Credited Compensation of a Severed Employee means the aggregate of the Severed Employee’s annual base salary plus his or her annual incentive compensation, each as further described below. For purposes of this definition, (a) annual base salary shall be determined immediately prior to the Severance Date and (b) annual incentive compensation shall be deemed to equal the Severed Employee’s most recently established target (determined at one hundred percent of target) for annual incentive compensation for such employee prior to such employee’s Severance Date pursuant to the Variable Cash Incentive Program or its successor program maintained by the Employer.
Credited Compensation of a Severed Employee means the aggregate of the Severed Employee’s annual base salary plus his or her annual incentive compensation, each as further described below. For purposes of this definition, (a) annual base salary shall be determined immediately prior to the Severance Date (without regard to any reductions therein which constitute Good Reason) and (b) annual incentive compensation shall be deemed to equal the higher of (i) the Severed Employee’s most recently established target (determined at one hundred percent of target) for annual incentive compensation for such employee prior to such employee’s Severance Date or (ii) the average of the most recent two annual incentive compensation payments to by such Severed Employee pursuant to the Variable Cash Incentive Program or its successor program maintained by the Employer made before his or her Severance Date; provided, however, that for purposes of this clause (ii), (I) if such Severed Employee has been eligible to receive only one such annual incentive compensation payment for a period ending before his or her Severance Date, the amount of annual incentive compensation for purposes of determining Credited Compensation shall be equal to the amount of such single annual incentive compensation payment (if any), and (II) if such Severed
Credited Compensation of a Severed Employee means the aggregate of the Severed Employee’s (a) annual base salary, as determined immediately prior to the Severance Date (without regard to any reductions therein which constitute Good Reason), and (b) most recently established target (determined at one hundred percent of target) for annual cash incentive compensation for such employee prior to such employee’s Severance Date.
Examples of Credited Compensation in a sentence
In determining a Participant’s Credited Compensation there shall be included elective contributions made by the Employer on behalf of the Participant that are not includible in gross income under Code §§ 125, 132(f)(4), 402(e)(3), 402(h), 403(b), 414(h)(2) and 457, including elective contributions authorized by the Participant under a cafeteria plan or a qualified cash or deferred arrangement under Code § 401(k).
Ali A1, Ong MK, Forney CF (2014) Effect of ozone pre-conditioning on quality and antioxidant capacity of papaya fruit during ambient stor- age.
Credited Compensation in excess of the limit set by Internal Revenue Code § 401(a)(17), which is $230,000 as of the effective date of this restatement, shall be disregarded.
The amount contributed for a Participant shall be allocated to the Participant’s Elective Deferral Account maintained under the Plan as of the date during the Plan Year on which the amount is deducted and withheld from Credited Compensation.
Credited Compensation must be determined without regard to any rules under Code § 3401(a) that limit the remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Code § 3401(a)(2)).
More Definitions of Credited Compensation
Credited Compensation means the Member’s wages, salaries and other amounts paid by a Participating Company during the Plan Year for personal services rendered in the course of employment with a Participating Company. Credited Compensation shall include (i) amounts considered contributed by a Participating Company on behalf of the Member and not includable in the Member’s federal gross income under Sections 401(k), 402(h), 403(b) or 125 of the Code; (ii) bonuses; (iii) commissions; (iv) amounts paid for overtime; and (v) other special pay. Excluded from Credited Compensation are (i) awards paid under the Ashland Inc. Amended Performance Unit Plan approved by the Sponsoring Company’s shareholders in September 1985 (including any successor thereto); (ii) deferred compensation amounts (other than described above) and amounts paid from any such nonqualified deferred compensation plan; (iii) allowances paid by reason of foreign assignment; (iv) amounts realized from the exercise of non-qualified stock options or when restricted stock (or property) held by a Member becomes freely transferable or is no longer subject to a substantial risk of forfeiture; (v) amounts realized from the sale or other disposition of stock acquired under a qualified stock option; (vi) other amounts which receive special tax benefits except for amounts which receive special tax benefits and are included among the items that are included in Credited Compensation; (vii) severance pay which is paid on or after November 1, 1992; and (viii) effective January 1, 2000, amounts paid for waiving benefits under the Sponsoring Company’s flexible benefits program. Notwithstanding anything in the foregoing to the contrary, the Compensation of each Member taken into account under the Plan for any Plan Year shall not exceed $150,000 as adjusted at the same time and manner as the adjustments under Section 415(d) of the Code, and any such adjustment for a calendar year shall apply to the Plan Year which begins with or within such calendar year and such adjustments shall only be made in increments of $10,000, rounded down to the next lowest multiple of
Credited Compensation means the regular base compensation received by an Eligible Employee while he or she is a Participant, modified as provided at (a) and (b) below. Any amount that would qualify as Credited Compensation but for the Participant's agreement to forego receipt of such amount pursuant to a salary reduction agreement, a cafeteria plan (within the meaning of Code section 125), or a qualified transportation fringe benefit program (within the meaning of Code section 132(f)) shall be treated as Credited Compensation for purposes of the Plan. In no event shall Credited Compensation in excess of the limitation determined under Code section 401(a)(17) ($170,000 for 2001 and $200,000 for Plan Years beginning on or after January 1, 2002) be taken into account under the Plan, and Eligible Employees with Credited Compensation in excess of such limit shall have their Credited Compensation limited on a per pay period basis to comply with such limit.
