Cash Severance Benefits means (A) in the case of Severance Benefits payable under Section 5(a) hereof, the cash payments to be made to Executive pursuant to subparagraphs (i), (ii), (iii) and (iv) thereunder, and (B) in the case of Severance Benefits payable under Section 5(b) hereof, the cash payments to be made to Executive pursuant to subparagraph (i) and (ii) thereunder.
Cash Severance Benefits means cash payments: (i) in respect of the termination of the Executive Officer’s employment; (ii) to secure an agreement not to compete with the Company; or (iii) to offset any tax liability in respect of any of the foregoing. For the avoidance of doubt, “Cash Severance Benefits” do not include (a) the vesting, acceleration, settlement, payment (in any form of consideration permitted by the applicable award agreement) or other handling of equity or equity-based awards granted or purchased under stockholder-approved plans or inducement plans, including, without limitation, awards granted under the Visa Inc. 2007 Equity Incentive Compensation Plan or the Visa Inc. Employee Stock Purchase Plan, in each case, as such plan is amended from time to time or any successor plan thereto, (b) payment of deferred compensation, earned retirement benefits or other vested employee benefits, in each case consistent with the Company’s normal practices, provided under the Company’s retirement or employee benefit plans, (c) the provision of perquisites, insurance, disability, health and welfare plan coverage and other non-cash benefits generally available to similarly-situated employees, including, without limitation, any cash payments provided to cover the cost of obtaining continued health care benefits under the Company's health care benefits program pursuant to COBRA, (d) any interest required to be paid pursuant to the terms of any Company plan or policy between the termination date and the payment date, (e) any unpaid bonus for any previously completed performance or service period required to be paid pursuant to the terms of any Company plan, policy, or agreement, (f) accrued but unpaid Base Salary or vacation pay through the termination date and reimbursement for any expenses validly incurred prior to the termination date, or (g) any payment in respect of the Executive Officer’s incentive payment for the year of termination based on target or actual performance (prorated based on the Executive Officer’s days of service during the applicable performance period).
Cash Severance Benefits means cash payments:
Examples of Cash Severance Benefits in a sentence
Such termination and repayment of Cash Severance Benefits and cessation of the right to exercise shall be in addition to, and not in lieu of, any and all available legal and equitable remedies, including injunctive relief.
The payment of the Cash Severance Benefits shall commence on the first payroll payment date following the expiration of thirty (30) days after the Date of Termination; provided that the obligation of the Companies to pay such Cash Severance Benefits to the Executive shall be subject to termination as provided in Section 10 hereof in the event the Executive violates the covenants under either Section 8(a) or Section 9 hereof.
All Equity Severance Benefits, Performance Unit Benefits and Cash Severance Benefits provided under this Policy shall constitute an unfunded obligation of the Company.
Equity Severance Benefits, Performance Unit Benefits and Cash Severance Benefits shall not be counted as compensation for purposes of determining benefits under other benefit plans, programs, policies and agreements, except as required by law or to the extent expressly provided therein or herein.
This Policy shall continue in effect until terminated in accordance with Section 8.2. If a Change in Control occurs, this Policy shall continue in full force and effect and shall not terminate or expire until after all Participants who have become or may become entitled as a result of the Change in Control to Equity Severance Benefits, Performance Unit Benefits and/or Cash Severance Benefits hereunder shall have received such payments in full.
More Definitions of Cash Severance Benefits
Cash Severance Benefits means cash payments payable to an Executive Officer (i) as a result of the termination of the Executive Officer’s employment, (ii) to secure an agreement of the Executive Officer not to compete with the Company, or (iii) to offset any tax liability relating to the foregoing payments.
Cash Severance Benefits means (A) in the case of Severance Benefits payable under Section 5(a) hereof, the cash payments to be made to Executive pursuant to subparagraphs (i), (ii), (iii) and (iv) thereunder, (B) in the case of Severance Benefits payable under Section 5(b) hereof, the cash payments to be made to Executive pursuant to subparagraph (i) and (ii) thereunder, and (C) in the case of Severance Benefit payable under Section 5(c) hereof, the cash payments to be made to Executive pursuant to subparagraphs (i) and (ii) thereunder.
