Income Protection Benefits Sample Clauses

Income Protection Benefits. If the Executive is an employee of the Bank or the Company when a Change in Control occurs, and the Executive’s employment is thereafter terminated without Cause either by the Bank or the Company, or by the Executive for Good Reason, or by any party because of the Executive’s death or Disability, then: a) The Company and the Bank shall pay to the Executive, in a lump sum in cash within 30 days after the date of termination of employment the aggregate of the following amounts: i) that portion of the Executive’s annual base salary and director’s fees through the date of termination not theretofore paid, and ii) the product of (x) the sum of all commissions and bonuses of any kind paid or payable to Executive in the calendar year immediately preceding the year in which termination of employment occurs multiplied by (y) a fraction, the numerator of which is the number of days in the current calendar year through the date of termination, and the denominator of which is 365, and iii) any compensation previously deferred by the Executive (together with any accrued interest or earnings thereon), and iv) any accrued vacation pay. b) The Executive shall have the right within 90 days following termination of employment to exercise any stock options awarded him prior to the termination of his employment. c) The Bank and/or the Company shall thereafter pay to the Executive an annual amount equal to 50% of the highest amount of the Executive’s annual Compensation in the five calendar years immediately preceding Executive’s termination for a period of 1 year from and after the Executive’s termination of employment, payable in equal monthly installments commencing the first day of the month coinciding with or immediately following the Executive’s termination of employment. If the Executive dies after the Bank’s and the Company’s obligation to make these payments is triggered, the Bank and the Company shall thereafter pay to the Executive’s Beneficiary a lump sum amount equal to the present value of the unpaid monthly installments, discounted using a ten percent (10%) per annum interest rate. In lieu of the foregoing installments, the Executive may elect by written notice to the Bank within ninety (90) days of the Executive’s termination of employment to receive a lump sum amount equal to the present value of the monthly installments, discounted by using a ten percent (10%) per annum interest rate. d) The Bank and/or the Company shall provide to the Executive, at its expen...
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Income Protection Benefits. If the Executive is an employee of the Bank or the Company when a Change in Control occurs, and the Executive’s employment with the Bank, the Company and all affiliates of the Company is thereafter terminated without Cause, or by the Executive for Good Reason, then: a) The Company and the Bank shall pay to the Executive, in a lump sum in cash within 30 days after the date of termination of employment the aggregate of the following amounts: i) that portion of the Executive’s annual base salary and director’s fees through the date of termination not theretofore paid, and ii) the product of (x) the sum of all commissions and bonuses of any kind paid or payable to Executive in the calendar year immediately preceding the year in which termination of employment occurs multiplied by (y) a fraction, the numerator of which is the number of days in the current calendar year through the date of termination, and the denominator of which is 365, and iii) a separate lump-sum amount equal to 21/2 times the sum of the highest amount of the Executive’s annual Compensation in the five calendar years immediately preceding Executive’s termination. iv) any compensation previously deferred by the Executive (together with any accrued interest o earnings thereon), and v) any accrued vacation pay. b) The Executive shall have the right within 90 days following termination of employment to exercise any stock options awarded him prior to the termination of his employment. c) The Bank and/or the Company shall provide to the Executive, at its expense, hospital and medical insurance coverage of the same or equivalent scope as he was covered by immediately prior to termination of his employment for a period of 5 years after Executive’s termination of employment. If, however, the Bank or the Company determines that such continued coverage would be taxable as includible in income, the Bank or the Company, within 30 days after the date of termination of employment, shall provide to Executive a lump sum payment equal to the value 5 years of continued hospital and medical insurance coverage of the same or equivalent scope as Executive was covered by immediately prior to termination of his employment.
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Income Protection Benefits. If the Executive is an employee of the Bank or the Company when a Change in Control occurs, and the Executive’s employment with the Bank, the Company and all affiliates of the Company is thereafter terminated without Cause, or by the Executive for Good Reason, then: a) The Company and the Bank shall pay to the Executive, in a lump sum in cash within 30 days after the date of termination of employment the aggregate of the following amounts: i) that portion of the Executive’s annual base salary and director’s fees through the date of termination not theretofore paid, and iv) the product of (x) the sum of all commissions and bonuses of any kind paid or payable to Executive in the calendar year immediately preceding the year in which termination of employment occurs multiplied by (y) a fraction, the numerator of which is the number of days in the current calendar year through the date of termination, and the denominator of which is 365, and v) a separate lump-sum amount equal to the sum of the highest amount of the Executive’s annual Compensation in the five calendar years immediately preceding Executive’s termination.
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Income Protection Benefits. Unit members are eligible to receive income protection benefits as outlined in the INCOME PROTECTION PLAN--CERTIFICATED UNIT as revised November, 1988, if they are actively working at least 55% or more per day away from home for the District. Benefits under this Plan will be provided on the basis of employment and employment status with the District. Unit members who do not meet the above requirements are not eligible for this coverage. The parties agree to meet and review this coverage prior to October 31, 2018. The intent is to update, review, seek alternative(s) coverage and present information to the bargaining teams.
