Basic Severance Pay definition

Basic Severance Pay means an amount equal to the Executive’s Base Amount multiplied by three; provided, however, in no event shall such amount exceed the amount permitted to be paid pursuant to Treas. Reg. §1.409A-1(b)(9)(iii)(A).
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Basic Severance Pay means an amount equal to the lesser of the following (i) or (ii):
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Basic Severance Pay means an amount equal to the Executive’s Base Salary plus his Target AIP Bonus multiplied by the Relevant Factor;provided, however, in no event shall such amount exceed the amount permitted to be paid pursuant to Treas. Reg. §1.409A-1(b)(9)(iii)(A).
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Examples of Basic Severance Pay in a sentence

  • Basic Severance Pay shall be paid to the Terminated Participant in 52 equal bi-weekly installments over a two-year period, unless the Terminated Participant elects a lump sum payment.

  • CIGNA shall pay Basic Severance Pay to a Separated Participant in a single lump sum, less applicable withholding, in the seventh (7th) calendar month following the Separation Date.

  • Instead of Basic Severance Pay under Schedule II of the Severance Pay Plan, a Terminated Participant’s Basic Severance Pay shall equal his or her base salary rate, stated in weekly terms, multiplied by 104 weeks.

  • Unless the Terminated Participant elects a lump sum payment, Basic Severance Pay shall be paid to Covered Senior Executives in 78 equal biweekly installments over 156 weeks and to other Covered Executives in 52 equal biweekly installments over 104 weeks.

  • Basic Severance Pay shall equal the Separated Participant’s base salary rate, stated in weekly terms, multiplied by 156 weeks for Covered Senior Executives and 104 weeks for all other Covered Executives.

  • Instead of Basic Severance Pay under Schedule II of the Severance Pay Plan, a Terminated Participant's Basic Severance Pay shall equal his or her base salary rate, stated in weekly terms, multiplied by 104 weeks.

  • Any reduction under clause (i), above, shall be made first from the Basic Severance Pay and then, if necessary, from the Supplemental Severance Pay.

  • Severance Pay may, where applicable, include both Basic Severance Pay and Supplemental Severance Pay, as defined in paragraph 4(a) and (b).

  • Basic Severance Pay are not subject to the Release Requirements and will be made at regular payroll intervals according to your pay schedule prior to your Termination Date.

  • You will not be entitled to Severance Pay or other benefits under the Plan (including Basic Severance Pay) if you are entitled to severance pay or benefits under the Executive Change in Control Severance Plan.


More Definitions of Basic Severance Pay

Basic Severance Pay means an amount equal to the Executive’s Base Salary plus his Target AIP Bonus multiplied by the Relevant Factor; provided, however, in no event shall such amount exceed the amount permitted to be paid pursuant to Treas. Reg. §1.409A-1(b)(9)(iii)(A).
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Related to Basic Severance Pay

  • 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.

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

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

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

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

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

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

  • Severance Amount means:

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

  • Change in Control Benefits means the following benefits:

  • 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)).

  • Change in Control Benefit means the benefit described in Section 2.4.

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

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

  • Basic Salary shall have the meaning assigned to it in Section 5 of this Agreement.

  • Retention Bonus means the amount equal to:

  • Accrued Bonus means the bonus, which may be negative or positive, which is calculated in the manner set forth in Section V.A.

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • Severance Period means the period of time commencing on the date of an occurrence of a Change of Control and continuing until the earlier of (i) the date which is one and one-half years following the occurrence of the Change of Control, and (ii) the Executive's death.

  • Final compensation of a member means:

  • 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.

  • Employment benefits means all benefits provided or made

  • 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).

  • Annual Compensation means an amount equal to the greater of:

  • Earned Compensation means any Annual Base Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant to Section 3(a) (but excluding any salary and interest accrued thereon payment of which has been deferred).