Additional Severance Pay definition

Additional Severance Pay means an amount equal to the product of Executive’s Base Amount multiplied by three minus the amount permitted to be paid pursuant to Treas. Reg. §1.409A-1(b)(9)(iii)(A).
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Additional Severance Pay means an amount equal to the product of the Executive’s Base Salary plus his Target AIP Bonus multiplied by the Relevant Factor minus the amount permitted to be paid pursuant to Treas. Reg. §1.409A-1(b)(9)(iii)(A).
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Additional Severance Pay means an amount equal to two times Employee's annual base salary at the highest rate in effect at any time during the twelve (12) months immediately preceding the Termination Date minus the Basic Severance Pay. Basic Severance Pay will be paid by the Company to Employee in equal bi-weekly installments according to the Company’s regular payroll periods and practices over the following period: the first such payment to which Employee is entitled shall be paid on the Company’s first pay date immediately following the first (1st) day of the month following the revocation period, if any, as set forth in Exhibit A, and the last such payment shall be paid on the Company’s last pay date immediately before the twenty-four (24) month anniversary of the Termination Date. Additional Severance Pay will be paid in a lump sum within sixty (60) days after the Termination Date; provided that if such sixty (60) day period begins in one (1) calendar year and ends in a second (2nd) calendar year, in accordance with Section 409A, payment shall always be made in the second (2nd) calendar year. “(B)” is a dollar amount determined pursuant to the following formula (which amount shall not be conditioned upon any election described in Section 9(a)(v) hereof): the sum of (1) and (2) where (1) is the sum of (aa) twenty four (24) multiplied by the amount of the monthly COBRA premium for the level of coverage in effect for Employee and his or her spouse and family under the Company’s medical, prescription drug, dental and vision plans on the Termination Date, and (bb) twenty four (24) multiplied by the amount of the monthly premium for the ArmadaCare coverage in effect for Employee and his or her spouse and family on the Termination Date, and (2) is fifty percent (50%) of (1); provided, however, if upon the issuance of future regulatory or other guidance, the foregoing formula would constitute or create a discriminatory insured plan of the Company in violation of Sections 2716(a) and 2716(b)(1) of the Public Health Service Act (as added by Section 1001(5) of the Patient Protection and Affordable Care Act, as amended by Section 10101(d) thereof) (a “Discriminatory Insured Plan”), the Company and Employee agree to amend such formula in a manner that shall provide substantially the same economic benefit to Employee but shall not be a Discriminatory Insured Plan. The amount payable under this subparagraph B shall be paid in a lump sum within sixty (60) days after the Termination Date; prov...
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Examples of Additional Severance Pay in a sentence

  • The amount of Additional Severance Pay provided for in Section 3.1(b)(ii) will be paid in a single lump sum cash payment by the Company to the Executive (or his designated beneficiary) on the earliest of (i) the first business day after six months following the Termination Date, (ii) the Executive’s death, or (iii) such other date that will cause such payment not to be subject to any additional tax imposed pursuant to the provisions of Section 409A.

  • The amount of such Additional Severance Pay shall be pro rated for the month during with Employee commences new employment.

  • Notwithstanding anything in this Agreement to the contrary, if the period during which Employee may consider and revoke the Release spans two (2) calendar years, any lump sum payment of Additional Severance Pay to which Employee is entitled pursuant to subparagraph A of Section 9.a.(ii), any lump sum payment pursuant to subparagraph B of Section 9.a.(ii), and any lump sum payment pursuant to subparagraph A of Section 9.e.

  • Notwithstanding the foregoing, because of the timing and optional revocation requirements mandated by law as set forth in Section 14 and 15 below, the Severance Pay and Additional Severance Pay described above will begin on Premier’s first regular payday that is 60 days following the Effective Date of this Agreement or the Separation Date, whichever is later, and will include Severance Pay and Additional Severance Pay for the period from your Separation Date through the first installment payment date.

  • The remaining Severance Pay and Additional Severance Pay installments will be paid over time during the time periods described above on a semi-monthly basis in accordance with Premier’s normal payroll practices for its employees.Thus, as outlined below, although you may take up to 45 days to consider and sign this Agreement, you may sign the Agreement before the end of the 45-day period should you wish to do so in order to avoid an initial gap in pay.

  • The remaining Severance Pay and Additional Severance Pay installments will be paid over time during the time periods described above on a semi-monthly basis in accordance with Premier’s normal payroll practices for its employees.

  • The amount of Additional Severance Pay will be paid in a single lump sum cash payment by the Company to the Executive (or his designated beneficiary) on the earliest of (i) the first business day after six months following his Termination Date, (ii) the Executive’s death, or (iii) such other date that will cause such payment not to be subject to any additional tax imposed pursuant to the provisions of Section 409A.

  • In the event that the Corporation undergoes a Change in Control prior to the Corporation’s Annual Meeting of Stockholders in 2011, Kxxxx shall resign from the Board effective as of the effective date of the Change in Control and all of the then outstanding Severance Pay and Additional Severance Pay shall be made in a lump sum (less applicable taxes and withholdings) within ten (10) days following the effective date of such Change in Control.

  • The EVP/SVP shall receive the Additional Severance Pay for the same period in which the EVP/SVP receives Severance Pay pursuant to Section 2.2(b)(i).

  • The Additional Severance Pay will be paid in semi-monthly installments or as otherwise provided for in accordance with the Company’s normal payroll practices for its employees during the six (6) months following the twelve (12) month Severance Period described in Subsection 3(b).


