Additional Severance Benefits definition

Additional Severance Benefits means (i) severance amounts that would be payable in case to a Senior Officer, including payment in lieu of medical benefits due to termination of employment and
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Additional Severance Benefits. If you elect the Additional Severance Benefits, during the Salary Continuation Period you will continue to be credited with service under the PRA pursuant to and in accordance with the terms of the PRA, including any amendments to the PRA that may be enacted from time to time. This means that as a participant under the Cash Balance benefit formula, you can only continue to accrue vesting service, if applicable, during the Salary Continuation Period. In the month following the end of the Salary Continuation Period, you first may take a distribution from the PRA in the form you then elect in accordance with the terms of the PRA.
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Additional Severance Benefits means, subject to a Participant’s (a) timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), with respect to the Company Group’s group health plans in which such Participant was participating on the date of such Participant’s termination of employment and (b) continued timely payment by such Participant of premiums for such COBRA coverage, the Company shall pay such Participant monthly, as an additional taxable severance benefit, an amount equal to the dollar amount of the premium cost for the group health coverage elected by such Participant under COBRA that the Company Group pays on behalf of similarly situated active executives of the Company Group until the earlier of (x) such Participant ceasing to be eligible for COBRA coverage, and (y) such Participant becoming 521949.01111/104255828v.10eligible for coverage under the health plan of a subsequent employer (and by accepting receipt of Additional Severance Benefits, a Participant agrees to notify the Company of eligibility for coverage under the health plan of a subsequent employer).
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Examples of Additional Severance Benefits in a sentence

  • It is expressly agreed and understood that no Severance Benefits or Additional Severance Benefits shall be required to be paid or provided unless and until the foregoing Release of Claims requirement is satisfied.

  • The process was reported to be economical using non cellulosic market priced sugars and is likely lower in cost than fermentation processes.

  • Additional Severance Benefits specified in this subsection are to be provided on an unfunded basis, are not intended to meet the qualification requirements of Section 401 of the Internal Revenue Code, and shall be payable solely from the general assets of the Company.

  • You must work through the Separation Date to either receive Basic Severance or Additional Severance Benefits.

  • If you elect the Additional Severance Benefits, during the Salary Continuation Period, you are not eligible to defer any monies into the DCP.

  • Regardless of whether or not you elect the Additional Severance Benefits, under the Avon Products, Inc.

  • If you do not elect the Additional Severance Benefits, no career transition and development services will be provided to you.

  • If you do not elect the Additional Severance Benefits, your participation in the Medical, Dental, Vision, Employee Assistance Program, Group Life Insurance, Supplemental Group Life Insurance, Group AD&D and Supplemental Group AD&D will generally end on the Separation Date (or no later than the last day of the month in which Basic Severance ceases, pursuant to the terms of each plan and/or policy).

  • Desired modifications, if any, shall be specified in the written notice.

  • You understand that the present offer of the Additional Severance Benefits is made without prejudice and is conditional upon its unqualified acceptance and compliance with the execution and delivery requirements described above for this Agreement, and, if applicable, for the Second General Release.


More Definitions of Additional Severance Benefits

Additional Severance Benefits means (i) severance amounts that would be payable in cash to a Senior Officer, including payments in lieu of medical benefits and amounts paid for any tax gross-ups such as reimbursement of excise taxes in connection with the Internal Revenue Code Sections 280G and 4999, due to termination of employment, and (ii) special benefits or perquisites provided to a Senior Officer at the time of such Senior Officer’s termination of employment, including the estimated value of future consulting fees and the present value of additional age and service credited for benefit accrual under any pension or retirement plan. The term “Additional Severance Benefits” includes both lump-sum payments and the estimated present value of any periodic payments made or special benefits or perquisites provided following the date of termination of such Senior Officer’s employment.
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Additional Severance Benefits means (i) severance amounts that would be payable in cash to a Senior Officer, including payments in lieu of medical benefits due to termination of employment and (ii) special benefits or perquisites provided to a Senior Officer at the time of such Senior Officer’s termination of employment (unless such benefits or perquisites are otherwise consistent with any broad-based plan, program, arrangement or practice of PNC that is generally applicable to eligible PNC employees), including the present value of additional age and service credited for benefit accrual under any pension or retirement plan. The term “Additional Severance Benefits” includes both lump-sum payments and the estimated present value of any periodic payments made or special benefits or perquisites provided following the date of termination of such Senior Officer’s employment.
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Related to Additional Severance Benefits

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

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

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

  • 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 Benefits means the following benefits:

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

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

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

  • Additional Benefits means quantifiable and verifiable enhancement of conservation of biodiversity and/or improvement of local livelihoods realized as a result of implementation of the REDD activities;

  • Severance Amount means:

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

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

  • 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.

  • Employment benefits means all benefits provided or made

  • Nonqualifying Termination means a termination of the Executive’s employment (1) by the Company for Cause, (2) by the Executive for any reason other than a Good Reason, (3) as a result of the Executive’s death or (4) by the Company due to the Executive’s absence from his duties with the Company on a full-time basis for at least 180 consecutive days as a result of the Executive’s incapacity due to physical or mental illness.

  • Extended benefits means benefits, including benefits payable to federal civilian employees and to ex-servicemen under 5 U.S.C. Chapter 85, payable to an individual under the provisions of this section for weeks of unemployment in his eligibility period.

  • 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.

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

  • Additional Compensation has the meaning set out in Section 13.3(1).

  • Retention Bonus means the amount equal to:

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

  • 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)).

  • Additional gap medical benefits means the benefits (if any) payable in respect of medical expenses that are more than the schedule fee and which otherwise meet the requirements of the fund’s no or known gap policy, provided always that the medical expenses relate to a professional service that:

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