Credited Compensation means an Employee's compensation for the Plan Year, as further defined in Section 414(s) of the Code, for any Employee who has commenced participation in the Plan (whether or not he has become a Depositing Participant). Credited Compensation shall specifically include compensation deferred under a Compensation Deferral Agreement, as permitted by Section 414(s) of the Code. Credited Compensation shall also include compensation paid to an Employee described in the last sentence of Section 1.10 by the foreign subsidiary described in such sentence. For Plan Years commencing after December 31, 1988, Credited Compensation of any Employee which is in excess of (a) $200,000 (as such amount may be adjusted from time to time pursuant to Code Sections 401(a)(17) and 415(d)) shall be disregarded for all Plan purposes, for any Plan Year commencing after December 31, 1988, and (b) $150,000 (as such amount may be adjusted from time to time pursuant to Code Section 401(a)(17)) shall be disregarded for all Plan purposes, for any Plan Year
Credited Compensation means an Employee's compensation for the Plan Year, as further defined in Section 414(s) of the Code, for any Employee who has commenced participation in the Plan (whether or not he has become a Depositing Participant). Credited Compensation shall specifically include compensation deferred under a Compensation Deferral Agreement, as permitted by Section 414(s) of the Code. Credited Compensation shall also specifically include overtime pay and shift differential. Credited Compensation shall specifically exclude Employer Matching Contributions and any forms of non-cash compensation. Credited Compensation of any Employee which is in excess of (a) $200,000 (as such amount may be adjusted from time to time pursuant to Code Sections 401(a)(17) and 415(d)) shall be disregarded for all Plan purposes, for any Plan Year commencing after December 31, 1988; and (b) $150,000 (as such amount may be adjusted from time to time pursuant to Code Section 401(a)(17)) shall be disregarded for all Plan purposes, for any Plan Year commencing after December 31, 1993. If the Plan determines Compensation on a period of time that contains fewer than twelve calendar months, then the annual limit on compensation is an amount equal to the annual limit on compensation for the calendar year in which the compensation period begins multiplied by the ratio obtained by dividing the number of full months in the period by twelve. In determining the Credited Compensation of a Participant for purposes of the annual compensation limit, the rules of Code Section 414(q)(6) will apply, except that the term "family" will include only the spouse of the Participant and any lineal descendants of the Participant who have not attained age 19 before the close of the Plan Year. If, as a result of the application of the rules of Code Section 414(q)(6), the adjusted annual compensation limit is exceeded, then the annual compensation limit shall be prorated among the affected individuals in proportion to each such individual's Credited Compensation, as determined above prior to the application of the annual compensation limit.
Credited Compensation of a Severed Employee means the aggregate of the Severed Employee’s annual base salary plus his or her annual incentive compensation, each as further described below. For purposes of this definition, (a) annual base salary shall be determined
Credited Compensation means the aggregate of annual base salary, plus annual incentive compensation, plus an option-based amount, each as further described below. For purposes of this definition, (a) annual base salary shall be determined immediately prior to the Severance Date (without regard to any reductions therein which constitute Good Reason), (b) annual incentive compensation shall be deemed to equal the annual incentive compensation earned by such employee pursuant to the annual bonus or incentive plan maintained by the Company in respect of the fiscal year ending immediately prior to such employee's Severance Date and (c) the option-based amount shall be an amount equal to 1/3 of the aggregate grant price of the guideline stock option award applicable in the most recent annual periodic grant to employees in the salary grade level assigned to the Severed Employee on the day prior to the Severance Date, without regard to any reduction in
Credited Compensation means the sum of a Participant’s Compensation, plus his Compensation in excess of the FICA taxable wage base that is in effect on the first day of the Plan Year.