Performance Based Compensation. Upon the expiration of the initial three (3) year period of the Term, during any calendar year in which the Executive is a “covered employee,” as defined in Section 162(m)(3) of the Code, if any ACIP entitlements or stock-based awards of the Executive are intended to qualify as “performance based compensation” within the meaning of Section 162(m) of the Code, then the Executive shall not be entitled to any severance payments based on his ACIP payments or accelerated vesting of his stock-based awards pursuant to Section 3.3 or 3.4 of this Agreement if and to the extent that such payments or accelerated vesting would cause any portion of such ACIP entitlements or stock-based awards to fail to be deductible pursuant to Section 162(m) of the Code.
Appears in 5 contracts
Samples: Employment Agreement (Selective Insurance Group Inc), Employment Agreement (Selective Insurance Group Inc), Employment Agreement (Selective Insurance Group Inc)
