Annual Benefit Sample Clauses
The Annual Benefit clause defines the total amount of benefits or coverage that a policyholder is entitled to receive within a single policy year. Typically, this clause sets a maximum limit on payouts or services, such as a cap on insurance reimbursements or healthcare services provided annually. By establishing these boundaries, the clause helps both parties understand the extent of coverage and prevents excessive claims, ensuring predictability and financial control for the insurer while informing the insured of their yearly entitlements.
Annual Benefit. The term “Annual Benefit” shall mean an annual sum of fifty thousand dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).
Annual Benefit. The term "Annual Benefit" shall mean an annual sum of Fifty Thousand Dollars ($50,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent: (i) required under the other provisions of this Agreement, including, but not limited to, Paragraphs 5, 6 and 7 hereof; (ii) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) required in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).
Annual Benefit. The term “Annual Benefit” shall mean an annual sum of Seventy-five thousand dollars ($75,000), increased by 3% on the anniversary of the date of this Agreement until the date of the first payment hereunder, multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).
Annual Benefit. The term "Annual Benefit" shall mean an annual sum of Thirty-Six Thousand Dollars ($36,000.00) multiplied by the Applicable Percentage (defined below) and then reduced to the extent: (i) required under the other provisions of this Agreement, including, but not limited to, Paragraphs 5, 6 and 7 hereof;
Annual Benefit. The term “Annual Benefit” shall mean the amount equal to the product of the Executive’s Final Average Annual Compensation times the Benefit Level Percentage times the Applicable Percentage, which amount shall be reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).
Annual Benefit. The initial annual benefit under this Section 2.2 is the amount shown in the Early Retirement column of Schedule A for the month and year in which Termination of Employment occurs.
Annual Benefit. The term “Annual Benefit” shall mean the annual sum of eighty-two thousand two hundred forty-six dollars ($82,246) multiplied by the Applicable Percentage (defined below), which amount shall be reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).
Annual Benefit. The annual benefit under this Section 2.4 is the amount shown in the Disability column of Schedule A for the month and year in which Termination of Employment occurs.
Annual Benefit. The term “Annual Benefit” shall mean an annual sum of one hundred and twenty-five thousand dollars ($125,000) multiplied by the Applicable Percentage (defined below) and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI). "
Annual Benefit. The term "Annual Benefit' shall mean an annual amount of Sixty-Three Thousand One Hundred Sixty-Three Dollars ($63,163) which represents fifty percent (50%) of Executive's total compensation as of May 15, 2000 of One Hundred Twenty-Six Thousand Three Hundred Twenty-Six Dollars ($126,326) determined by adding annual salary of One Hundred Three Thousand Four Hundred Sixty-Three Dollars ($103,463) to the bonus of Twenty-Two Thousand Eight Hundred Sixty-Three Dollars ($22,863) awarded to Executive in February of 2000. In any year from and after May 15, 2000 that Executive's total compensation (current salary plus bonus paid in such year) increases, the annual benefit shall be increased to an amount equal to fifty percent (50%) of such total compensation. No decrease in Annual Benefit shall be made in any year when Executive's total compensation shall decrease, whether by reason of a decrease in regular payroll payments or by a decrease in or elimination of bonus, or if, as of December 31, 2008, actual compensation is less than that deemed pursuant to the foregoing. Employer's Board of Directors may by resolution duly passed and communicated in writing to Executive, freeze the Annual Benefit at a given dollar amount but may not decrease a level once established. Once the payment of the Annual Benefit has commenced, the Annual Benefit shall be increased annually commencing in 2001 by at least the increase in the Consumer Price Index ("CPI") for the preceding calendar year, up to a maximum of two percent (2%); provided, however, such maximum shall be increased up to the total dollar amount that all past aggregate CPI increases to the Annual Benefit are less than the dollar amount of all potential aggregate increases determined as if the CPI had actually been two percent (2%) in all such past years. Thus, if in a year the Annual Benefit could have increased by $3,500 but only increased by $2,000 because actual CPI was less than 2%, the $1,500 difference shall be used in the future to increase the Annual Benefit when CPI is greater than 2%.