Highly Paid Employee for any Plan Year means an Employee who, during either that or the immediately preceding Plan Year was at any time a five percent owner of the Employer (as defined in Code Section 416(i)(1)) or, during the immediately preceding Plan Year, had 415 Compensation exceeding $110,000 and was among the most highly compensated one-fifth of all Employees (the $110,000 amount is adjusted at the same time and in the same manner as under Code Section 415(d)). For these purposes, “the most highly compensated one-fifth of all Employees” shall be determined by taking into account all individuals working for all related Employer entities described in the definition of “Service,” but excluding any individual who has not completed six months of Service, who normally works fewer than 17-1/2 hours per week or in fewer than six months per year, who has not reached age 21, whose employment is covered by a collective bargaining agreement, or who is a nonresident alien who receives no earned income from United States sources. The applicable year for which a determination is being made is called a “determination year” and the preceding 12-month period is called a look-back year.
Highly Paid Employee for any Plan Year means an Employee who, during either of that or the immediately preceding Plan Year was at any time a five percent owner of the Employer (as defined in Code Section 416(i)(1)) or had 415 Compensation exceeding $80,000 and was among the most highly compensated one-fifth of all Employees. For this purpose:
Highly Paid Employee for any Plan Year means an Employee who, during either of that or the immediately preceding Plan Year, (i) owned more than five percent of the outstanding equity interest or the outstanding voting interest in any Employer, (ii) had Total Compensation exceeding $75,000 (as adjusted pursuant to section 415(d) of the Code), (iii) had Total Compensation exceeding $50,000 (as adjusted pursuant to section 415(d) of the Code) and was among the most highly compensated one-fifth of all Employees, or (iv) was at any time an officer of an Employer and had Total Compensation exceeding $45,000 (or 50 percent of the currently applicable dollar limit under Section 415(b)(1)(A) of the Code). For this purpose:
Examples of Highly Paid Employee in a sentence
Except as set forth on Section 3.11(b) of the Sellers Disclosure Letter, to the Knowledge of Sellers, no Highly Paid Employee has plans to terminate employment with the Transferred Entities.
The Sellers have delivered to Purchasers a true and correct listing of the compensation amounts paid to each Highly Paid Employee in 2014 and the base salary and target bonus for such personnel in 2015.
Each Highly Paid Employee who is a key Employee designated by the Committee and who satisfies such medical requirements as the Committee may impose, shall be eligible to participate in the Plan.
According to the U.S. Department of Labor statistics, the national average rate in 2009 was 9.38%.
The undersigned acknowledges that if in accordance with the Plan the undersigned is not a Highly Paid Employee under the Plan, the undersigned's election to defer the Incentive Compensation will become invalid.
More Definitions of Highly Paid Employee
Highly Paid Employee for any Plan Year means an Employee who, during either of that or the immediately preceding Plan Year was at any time a five percent owner of the Employer (as defined in Code
Highly Paid Employee for any Plan Year means an Employee who, during either that or the immediately preceding Plan Year was at any time a five percent owner of the Employer (as defined in Code Section 416(i)(1)) or, during the immediately preceding Plan Year, had 415 Compensation exceeding $90,000 and was among the most highly compensated one-fifth of all Employees (the $90,000 amount is adjusted at the same time and in the same manner as under Code Section 415(d), provided, however, the base period is the calendar quarter ending September 30, 1996). For these purposes, “the most highly compensated one-fifth of all Employees” shall be determined by taking into account all individuals working for all related Employer
Highly Paid Employee for any Plan Year means an Employee who, during the immediately preceding 12 months, (i) was at any time a Five-Percent Owner, (ii) had Limit Compensation exceeding five-sixths of the Current Limit (e.g., $99,000 for 1994), (iii) had Limit Compensation exceeding five-ninths of the Current Limit (e.g., $66,000 for 1994) and was among the most highly compensated one-fifth of all Employees, or (iv) was at any time an officer, partner, or sole proprietor of an Employer and had Limit Compensation exceeding one-half of the Current Limit (e.g., $59,400 for 1994). An Employee shall also be a "Highly Paid Employee" if, substituting the current Plan Year for the preceding 12 months in the preceding sentence, either (1) he would be described in clause (i), or (2) he would be described in any of clauses (ii), (iii), and (iv) and he is among the 100 highest-paid Employees of the Employer for the current Plan Year. For this purpose:
Highly Paid Employee means any Employee whose annualized base rate of pay is greater than the amount specified for determining a highly compensated employee by Internal Revenue Code Section 414(q) (as adjusted from time to time by the Internal Revenue Service, and is $85,000 for the calendar year, 2001).
Highly Paid Employee for any Plan Year means an Employee who, during either of that or the immediately preceding Plan Year, (i) owned more than five
Highly Paid Employee means an Employee who: (A) owned more than five percent of the outstanding equity interest or the outstanding voting interest in any Employer during the year or the preceding year, or (B) for the preceding year (i) had Total Compensation exceeding $80,000 (as adjusted pursuant to Section 415(d) of the Code), and, (ii) if the Employer elects with respect to a preceding year, was among the most highly compensated one-fifth of all Employees for such preceding year. For this purpose:
Highly Paid Employee means any Employee who: