Statutory Limitation definition

Statutory Limitation means for any calendar year the maximum dollar amount of compensation that may be taken into account under the ESOP, the Savings Plan and the Pension Plan pursuant to section 401(a) (17) of the Code.
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Statutory Limitation means for any calendar year the maximum dollar amount of compensation that may be taken into account under the ESOP, the Savings Plan and the Pension Plan pursuant to section 401(a) (17) of the Code. 2.17 Stock Account means a separate memorandum account established in respect of a Participant which shall be credited with Plan Units intended to compensate such Participant for employer contributions under the ESOP and Savings Plan which have been cut back due to the Statutory Limitation. 2.18 Termination of Employment means a Participant’s termination of service as such is defined for purposes of the ESOP, the Savings Plan and the Pension Plan. 2.19 Valuation Date means the last day of any calendar year (or such other date or dates as the Plan Administrator may specify from time to time). 2.20 WABCO Spin Off means the distribution by the Company of WABCO Holding, Inc. to the Company’s shareholders.
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Statutory Limitation means any limitation imposed from time to time by the Code on benefits payable under a defined benefit plan qualified under Section 401(a) of the Code.
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Examples of Statutory Limitation in a sentence

  • If Guarantor is entitled to the benefits of any statute, law, decision, rule or regulation that limits or reduces the monetary liability of guarantors (a “Statutory Limitation”), the Statutory Limitation shall be determined without regard to the limit of the Guaranteed Obligations set forth in this Section and as if Guarantor had guaranteed 100% of the Guaranteed Obligations.

  • An Eligible Executive who makes Excess 401(k) Salary Deferrals to the Plan will receive a Employer 401(k) Match Make-Up Contribution with respect to each payroll period occurring on or after such Eligible Executive’s Statutory Limitation Payroll Date in an amount equal to the product of the percent of the Eligible Executive’s Salary deferred under the Plan (in accordance with Section 3.2(b)) multiplied by the Savings Investment Plan Matching Contribution Rate.

  • ELIGIBLE COMPENSATION means for any calendar year the Participant's total remuneration, up to a maximum of $235,000, that would have been included in the definition of compensation under the ESOP and the Savings Plan but for the Statutory Limitation.

  • An individual who is a participant in a Qualified Plan shall become a Participant in the Plan upon either (a) having compensation under a Qualified Plan that exceeds the Statutory Limitation or (b) accruing a benefit under a Qualified Plan that exceeds the Statutory Limitation on benefits that may be paid from such Qualified Plan, in each case unless the Plan Administrator determines that such individual is not part of a select group of management or highly compensated employees.

  • The Statutory Limitation applies only to Options granted under "employee stock purchase plans" within the meaning of Section 423 of the Code and does not limit the amount of Shares or other stock of CCC which an employee may purchase under any other stock or bonus plans then in effect.

  • Cash Account means a separate memorandum account established in respect of a Participant which shall be credited with awards under the Plan intended to compensate such Participant for employer contributions under the Pension Plan which have been cut back due to the Statutory Limitation.

  • AFFECTED EARNINGS means for any calendar year that portion, if any, of a Participant's Eligible Compensation in excess of the Statutory Limitation.

  • The Statutory Limitation upon Removal is Designed to Protect Cumulative Voting 16 Point III The Stockholders May Fill Vacancies Caused by the Removal of Directors 21 Point IV CSC May Not Select the Record Date for Computer Associates' Solicitations 4 Conclusion 25 Table of Authorities Cases Page Aetna Life Ins.

  • Notwithstanding anything in the foregoing to the contrary, in no event shall the number of Options granted on any Grant Date exceed the Statutory Limitation divided by four; PROVIDED, HOWEVER, that the initial grant of Options shall not exceed the Statutory Limitation divided by six.

  • The Statutory Limitation applies only to Options granted under "employee stock purchase plans" within the meaning of Section 423 of the Code and does not limit the amount of Shares or other stock of Schawk which an employee may purchase outright or under any other stock or bonus plans then in effect.


More Definitions of Statutory Limitation

Statutory Limitation means for any calendar year the maximum dollar amount of compensation that may be taken into account under the ESOP, the Savings Plan and the Pension Plan pursuant to section 401(a) (17) of the Internal Revenue Code of 1986, as amended (or any successor section thereto).
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Related to Statutory Limitation

  • Plantwide applicability limitation (PAL means an emission limitation expressed in tons per year, for a pollutant at a major stationary source, that is enforceable as a practical matter and established source-wide in accordance with Chapter 19, section 011.

  • Deduction Limitation means the following described limitation on a benefit that may otherwise be distributable pursuant to the provisions of this Plan. Except as otherwise provided, this limitation shall be applied to all distributions that are “subject to the Deduction Limitation” under this Plan. If an Employer determines in good faith prior to a Change in Control that there is a reasonable likelihood that any compensation paid to a Participant for a taxable year of the Employer would not be deductible by the Employer solely by reason of the limitation under Code section 162(m), then to the extent deemed necessary by the Employer to ensure that the entire amount of any distribution to the Participant pursuant to this Plan prior to the Change in Control is deductible, the Employer may defer all or any portion of a distribution under this Plan. Any amounts deferred pursuant to this limitation shall continue to be credited/debited with additional amounts in accordance with Section 3.7 below, even if such amount is being paid out in installments. The amounts so deferred and amounts credited thereon shall be distributed to the Participant or his or her Beneficiary (in the event of the Participant’s death) at the earliest possible date, as determined by the Employer in good faith, on which the deductibility of compensation paid or payable to the Participant for the taxable year of the Employer during which the distribution is made will not be limited by Code section 162(m), or if earlier, the effective date of a Change in Control. Notwithstanding anything to the contrary in this Plan, the Deduction Limitation shall not apply to any distributions made after a Change in Control.

