Long-Term Service Payment Sample Clauses

Long-Term Service Payment. Within ten (10) business days following the date the general release required of the Executive pursuant to Paragraph 14 becomes effective, the Executive shall receive in a lump sum payment equal to the present value of the ten (10)-year income stream in the annual dollar amount calculated pursuant to the benefit formula set forth in Paragraph 13(a) and based on his years of employment (not to exceed twenty-five (25) years) and salary and bonus payments through the date of such Involuntary Termination. The present value of such annual income stream shall be calculated with discount factor or factors equal to the Applicable Federal Rates in effect on the date of the Involuntary Termination. Such payment shall be in lieu of any Special Long-Term Service Bonus to which the Executive might otherwise at the time be entitled under Paragraph 13(a) and shall be subject to the Corporation’s collection of all applicable withholding taxes.
Sample 1
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Long-Term Service Payment. Within ten (10) business days following the date the general release required of the Executive pursuant to Paragraph 17 becomes effective or (in the event of the Executive’s death) within thirty (30) days after his death, the Executive or his estate shall receive a lump sum payment equal to the present value of the ten (10)-year income stream in the annual dollar amount calculated pursuant to the benefit formula set forth in Paragraph 13(a) and based on his years of employment (not to exceed twenty-five (25) years) and salary and bonus payments through the date of such Involuntary Termination or death. The present value of such annual income stream shall be calculated with discount factor or factors equal to the Applicable Federal Rates in effect on the date of the Executive’s Involuntary Termination or death. Such payment shall be in lieu of any Special Long-Term Service Bonus to which the Executive might otherwise at the time be entitled under Paragraph 13(a) and shall be subject to the Corporation’s collection of all applicable withholding taxes.
Sample 1

Related to Long-Term Service Payment

  • Long-Term Incentive The Company shall provide Employee an opportunity to participate in the Company’s applicable long term incentive plan as it may or may not exist from time to time.

  • Long-Term Incentives The Company shall provide the Executive the opportunity to earn long-term incentive awards under the current equity and cash based plans and programs or replacements therefor at a level commensurate with the current aggregate opportunity being provided to the Executive.

  • Long-Term Compensation Including Stock Options, and Benefits, Deferred Compensation, and Expense Reimbursement.

  • Long Term Leave Any employee who declines a reappointment as a Teaching Assistant in order to interrupt his/her program of graduate study for a period not to exceed one (1) year will not jeopardize his/her consideration for reappointment under Article l3.03.

  • Long-Term Incentive Award During the Term, Executive shall be eligible to participate in the Company’s long-term incentive plan, on terms and conditions as determined by the Committee in its sole discretion taking into account Company and individual performance objectives.

  • Long-Term Incentive Awards The Executive shall participate in any long-term incentive awards offered to senior executives of the Company, as determined by the Compensation Committee.

  • Long-Term Incentive Program During the Term, the Employee shall participate in all long-term incentive plans and programs of the Group that are applicable to its senior executives in accordance with their terms and in a manner consistent with his position with the Company.

  • Long-Term Incentive Compensation Subject to the Executive’s continued employment hereunder, the Executive shall be eligible to participate in any equity incentive plan for executives of the Firm as may be in effect from time to time, in accordance with the terms of any such plan.

  • Long Term Care The City may offer an option for employees to purchase a new long-term care benefit for themselves and certain family members.

  • Longevity Bonus After twenty (20) years of continuous service, an employee will receive a longevity bonus of seven hundred dollars ($700) per year, payable in one lump sum by the second pay period following the employee's anniversary date.

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