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Income Protection Benefits. The Board will provide the Business Administrator with an income protection insurance policy. The annual cost of the policy will not exceed $200 per month. ($2,400 annually)
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Income Protection Benefits. Summary / How to Claim Long Term Disability How to Make a Claim
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Income Protection Benefits. Summary / How to Claim Long Term Disability How to Make a Claim 1. All Claim Forms for Weekly Indemnity are available at the London Health Centre and must be correctly completed, dated and signed. 2. Remember to always provide your Group Plan Number and your Employee Identification Number to avoid any unnecessary delays in the processing of your claim. 3. The Benefits Carrier, Health Centre, HR service centre, or Union Benefits Representative can assist you in properly completing the forms and answer any questions you may have about the claims process. 4. Return the completed forms, with the medical information in a sealed envelope, to the Health Centre with an attached void cheque for direct deposit payment (completion of the Direct Deposit Authorization section will speed up the payment process). Once received by the Health Centre, your Application Form, including physician’s statement, along with the completed Employer’s Statement will be sent to the Benefits Carrier for processing. All payments and statements will be mailed to your home address directly by the Benefits Carrier with copies of non-medical information sent to your Kellogg disability file. 5. Should you decide to mail the Weekly Indemnity Forms directly to the Benefits Carrier on your own, be sure to contact the HR service centre in order to obtain a completed Employer’s Statement and remember to keep copies of all forms and attachments. 6. The intention is to provide as seamless a transition as possible between Weekly Indemnity and Long Term Disability. If a current disability has an indefinite return date or an anticipated return date of more than twenty-six (26) weeks, the Benefits Carrier will contact the HR service centre to obtain an Employment and Insurance Information Form. You are not required to complete an Application for Long Term Disability. 7. The Benefits Carrier will conduct an interview with you, send you an Income Declaration Form for completion and try to fill in any informational gaps. There should be no delay in payment unless additional medical information is required / outstanding. 8. Should the Benefits Carrier determine that your medical condition may be approved for Canada Pension Plan Disability Benefits you will be advised to make an immediate application for disability benefits to the Canada Pension Plan. You must apply when advised to do so and if no application is made, the offset will automatically apply. If the medical information on file indicates that a r...
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Income Protection Benefits. Should an employee’s employment terminate before completion of six (6) months of service, the Employer shall recover any money paid to the employee at one hundred percent (100%) benefits. The City shall be deemed to be authorized pursuant to the Employment Standards Act, to make deductions from the employee’s pay cheque in order to recover overpayments made to the employees. Eligibility for one hundred percent (100%) benefits shall be reinstated as of the first pay period of each calendar year. In the event that an employee is in receipt of benefits at years’ end, that employee becomes eligible for benefits payable at one hundred percent (100%) as set out in Section However, in no case is an employee eligible for more than (85) days of benefits for any one continuous period of absence. Occurrence of a Statutory or Declared Holidays during an employee’s absence on shall not reduce an employee’s number of days of benefit eligibility. It is understood that the applicable number of weeks of one hundred percent (100%) salary protection shall be available once in any calendar year. The Employer may require an employee to provide a medical certificate from a qualified medical practitioner stating is fit to return to work before permitting the employee to return to active duty. If, while you are disabled and receiving Sick Leave Allowances, you are served Notice of Layoff or Termination of Employment, you shall nevertheless receive while so disabled, the balance of any of the Sick Leave Allowances to which you are entitled on the date such notice is given to you. You cannot receive Sick Leave payments while you are receiving vacation pay or while you are engaged in any occupation or employment for wage or profit. Sick Leave allowances are not payable during an unpaid leave of Absence or Pregnancy Leave. If you become disabled before you take leave, payments of income will cease on the date that you had elected to begin your leave. In the case of Pregnancy Leave, Xxxx leave allowance will cease on the date your leave begins in accordance with the current Federal Legislation. If you cannot return to work at the end of your Pregnancy Leave because you are disabled, Sick Leave and Disability benefits will resume on the date scheduled by law as the end of your leave. When the payment periods for which you are eligible have been exhausted, you will cease to receive salary payments but you may then qualify to receive Long Term Disability payments. If you return to work a...
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Income Protection Benefits. 1348 This benefit is provided to employees with less than two (2) years of service. Employees will receive a benefit commencing at the later of exhaustion of Extended Sick Leave or according to State Disability Insurance (S.D.I) guidelines (i.e., the first (1st) day of hospitalization, eighth (8th) day of illness/injury) and will continue for up to one (1) year from the date of disability with continued medical certification.
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Related to Income Protection Benefits

