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
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 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
Examples of Credited Compensation in a sentence
In addition, "Credited Compensation" shall include Variable Pay paid by an Employer to an Employee; provided, however, that except as provided in the following sentence, the amount of Variable Pay included in an Employee's Credited Compensation shall be limited to $75,000.
If a Participant's Before-Tax Contributions must be reduced to comply with the requirements of Section 4.1 or 4.2 or the requirements of applicable law, his Before-Tax Contributions shall be reduced to the next highest 1% increment of his unreduced Credited Compensation permitted by such Section or law.
Upon enrollment pursuant to Section 2.2, a Participant shall agree pursuant to a Salary Reduction Agreement to have his Employer make Before-Tax Contributions to the Trust of up to 12% of his unreduced Credited Compensation (in 1% increments) by means of pay period payments of the elected percentage.
Subject to the provisions of the Plan and Trust Agreement, each Employer shall, as and to the extent it lawfully may, contribute to the Trust Fund on account of each month, Matching Employer Contributions in an amount equal to 115% of the Before Tax Contributions for each such month for each Participant with respect to the first 6% of each such Participant's Credited Compensation.
The victims were under the age of 14 at the time of the molestations.
More Definitions of Credited Compensation
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.
Credited Compensation means Compensation.
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 means the Participant’s Credited Compensation as defined in Section 2.6 of the Standard Retirement Plan for Home Office Personnel.
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