  • Concentration Limitations has the meaning set forth in Schedule 4.

  • Emission limitation means a requirement established by the Board, the director or the Administrator, EPA, which limits the quantity, rate or concentration of emission of air pollutants on a continuous emission reduction including any requirement relating to the operation or maintenance of a source to assure continuous emission reduction (Section 302(k)).

  • Acid rain emissions limitation means, as defined in 40 CFR 72.2*, a limitation on emissions of sulfur dioxide or nitrogen oxides under the acid rain program under Title IV of the Clean Air Act (CAA).

  • Country Limitation Schedule means the schedule published from time to time by Ex-Im Bank setting forth on a country by country basis whether and under what conditions Ex-Im Bank will provide coverage for the financing of export transactions to countries listed therein.

  • emission limit value means the mass, expressed in terms of certain specific parameters, concentration and/or level of an emission, which may not be exceeded during one or more periods of time;

  • Exceptions and Limitations means fair use, fair dealing, and/or any other exception or limitation to Copyright and Similar Rights that applies to Your use of the Licensed Material.

  • Effluent limitation means any restriction imposed by the Director on quantities, discharge rates, and concentrations of pollutants that are discharged from point sources into waters of the United States, the waters of the contiguous zone, or the ocean.

  • Defined Contribution Dollar Limitation means, for any Limitation Year, $46,000, as adjusted for increases in the cost-of-living under Code section 415(d). If a short Limitation Year is created because of a Plan amendment changing the Limitation Year to a different 12-consecutive month period, the Defined Contribution Dollar Limitation for the short Limitation Year will not exceed the amount determined in the preceding sentence multiplied by a fraction, the numerator of which is the number of months in the short Limitation Year and the denominator of which is 12.

  • Statutory Penalties are those amounts awarded as a penalty, but are fixed in amount by statute.

  • Limitation Acts means the Limitation Xxx 0000 and the Foreign Limitation Periods Xxx 0000.

  • Annual Additions means the sum of the following amounts credited to a Participant for a Limitation Year:

  • Extension limitation means (a) the lesser of 5% or the

  • FILOT Act Minimum Investment Requirement means, with respect to the Project, an investment of at least $2,500,000 by the Company, or of at least $5,000,000 by the Company and any Sponsor Affiliates in the aggregate, in Economic Development Property.

  • statutory parental bereavement pay means a payment to which a person is entitled in accordance with section 171ZZ6 of the Social Security Contribution and Benefits Act 1992;

  • Statutory Plan means a plan required in terms of any legislation, including but not limited to, any structure plan, land use plan, zoning scheme, integrated development plan, water services plan, skills development plan and employment equity plan;

  • Statutory Plans means statutory benefit plans which a Party or any of its subsidiaries is required to participate in or comply with or in respect of which any of them has an actual or potential liability, including the Canada Pension Plan and Quebec Pension Plan and plans administered pursuant to applicable health, tax, workplace safety insurance and employment insurance legislation;

  • Contract Minimum Investment Requirement means, with respect to the Project, investment by the Company and any Sponsor Affiliates of at least $4,000,000 in Economic Development Property subject (non-exempt) to ad valorem taxation (in the absence of this Fee Agreement).

  • Parent of a covered servicemember means a covered servicemember’s biological, adoptive, step or foster father or mother, or any other individual who stood in loco parentis to the covered servicemember. This term does not include parents “in law.”

  • Prescribed Limit means ten per cent (10%) of the issued ordinary share capital of the Company as at the date of passing of this resolution unless the Company has effected a reduction of the share capital of the Company in accordance with the applicable provisions of the Companies Law, at any time during the Relevant Period, in which event the issued ordinary share capital of the Company shall be taken to be the amount of the issued ordinary share capital of the Company as altered (excluding any treasury share that may be held by the Company from time to time); and

  • Effluent limitation guideline means a regulation published by the Administration under Section 304(b) of the CWA to adopt or revise effluent limitations.

  • Liability Cap has the meaning ascribed to it in paragraph 1 of Schedule 9;

  • Loss in excess of policy limits means 90.0% of any amount paid or payable by the Company in excess of its policy limits, but otherwise within the terms of its policy, such loss in excess of the Company’s policy limits having been incurred because of, but not limited to, failure by the Company to settle within the policy limits or by reason of the Company’s alleged or actual negligence, fraud or bad faith in rejecting an offer of settlement or in the preparation of the defense or in the trial of an action against its insured or reinsured or in the preparation or prosecution of an appeal consequent upon such an action.

  • Limitation Date means the first of March 20, June 20, September 20 or December 20 in any year to occur on or immediately following the date that is one of the following numbers of years after the Restructuring Date: 2.5 years (the "2.5-year Limitation Date"), 5 years, 7.5 years, 10 years (the "10- year Limitation Date"), 12.5 years, 15 years, or 20 years, as applicable. Limitation Dates shall not be subject to adjustment in accordance with any Business Day Convention.

  • Federal Clean Air Act means Chapter 85 (§ 7401 et seq.) of Title 42 of the United States Code.