Compensation and Benefits. Section hereof shall be applicable in determining the payments and benefits due Employee under this Section and if Termination occurs after a reduction in all or part of Employee’s total compensation or benefits, the lump sum severance allowance and other compensation and benefits payable to him pursuant to this Section shall be based upon his compensation and benefits before the reduction.
Compensation and Benefits section hereof shall be applicable in determining the payments and benefits due the Executive under this section and if Termination occurs after a reduction in all or part of the Executive's total compensation or benefits, the lump sum severance allowance and other compensation and benefits payable to him pursuant to this section shall be based upon his compensation and benefits before the reduction.
Compensation and Benefits means: (i) a monthly base salary equal to the highest monthly base salary paid to the Executive by the Company during the twenty-four (24) months immediately prior to the Effective Date; (ii) an annual bonus in cash equal to the average bonuses paid to the Executive during the twenty-four (24) month period immediately prior to the Effective Date; (iii) incentive, savings, welfare benefit, fringe benefit, medical, dental, vision, disability, and retirement plan participation at least equal to the most favorable coverage and options in effect for senior executives of the Company during the twelve (12) month period immediately prior to the Effective Date; and (iv) the obligations accrued at the Effective Date with respect to salary, bonuses, deferred compensation, vacation pay, death and disability benefits (if any).
Examples of Compensation and Benefits in a sentence
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The composition of the Audit and Ethics Committee, the Compensation and Benefits Committee and the Corporate Governance and Nominating Committee each shall satisfy the independence and other requirements of the New York Stock Exchange and the Securities and Exchange Commission as then in effect.
Any amendment to this Stock Agreement shall be in writing and signed by an executive officer of the Company or the Director of Compensation and Benefits.
More Definitions of Compensation and Benefits
Compensation and Benefits. The first sentence of Section 2.1 is hereby amended and modified so as to reflect Executive's current salary as $345,000 per annum.
Compensation and Benefits. Trust shall contain the following additional provisions:
Compensation and Benefits a) Salary: $250,000 per year.
Compensation and Benefits. Base Salary” is deleted in its entirety and replaced with the following:
Compensation and Benefits. In recognition of Employee's efforts and his agreement to extend the initial term of the Agreement, Employee shall receive a lump sum payment in the amount of $75,000 on or about August 6, 2001, and shall be entitled to receive performance bonuses in the amounts of $37,500, on each of November 5, 2001 and February 1, 2002, respectively, upon satisfactory completion of performance objectives established by the Governance Committee of the Board of Directors.
Compensation and Benefits section hereof shall be applicable in determining the payments and benefits due Employee under this section and if Termination occurs after a reduction in all or part of Employee’s total compensation or benefits, the lump sum severance allowance and other compensation and benefits payable to him pursuant to this section shall be based upon his compensation and benefits before the reduction. If any provision of this Section cannot, in whole or in part, be implemented and carried out under the terms of the applicable compensation, benefit or other plan or arrangement of the Company because Employee has ceased to be an actual employee of the Company, due to insufficient or reduced credited service based upon his actual employment by the Company or because the plan or arrangement has been terminated or amended after the Effective Date, or for any other reason, the Company itself shall pay or otherwise provide the equivalent of such rights, benefits and credits for such benefits to the Employee, his dependents, beneficiaries and estate as if Employee’s employment had not been terminated. All life, health, hospitalization, medical and accident benefits available to Employee’s spouse and dependents shall continue for the same term as Employee’s benefits. If Employee dies, all benefits will be provided for a term of one (1) year (or two (2) years if after a Change in Control) after the date of death of Employee. The Company’s obligation under this Section to continue to pay or provide health care, life, accident and disability insurance to Employee, Employee’s spouse and Employee’s dependents shall be reduced when and to the extent any such benefits are paid or provided to Employee by another employer; provided, however, that Employee shall have all rights, if any, afforded to retirees to convert group life insurance coverage to the individual life insurance coverage as, to the extent of, and whenever his group life insurance coverage under this Section is reduced or expires. Apart from this subparagraph, Employee shall have and be subject to no obligation to mitigate. The Company shall deduct applicable withholding taxes in performing its obligations under this Section. Nothing in this Section is intended, nor shall be deemed or interpreted, to be an amendment to any compensation, benefit or other plan of the Company. To the extent the Company’s performance under this Section includes the performance of the Company’s obligations to Employee under any other plan o...
Compensation and Benefits is hereby amended as follows: