Executive Benefit means the benefit amounts determined pursuant to Sections 3 through 5 (including sub-paragraphs, as applicable), reduced or adjusted to the extent: (a) required under the other provisions of this Agreement; or (b) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; or (c) required in order for the Employer to comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g. FICA, FUTA, SDI).
Executive Benefit or "Retirement Benefit Payments" shall mean the benefits determined pursuant to subparagraphs 3.1 or 3.2 and in accordance with Schedule "B", and reduced or adjusted to the extent: (i) required under the other provisions of this Agreement, including, but not limited to, Paragraphs 5, 7, and 8 hereof; (ii) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Bank or the Holding Company; or (iii) required in order for the Bank or the Holding Company to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).
Executive Benefit means the benefit determined under Article 3, comprised of both a Participant’s Net Executive Restoration Benefit and Net Executive SERP Benefit.
Examples of Executive Benefit in a sentence
Deferred Compensation Plans and Other Executive Benefit Plans and subsequent amendments dated August 1, 1995 and November 1, 1999.
Deferred Compensation Plans and Other Executive Benefit Plans, effective January 13, 1994.
As part of these agreements, the executives were given a qualified right to continued participation in certain of the Executive Benefit Plans.
Termination of the Executive Benefit Plans will save the Debtors in excess of $3.6 million per year and cause an immediate return to their estates of approximately $57 million.
To the extent any such changes would defer commencement of any portion of the Participant’s Restoration Benefit Account, Executive Benefit Account or Extra Deferral Account beyond both age 70½ and Separation from Service, the changes will not be effective.
More Definitions of Executive Benefit
Executive Benefit means the annual benefit amounts determined pursuant to Paragraphs 1 through 4 (including sub-paragraphs, as applicable), subject to forfeiture, reduction or adjustment as (a) required under the other provisions of this Agreement; (b) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; or (c) required in order for the Employer to comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI). Subject to the forgoing, in the event the Executive obtains an Applicable Percentage of one hundred percent (100%), then the annual Executive Benefit paid by the Bank to the Employee pursuant to this Agreement shall be the lesser of forty percent (40%) of the average of the Executive’s three final years of base salary or an amount equal to One Hundred Thirty Three Thousand Five Hundred Twenty Dollars ($133,520.00). This Executive Benefit shall be paid in twelve (12) substantially equal monthly installments, for a period of fifteen (15) years (180 months).
Executive Benefit. The term "Executive Benefit" or "Retirement Benefit Payments" shall mean the benefits determined pursuant to subparagraphs 3.1 or 3.2 and in accordance with Schedule "B", and reduced or adjusted to the extent: (i) required under the other provisions of this Agreement, including, but not limited to, Paragraphs 5,6, and 7 hereof; (ii) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Bank; or (iii) required in order for the Bank to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).
Executive Benefit or “Retirement Benefit Payments” shall mean the benefits determined pursuant to subparagraphs 3.1 or 3.2 and in accordance with Schedule “B”, and reduced or adjusted to the extent: (i) required under the other provisions of this Agreement, including, but not limited to, Paragraphs 5,6, and 7 hereof; (ii) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Bank; or (iii) required in order for the Bank to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).
Executive Benefit means the annual benefit amounts determined pursuant to Paragraphs 1 through 5 (including sub-paragraphs, as applicable), forfeited, reduced or adjusted to the extent: (a) required under the other provisions of this Agreement, including, but not limited to Paragraphs 3, through 5, as applicable; (b) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; or (c) required in order for the Employer to comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI). 9NEXT PAGE In addition, it is the intent of the parties to comply with all applicable Internal Revenue Code Sections, including, but not limited to, IRC 409A.
Executive Benefit or "Retirement Benefit Payments" shall mean the benefits determined pursuant to subparagraphs 3.1 or 3.2 and in accordance with Schedule "B", and reduced or adjusted to the extent: (i) required under the other provisions of this Agreement, including, but not limited to, Paragraphs 5 and 7 hereof; (ii) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Bank or the Holding Company; or (iii) required in order for the Bank or the Holding Company to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI). The maximum term of any Executive Benefit or Retirement Benefit Payments payable over time under the Agreement shall be twenty-five (25) years from the first date of payment of such Executive Benefit.
Executive Benefit means the annual benefit amounts determined pursuant to Paragraphs 3, 4 or 5 (including sub-paragraphs, as applicable) and in accordance with Schedules A and B, attached hereto, forfeited, reduced or adjusted to the extent: (a) required under the other provisions of this Agreement, including, but not limited to, Paragraphs 5, 6 and 7 hereof, as applicable; (b) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; or (c) required in order for the Employer to comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI). The Executive Benefit will be paid in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Executive is first due an Executive Benefit payment and monthly thereafter until the Executive’s death (Executive Benefit Payments).
Executive Benefit. The term "Executive Benefit" or "Retirement Benefit Payments" shall mean the benefits determined pursuant to subparagraphs 3.1 or 3.2 and in accordance with Schedule "B", and reduced or adjusted to the extent: (i) required under the other provisions of this Agreement, including, but not limited to, Paragraphs 5,6, and 7 hereof; (ii) required by reason of the lawful order of any regulatory agency or body having jurisdiction over the Bank or the Holding Company; or (iii) required in order for the Bank or the Holding Company to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (e.g., FICA, FUTA, SDI).