Economic Equivalent definition
Economic Equivalent or "Economic Equivalence" shall have the meaning set forth in Section 1.23(f) hereof.
Economic Equivalent means the cost the Employee would incur if he were to provide himself with a benefit comparable to the reduced or eliminated benefit. The amount paid to the Employee as the economic equivalent, less the amount of the premium payment which is the Employee's responsibility in accordance with the Company benefit plan, will be "grossed-up", if taxable (that is, the amount necessary to make the Employee whole after taking into account (i) the cost of the benefit and (ii) additional income taxes, if any, incurred by the employee on amounts paid to him pursuant to this sentence)). The foregoing notwithstanding, upon a termination triggering Severance Compensation payments hereunder the Company shall be under no obligation to continue the Employee's coverage under any long term disability plan or program; and the date of such termination shall be considered a termination for purposes of participation in the Company's Retirement Savings Plan. Except as specifically set forth in this Section 5.4, the Employee shall not be entitled to any other compensation or benefits following a termination of employment by the Company as provided in this Section 5.4.
Economic Equivalent means the cost of the premiums paid by the Company for the insurance coverage provided to Employee by the Company during the 12 consecutive month period prior to such termination. Any such continuing insurance coverage, or economic equivalent thereof, will be offset by comparable coverage to Employee in connection with subsequent employment, if any. Other rights and benefits of Employee under employee benefit plans and programs of the Company, generally, will be determined in accordance with the terms and provisions of such plans and programs.
Examples of Economic Equivalent in a sentence
Such adjustment or modification shall result in the same, or the Economic Equivalent (as determined below) of the adjustment or modification as that made to the Parent Common Shares and shall simultaneously be made to, or in the rights of the holders of, the Exchangeable Shares.
To the degree that any of the above employee benefit programs are not available to Executive on account of his status as a non-employee after termination of employment, the Company shall provide for economically equivalent programs during the 36 month period or pay to executive a lump sum cash amount designed to allow him to obtain economically equivalent benefits or put him in the same economic position on an after tax basis (the "Economic Equivalent").
More Definitions of Economic Equivalent
Economic Equivalent has the meaning provided in Section 3.2 hereof.
Economic Equivalent has the meaning ascribed thereto in the Convertible Voting Share Provisions and the Exchangeable Share Provisions.
Economic Equivalent means the cost the Employee would incur if he were to provide himself with a benefit comparable to the reduced or eliminated benefit. The amount paid the Employee to provide the economic equivalent will be "grossed-up" (that is, the amount necessary to make the Employee whole after taking into account (i) the cost of the benefit and (ii) additional income taxes, if any, incurred by the employee on amounts paid to him pursuant to this sentence). The foregoing notwithstanding, upon a termination triggering Severance Compensation payments hereunder the Company shall be under no obligation to continue the Employee's coverage under any long term disability plan or program; and the date of such termination shall be considered a termination for purposes of participation in the Company's Retirement Savings Plan.
Economic Equivalent has the meaning ascribed thereto in the Exchangeable Share Provisions.
Economic Equivalent means the amount the Company would have paid for such coverage for each employee covered if the Company could purchase such coverage or add the Employee to the Company's plans. In order to obtain the Benefits, the Employee will have to pay the amount that would be the Employee's responsibility if he was still employed. The amount paid to the Employee as the Economic Equivalent, less the amount of the premium payment which is the Employee's responsibility in accordance with the Company benefit plan, will be "grossed-up", if taxable (that is, the amount necessary to make the Employee whole after taking into account (i) the cost of the benefit and (ii) additional income taxes, if any, incurred by the Employee on amounts paid to him pursuant to this paragraph). Should the Employee find employment with another employer ("New Employer") that typically provides Benefits to its employees, the Company will cease providing Benefits or the Economic Equivalent. If the Employee ceases employment with the New Employer and has no Benefits or Economic Equivalent from the New Employer, the Employee must immediately notify the Company and the Company shall again provide Benefits or the Economic Equivalent until the Employee reaches age 65.
Economic Equivalent means the cost the Employee would incur if he were to provide himself with a benefit comparable to the reduced or eliminated benefit. The amount paid the Employee to provide the economic equivalent will be "grossed-up" (that is, the amount necessary to make the Employee whole after taking into account (i) the cost of the benefit and (ii) additional income taxes, if any, incurred by the employee on amounts paid to him pursuant to this sentence). The foregoing notwithstanding, upon a termination triggering Severance Compensation payments hereunder the Company shall be under no obligation to continue the Employee's coverage under any long term disability plan or program; and the date of such termination shall be considered a termination for purposes of participation in the Company's Retirement Savings Plan. In addition to the foregoing, the Employee shall be entitled to (i) one "annual" executive physical during the Severance Compensation period in accordance with the normal schedule for annual physicals and (ii) payment for accrued but unused vacation through the date of such termination payable within 30 days and based on his annual base salary in effect as of such date, and the Company at its expense shall retain an outplacement organization to provide the following services to the Employee during the period for which Severance Compensation is paid hereunder: psychological and skills/preference testing and counseling; career assessment and objectives counseling; assessment/interview training; resume and cover letter preparation; network training; financial planning and counseling; the use of an office and a telephone and secretarial assistance; and such other outplacement services typical for persons in senior executive positions. Except as specifically set forth in this Section 5.4, the Employee shall not be entitled to any other compensation or benefits, and shall not be deemed an employee of the Company for any purpose, following a termination of employment by the Company as provided in this Section 5.4.