Cash Severance Benefits means cash payments to an Executive Officer for the Executive Officer’s termination of employment, or to offset any tax liability relating to such termination payments. It does not include:
Cash Severance Benefits means cash payments: (i) in respect of the termination of the Executive Officer’s employment; (ii) to secure an agreement not to compete with the Company; or (iii) to offset any tax liability in respect of any of the foregoing. For the avoidance of doubt, “Cash Severance Benefits” do not include (a) the payment, vesting, acceleration or other handling of equity-based awards granted under stockholder-approved plans or inducement plans or awards prior to the Executive Officer’s termination of employment, (b) payment of deferred compensation, earned retirement benefits or other vested employee benefits, in each case consistent with normal practices, provided under the Company’s retirement or employee benefit plans, (c) the provision of perquisites, insurance, disability, health and welfare plan coverage and other non-cash benefits generally available to similarly-situated employees, (d) any interest required to be paid pursuant to the terms of any Company plan or policy between the termination date and the payment date, (e) any unpaid bonus for any previously completed performance period required to be paid pursuant to the terms of any Company plan or policy, (f) accrued but unpaid Base Salary or vacation pay through the termination date and reimbursement for any expenses validly incurred prior to the termination date or (g) any payment in respect of the Executive Officer’s bonus for the year of termination based on target or actual performance (prorated based on the Executive Officer’s days of service during the annual performance period).
Cash Severance Benefits include cash payments in connection with the termination of the Executive Officer’s employment, or to offset any tax liability relating to such payments. It does not include (a) the payment, vesting, or acceleration of equity-based awards granted under Company equity plans; (b) the payment or provision of perquisites and other employee benefits generally available to similarly-situated employees; (c) any earned, but unpaid bonus for any completed performance period required to be paid under any Company plan or policy; (d) payment of deferred compensation, earned retirement benefits or other vested employee benefits provided under any Company benefit plan or policy; or (e) accrued but unpaid base salary or vacation pay through the termination date.
Cash Severance Benefits means cash payments (i) in connection with the termination of the Executive Officer’s employment; (ii) to secure an agreement not to compete with PPG; or (iii) to offset any tax liability with respect to the foregoing. For the avoidance of doubt, Cash Severance Benefits exclude:
Cash Severance Benefits. A lump sum cash severance payment will be paid to the Executive in an amount equal to the sum of the following three components (the “Severance Payment”):
(1) Executive’s Final Basic Salary multiplied by 150%; (2) the product of the Final Basic Salary multiplied by the Bonus Percentage multiplied by 150%; and (3) the product of the Final Basic Salary multiplied by the Bonus Percentage multiplied by the Bonus Multiplier. Notwithstanding the foregoing, to the extent applicable, the Severance Payment shall be reduced by any amounts paid to Executive (i) for performance for the calendar year in which the Covered Termination occurs under any bonus plan maintained by the Company or an Affiliate (which shall not include any one-time or extraordinary bonus payments provided outside of a plan for performance); (ii) during any period of garden leave immediately preceding the Covered Termination, (iii) qualifying as pay-in-lieu of notice, or (iv) any other severance benefits whether contractual or statutory (including but not limited to any statutory redundancy pay) or other similar benefits payable to the Executive in connection with the Executive’s termination of employment. The Severance Payment shall be paid to the Executive in a single lump sum payment on the sixtieth (60th) day following the date of the Covered Termination.
(1) £100,000 x 150% (1.5) = £150,000 (2) £100,000 x bonus percentage (.4) x 150% (1.5) = £60,000 (3) £100,000 x bonus percentage (.4) x 6/12 = £20,000 Total Severance Payment: £150,000 + £60,000 + £20,000 = £230,000