More Definitions of Additional Severance Pay

Additional Severance Pay means an amount equal to the product of Executive’s Base Amount in effect on his Termination Date multiplied by two minus the amount permitted to be paid pursuant to Treas. Reg. §1.409A-1(b)(9)(iii)(A).
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Additional Severance Pay means the amount of severance pay payable under Section 2(a) of this Agreement minus the Basic Severance Pay. For purposes of this Agreement, each installment payment shall be treated as a separate payment for purposes of Section 409A. The Basic Severance Pay portion of severance pay under Section 2(a) hereof will be paid by the Company to you in installments beginning within sixty (60) days after the Separation Date; provided that you have returned a signed copy of this Agreement and the release to the Company before the end of such sixty- (60-) day period and have not revoked such Agreement
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Additional Severance Pay means the amount of severance pay payable under Section 2(a) of this Agreement minus the Basic Severance Pay. For purposes of this Agreement, each installment payment shall be treated as a separate payment for purposes of Section 409A. The Basic Severance Pay portion of severance pay under Section 2(a) hereof will be paid by the Company to you in installments beginning within sixty (60) days after the Separation Date; provided that you have returned a signed copy of this Agreement and the release to the Company before the end of such sixty- (60-) day period and have not revoked such Agreement and release within such sixty- (60-) day period; and provided further that if such sixty- (60-) day period begins in one (1) calendar year and ends in a second (2nd) calendar year, in accordance with Section 409A, payment shall always be made in the second (2nd) calendar year. To the extent that, as a result of the timing of your return of a signed copy of this Agreement and release to the Company, any payroll date following the Separation Date has elapsed without a payment being made, the missed installment payment(s) shall be made together with the first permitted installment payment of Basic Severance Pay hereunder (without interest), and any coverage under COBRA shall be made retroactive to the Separation Date or such other date, as applicable. If you commence Alternative Employment prior to May 31, 2014, you will receive fifty percent (50%) of the unpaid Basic Severance Pay, with the unpaid amount determined as if you had not commenced Alternative Employment, within thirty (30) days after you commence Alternative Employment. The Additional Severance Pay portion of severance pay under Section 2(a) of this Agreement will be paid in a lump sum between January 1 and March 15, 2014; provided that you have returned a signed copy of this Agreement and the release to the Company before the end of the sixty- (60-) day period following the Separation Date and have not revoked such Agreement and release. In addition, if you commence Alternative Employment prior to the payment of the Additional Severance Pay, you will receive fifty percent (50%) of the Additional Severance Pay (determined as if you had not commenced Alternative Employment), within thirty (30) days after you commence Alternative Employment but in all events no later than March 15, 2014.
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Related to Additional Severance Pay

  • Severance Payment shall have the same meaning as the term "parachute payment" defined in Section 280G(b)(2) of the Code.

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 of this Agreement.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Additional Benefits means those benefits in addition to the rights and remedies available under the Australian Consumer Law.

  • Change in Control Benefits means the following benefits:

  • Severance Benefits means the payment of severance compensation as provided in Section 3.3 herein.

  • Severance Amount means (A) for any Termination other than during a Covered Period, an amount equal to one hundred percent (100%) of Executive’s then-current Annual Base Salary as of the respective Termination; or (B) for a Termination during a Covered Period, an amount equal to two hundred percent (200%) of Executive’s Base Compensation as of the respective Termination.

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • Contingent Compensation Payment means any payment (or benefit) in the nature of compensation that is made or made available (under this Agreement or otherwise) to a “disqualified individual” (as defined in Section 280G(c) of the Code) and that is contingent (within the meaning of Section 280G(b)(2)(A)(i) of the Code) on a Change in Ownership or Control of the Company.

  • Accrued Compensation means an amount which shall include all amounts earned or accrued through the "Termination Date" (as hereinafter defined) but not paid as of the Termination Date, including (i) base salary, (ii) reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company during the period ending on the Termination Date, (iii) vacation pay and (iv) bonuses and incentive compensation (other than the "Pro Rata Bonus" (as hereinafter defined)).

  • Compensation Accrued at Termination means the following:

  • Severance Costs means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel.

  • Additional Compensation has the meaning set out in Section 13.3(1).

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Retention Bonus means an incentive bonus provided under

  • Accrued Amounts means any unpaid annual base salary accrued through the date of a Participant’s Qualifying Termination and any accrued but unpaid vacation pay.

  • Accrued Obligations means (i) all accrued but unpaid Base Salary through the date of termination of Executive’s employment, (ii) any unpaid or unreimbursed expenses incurred in accordance with Section 7 hereof, and (iii) any benefits provided under the Company’s employee benefit plans upon a termination of employment, in accordance with the terms contained therein.

  • Accrued Obligation means the sum of (i) Executive’s Base Salary earned through the Date of Termination and (ii) any accrued, unused vacation pay earned by Executive, in both cases, to the extent not theretofore paid.

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Nonqualifying Termination means a termination of the Executive’s employment (1) by the Company for Cause, (2) by the Executive for any reason other than a Good Reason, (3) as a result of the Executive’s death or (4) by the Company due to the Executive’s absence from his duties with the Company on a full-time basis for at least 180 consecutive days as a result of the Executive’s incapacity due to physical or mental illness.

  • Termination Benefit means the benefit set forth in Article 7.