Qualified Salary definition

Qualified Salary of a Key Executive shall mean the Key Executive’s gross base salary which may be payable to the Key Executive on a Payday, including any portion thereof payable in the form of sick pay, vacation pay, pay in lieu of notice or jury pay, and determined before any exclusions, deductions or withholdings therefrom,

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Qualified Salary means the amounts of compensation paid by an Insured Entity at an annual rate, including bonuses, commissions, incentive payments, health and welfare and pension benefits (at the level in effect on the date of the Kidnapping, Detention or Hijacking) which such Insured Entity continues to pay an Insured Person who has been the subject of such Kidnapping, Detention or Hijacking. Payment of Qualified Salary ends at the earliest of:

Qualified Salary of a Key Executive shall mean the Key Executive’s gross base salary which may be payable to the Key Executive on a Payday, including any portion

Examples of Qualified Salary in a sentence

• Employees electing a Tax Sheltered Annuity (TSA) option will be provided a vehicle to maintain their options through the IRS Qualified Salary Reduction Program.

• The only contributions allowed under the Contract will be those made in accordance with a Qualified Salary Reduction Arrangement as described in Section 408(p) of the Code.

• The Qualified Salary Reduction Arrangement will further provide that the employee may elect to terminate participation in such arrangement at any time during the year, and that each employee eligible to participate may elect, during the 60-day period before the beginning of any year (and the 60-day period before the first day such employee is eligible to participate) to participate in the arrangement, or to modify the amounts subject to such arrangement, for such year.

• A Supplemental Salary Deferral Contribution made for the benefit of a Participant for any Plan Year shall be credited to a Supplemental Salary Deferral Account maintained under the Plan in the name of such Participant at the same time as Qualified Salary Deferral Contributions are made for such Plan Year.

• The Qualified Salary Reduction Arrangement pursuant to which contributions are to be made to this Contract will provide that the employer must make the contributions attributable to salary reduction agreements not later than the close of the 30-day period following the last day of the month with respect to which the contributions are to be made, and will make the employer-matching contributions or the employer- nonelective contributions not later than the date described in Section 404(m)(2)(B) of the Code.

• The amount of a hardship distribution, and the procedures for requesting and receiving such a distribution, shall satisfy the requirements set forth in the Qualified Profit Sharing Plan with respect to a hardship distribution from his Qualified Salary Deferral Account.

More Definitions of Qualified Salary

Qualified Salary of a Key Executive shall mean the Key Executive's gross base salary which may be payable to the Key Executive on a Payday, determined before any exclusions, deductions or withholdings therefrom.