determination of that reasonable estimate and provide such documentation to the Exchange in accordance with the Listing Standards.

  • Accrued Compensation means an amount which shall include all amounts earned or accrued through the "Termination Date" (as hereinafter defined) but not paid as of the Termination Date, including (i) base salary, (ii) reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company during the period ending on the Termination Date, (iii) vacation pay and (iv) bonuses and incentive compensation (other than the "Pro Rata Bonus" (as hereinafter defined)).

  • Executive Severance Plan means the Company’s Senior Executive Employee Severance Pay Plan, as in effect from time to time.

  • 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.

  • Final compensation of a member means:

  • Severance Costs means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel.

  • Retention Bonus means the amount equal to:

  • Long-Term Incentive Award means an Award described in Section 6(g) hereof that is based upon a period in excess of one year.

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