Termination Benefit definition

Termination Benefit means the benefit set forth in Article 7.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Termination Benefit means the benefit set forth in Section 5.2.

Termination Benefit means the benefit described in Article 7.

Examples of Termination Benefit in a sentence

• The Executive shall not be required to mitigate the amount of any Termination Benefit provided under Section 3 by seeking other employment or otherwise; provided, however, any health welfare and fringe benefits that the Executive may receive from full time employment by a third person shall be applied against and reduce any such benefits thereafter to be made available to the Executive under Section 3.5.

• The annual benefit under this Section 2.2 is the Early Termination Benefit set forth on Schedule A for the Plan Year during which the Early Termination Date occurs.

• This Agreement may be terminated only by a written agreement signed by the Company, the Bank and the Executive, in which case the Executive shall receive the Early Termination Benefit, determined as of the date the Agreement is terminated.

• The annual benefit under this Section 2.2 is the Early Termination Benefit amount set forth on Schedule A for the Plan Year ending immediately prior to the Early Termination Date.

• The Executive may elect continuation of the amount of coverage previously provided and the Company shall be responsible for the cost of such coverage and shall submit payment for the Post Termination Benefit Period directly to the provider of such insurance.

More Definitions of Termination Benefit

Termination Benefit means the benefit set forth in Section 6.2.

Termination Benefit means the benefit set forth in Article 5 which shall be paid following a Participant’s Termination of Employment.

Termination Benefit means the benefit set forth in Section 7.3.

Termination Benefit means the benefit set forth in Article 7 of this Plan.

Termination Benefit means the termination benefit provided for in Section 7.2.

Termination Benefit means the amount determined in accordance with subsection (a) below. If Executive is entitled to a Termination Benefit, it shall be paid to Executive no later than the 60th day following the date on which his employment Terminates. The Termination Benefit shall be an amount equal to (i) 2 times Executive’s annual base salary for the fiscal year of Newpark immediately preceding the fiscal year in which the Start Date occurs plus (ii) 2 times the higher of: a) the highest bonus actually received by the Executive under the 2010 Annual Cash Incentive Plan (or its predecessor plan) of Newpark in the two years immediately preceding the fiscal year of Newpark in which the Start Date occurs; or b) the “Target Award Opportunity” to which Executive would be entitled under the 2010 Annual Cash Incentive Plan of Newpark for the fiscal year of Newpark immediately preceding the fiscal year in which the Start Date occurs.

Termination Benefit means a benefit equal in amount to the balance of credits in the member’s Defined Benefit Supplement account that is payable to the member in a lump–sum when the member has terminated all employment to perform creditable service subject to coverage by the plan.