Salary Continuance Benefit means the benefit provided in Section 4(b).
Salary Continuance Benefit means the Benefit determined by the Trustee in respect of a Participant or Member on or after the Participant’s or Member’s cessation of gainful employment on account of ill-health (whether physical or mental) taking into consideration the level of such Benefit specified in the relevant Benefit Specification provided that, unless the Trustee and the Participant otherwise agree, the Salary Continuance Benefit in respect of a Participant or Member shall be no greater than the Insured Benefit arranged in respect thereof and provided further that the Salary Continuance Benefit in respect of a Participant or Member ceases to be payable upon the earlier of:
Salary Continuance Benefit is an amount equal to 2.99 times Employee’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Base Salary in effect at the date of termination, plus the average of the annual bonus paid or payable for the two most recently completed years (both of which shall include any amount contributed therefrom by Employee to any salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals). The Salary Continuance Benefit will be paid to Employee in a lump sum cash payment as soon as administratively feasible following the date of termination.
Examples of Salary Continuance Benefit in a sentence
The Salary Continuance Benefit is an amount equal to 2.0 times the Executive’s Final Compensation.
The Salary Continuance Benefit is an amount equal to 2.99 times the Executive’s Final Compensation.
In the event that Officer resigns for Good Reason, as defined below, during the Employment Period, Officer shall be entitled to receive the Accrued Obligations, Salary Continuance Benefit, and Welfare Continuance Benefit under the terms defined in Section 6.
In the event that the Company terminates Officer’s employment during the Employment Period for any reason that does not constitute Cause, as determined by the Administrator, Officer shall be entitled to receive the Accrued Obligations, Salary Continuance Benefit, and Welfare Continuance Benefit under the terms defined in Section 6.
The Salary Continuance Benefit is an amount equal to TWO times Officer’s Final Compensation.
More Definitions of Salary Continuance Benefit
Salary Continuance Benefit means the benefit provided under Section 2(b).
Salary Continuance Benefit means the benefit provided in Section 5(b).
Salary Continuance Benefit is an amount equal to 2.99 times the sum of (x) (a) the Base Salary in effect on the date of termination or, (b) if greater, the highest base salary in effect in the three months immediately prior to the Change in Control, plus (y) the highest annual bonus paid or payable, including by reason of any deferral, for the two years immediately preceding the year in which the Executive’s employment terminates, subject to compliance with Section 13 of this Agreement regarding the requirements of Section 409A and the Executive’s continuing compliance with the covenants under Section 5 of this Agreement. If the Change in Control is considered a change in ownership or effective control of the Company or is considered a sale of substantially all of the assets of the Company under Section 409A of the Code and the Executive’s Date of Termination is within two (2) years of such Change in Control, then the Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the forty-fifth (45th) day following the Date of Termination. Otherwise, the Executive shall receive the Salary Continuance Benefit over a period of twenty-four (24) months payable in equal monthly installments from the Date of Termination.
Salary Continuance Benefit means the Insured Benefit payable on Total and Temporary Incapacity under Rule 13;
Salary Continuance Benefit is an amount equal to 1.50 times the sum of (x) (a) the Base Salary in effect on the date of termination or, (b) if greater, the highest base salary in effect in the three months immediately prior to the Change in Control, plus (y) the highest annual bonus paid or payable, including by reason of any deferral, for the two years immediately preceding the year in which the Executive’s employment terminates, subject to compliance with Section 13 of this Agreement regarding the requirements of Section 409A and the Executive’s continuing compliance with the covenants under Section 5 of this Agreement. If the Change in Control is considered a change in ownership or effective control of the Company or the Bank or is considered a sale of substantially all of the assets of the Company or the Bank under Section 409A of the Code and the Executive’s Date of Termination is within two (2) years of such Change in Control, then the Salary Continuance Benefit will be paid to the Executive in a lump sum cash payment not later than the forty-fifth (45th) day following the Date of Termination. Otherwise, the Executive shall receive the Salary Continuance Benefit over a period of eighteen (18) months payable in equal monthly installments from the Date of Termination.
Salary Continuance Benefit means benefit described in Section 2(b), (c) and (d) of this agreement.
Salary Continuance Benefit is an amount equal to 2.99 times Employee’s Final Compensation. For purposes of this Agreement, “Final Compensation” means the Base Salary in effect at the date of termination, plus the average of the annual bonus (excluding any bonus paid or payable pursuant to Section 5(f)) paid or payable for the two most recently completed years (both of which shall include any amount contributed therefrom by Employee to any salary reduction agreement or any other program that provides for pre-tax salary reductions or compensation deferrals). The Salary Continuance Benefit will be paid to Employee in a lump sum cash payment as soon as administratively feasible following the date of termination.