  • Compensation Benefits In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.

  • Income Protection All workers will be covered by the extended Incolink Leisure Time Insurance and Income protection Scheme which provides defined weekly payments ($500 per week to workers with dependants, $400 per week to workers without dependants) for up to a maximum 104 weeks in the event of an extended work absence arising from any personal illness or injury (whether or not work related). The costs of this benefit will be shared between Incolink and the company on a 30/70 basis. Agreed premium costs will be: Incolink - $2.10 per week/worker Employer - $4.90 per week/worker It is a condition of the company’s agreement to provide this benefit that premium costs be maintained at not more than the February 1998 equivalent. In the event of premium costs escalating, the parties are agreed that the benefits table will be revised downwards so as to contain premium costs within the agreed limits. To maintain this cover the company agrees to pay the amounts every week for each employee. In the event the company does not maintain the above policy, the company will be liable in full to pay equivalent benefits to an employee who meets eligibility criteria as set out in the policy document.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

  • Termination Benefits (a) Upon the occurrence of a Change in Control, followed at any time during the term of this Agreement by the involuntary termination of the Executive’s employment (other than for Termination for Cause or death), or by the Executive for Good Reason, the Employers shall: (i) pay the Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a lump sum payment within thirty (30) days of the Date of Termination an amount equal to three (3) times the Executive’s average annual compensation for the five most recent taxable years that the Executive has been employed by the Employers or such lesser number of years in the event that the Executive shall have been employed by the Employers for less than five years. For this purpose, annual compensation shall include base salary and any other taxable income, including, but not limited to, amounts related to the granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses, pension and profit sharing plan contributions or benefits (whether or not taxable), severance payments, retirement benefits, and fringe benefits paid or to be paid to the Executive or paid for the Executive’s benefit during any such year; and (ii) cause to be continued life insurance and non-taxable medical, dental and disability coverage substantially identical to the coverage maintained by the Employers for the Executive prior to his Date of Termination, except to the extent such coverage may be changed in its application to all employees on a nondiscriminatory basis. Such coverage and payments shall cease upon the expiration of thirty-six (36) full calendar months from the Date of Termination. (b) Notwithstanding the foregoing, to the extent required to avoid penalties under Section 409A of the Code, the cash severance payable under Section 3 of this Agreement shall be delayed until the first day of the seventh month following the Executive’s Date of Termination. (c) For purposes of this Agreement, a “termination of employment” shall mean a “Separation from Service” as defined in Section 409A of the Code and the regulations promulgated thereunder, such that the Employers and the Executive reasonably anticipate that the level of bona fide services the Executive would perform after a termination of employment would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or as an independent contractor) over the immediately preceding thirty-six (36) month period.

  • – DISABILITY INCOME PROTECTION PLAN i) The Disability Income Protection Plan of the designated employer will be in accordance with the collective agreement. ii) There will be no break in coverage and/or waiting period prior to being able to receive the Disability Income Protection Plan so long as the waiting period has already been served.

  • Relocation Benefits If the Executive moves his residence in order to pursue other business or employment opportunities during the Continuation Period and requests in writing that the Company provide relocation services, he will be reimbursed for any expenses incurred in that initial relocation (including taxes payable on the reimbursement) which are not reimbursed by another employer. Benefits under this provision will include assistance in selling the Executive's home and all other assistance and benefits which were customarily provided by the Company to transferred executives prior to the Change in Control.

  • Compensation Benefits and Reimbursement (a) The compensation specified under this Agreement shall constitute the salary and benefits paid for the duties described in Section 2. The Bank shall pay Executive as compensation a salary of not less than [$ ] per year (“Base Salary”). Such Base Salary shall be payable biweekly, or with such other frequency as officers and employees are generally paid. During the period of this Agreement, Executive’s Base Salary shall be reviewed at least annually. Such review shall be conducted by a committee designated by the Board, and the Bank may increase, but not decrease (except a decrease that is generally applicable to all employees) Executive’s Base Salary (with any increase in Base Salary to become “Base Salary” for purposes of this Agreement). Base Salary shall not include any director’s fees that the Executive is entitled to receive as a director of the Bank or any affiliate of the Bank. Such director’s fees shall be separately paid to the Executive. (b) Executive will be entitled to participate in and receive benefits under any employee benefit plans including, but not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank currently or in the future to its senior executives and key management employees. Executive will be entitled to participate in any incentive compensation and bonus plans offered by the Bank in which Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement. (c) In addition to the Base Salary provided for by paragraph (a) of this Section 3, the Bank shall pay or reimburse Executive for all reasonable travel and other reasonable expenses incurred by Executive performing his obligations under this Agreement and may provide such additional compensation in such form and such amounts as the Board may from time to time determine. The Bank shall reimburse Executive for his ordinary and necessary business expenses including, without limitation, fees for memberships in such clubs and organizations as Executive and the Board shall mutually agree are necessary and appropriate for business purposes, and travel and entertainment expenses, incurred in connection with the performance of his duties under this Agreement.

  • Unemployment Benefits The Company will not oppose the Executive’s claim for unemployment insurance benefits.

  • Vacation Benefits During the Term, the Executive shall be eligible for 20 vacation days annually, which shall be accrued and used in accordance with the applicable policies of the Company. During the Term, the Executive shall be eligible to participate in such medical, dental and life insurance, retirement and other plans as the Company may have or establish from time to time on terms and conditions applicable to other senior executives of the Company generally. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established.

  • Group Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be a paid or unpaid leave, contact the District’s Human Resources Department.

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