Additional Severance Benefits definition

Additional Severance Benefits means (i) severance amounts that would be payable in cash to a Senior Officer, including payments in lieu of medical benefits and amounts paid for any tax gross-ups such as reimbursement of excise taxes in connection with the Internal Revenue Code Sections 280G and 4999, due to termination of employment, and (ii) special benefits or perquisites provided to a Senior Officer at the time of such Senior Officer’s termination of employment, including the estimated value of future consulting fees and the present value of additional age and service credited for benefit accrual under any pension or retirement plan. The term “Additional Severance Benefits” includes both lump-sum payments and the estimated present value of any periodic payments made or special benefits or perquisites provided following the date of termination of such Senior Officer’s employment.

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Additional Severance Benefits means (i) severance amounts that would be payable in cash to a Senior Officer, including payments in lieu of medical benefits due to termination of employment and (ii) special benefits or perquisites provided to a Senior Officer at the time of such Senior Officer’s termination of employment (unless such benefits or perquisites are otherwise consistent with any broad-based plan, program, arrangement or practice of PNC that is generally applicable to eligible PNC employees), including the present value of additional age and service credited for benefit accrual under any pension or retirement plan. The term “Additional Severance Benefits” includes both lump-sum payments and the estimated present value of any periodic payments made or special benefits or perquisites provided following the date of termination of such Senior Officer’s employment.

Additional Severance Benefits means, subject to a Participant’s (a) timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), with respect to the Company Group’s group health plans in which such Participant was participating on the date of such Participant’s termination of employment and (b) continued timely payment by such Participant of premiums for such COBRA coverage, the Company shall pay such Participant monthly, as an additional taxable severance benefit, an amount equal to the dollar amount of the premium cost for the group health coverage elected by such Participant under COBRA that the Company Group pays on behalf of similarly situated active executives of the Company Group until the earlier of (x) such Participant ceasing to be eligible for COBRA coverage, and (y) such Participant becoming

Examples of Additional Severance Benefits in a sentence

It is expressly agreed and understood that no Severance Benefits or Additional Severance Benefits shall be required to be paid or provided unless and until the foregoing Release of Claims requirement is satisfied.
For the avoidance of doubt, if the Executive fails to satisfy the conditions for the receipt of the Severance Benefits, the Executive shall not be entitled to any Additional Severance Benefits hereunder.
Additional Severance Benefits specified in this subsection are to be provided on an unfunded basis, are not intended to meet the qualification requirements of Section 401 of the Internal Revenue Code, and shall be payable solely from the general assets of the Company.
Without limiting the generality of the foregoing, so much of the Executive’s Severance Benefits and Additional Severance Benefits as does not exceed the "exempt amount" as hereinafter defined shall in no event be paid later than by December 31 of the second calendar year following the calendar year in which the involuntary separation from service occurs.
The Executive also agrees that the Severance Benefits and Additional Severance Benefits shall be reduced by any other payments or benefits to which the Executive is entitled under applicable law as a result of termination of employment, including without limitation any federal, state or local law with respect to plant closing, mass layoffs or group benefits plan continuation following termination or the like.
You must work through the Separation Date to either receive Basic Severance or Additional Severance Benefits.
If you do not sign this Agreement and return it to Avon within twenty-one (21) days after the date on which you receive this Agreement and, if applicable, if you do not sign the Second General Release and return it within twenty-one (21) days following the Separation Date, then the offer of Additional Severance Benefits described herein will expire and you will not be entitled to any Additional Severance Benefits beyond the Basic Severance.
If you elect the Additional Severance Benefits, you will receive salary continuation for 24 months immediately following the Separation Date (referred to as the “Salary Continuation Period”) based upon your annual salary as in effect on the Separation Date.
If you do not elect the Additional Severance Benefits, no career transition and development services will be provided to you.
Regardless of whether or not you elect the Additional Severance Benefits, each equity award (such as restricted stock units and stock options) will continue to be governed by the applicable equity agreement(s) and the applicable stock incentive plan(s) (including, but not limited to, terms and conditions regarding vesting and settlement of awards).

More Definitions of Additional Severance Benefits

Additional Severance Benefits. If you elect the Additional Severance Benefits, during the Salary Continuation Period you will continue to be credited with service under the PRA pursuant to and in accordance with the terms of the PRA, including any amendments to the PRA that may be enacted from time to time. This means that as a participant under the Cash Balance benefit formula, you can only continue to accrue vesting service, if applicable, during the Salary Continuation Period. In the month following the end of the Salary Continuation Period, you first may take a distribution from the PRA in the form you then elect in accordance with the terms of the PRA.

Additional Severance Benefits means (i) severance amounts that would be payable in case to a Senior Officer, including payment in lieu of medical benefits due to termination of employment and