Qualifying Severance definition

Qualifying Severance means Participant’s Separation From Service at least six months from the Grant Date pursuant to which the Participant is entitled (or would be entitled if he or she were a U.S. employee performing services in the U.S. for an eligible employer) to severance benefits under the U.S. Bank Severance Pay Program; provided, however, that if the Separation From Service occurs immediately following a leave of absence, the Separation From Service shall constitute a Qualifying Severance only if the leave of absence ends within six months of its commencement.

Qualifying Severance means the termination of a Participant's employment with the Company after the Effective Date and before the earlier of the Emergence Date or December 31, 2005: (i) by the Company other than for Cause, or (ii) by reason of death or Disability.

Qualifying Severance means the termination of a Participant's employment with the Company after the Effective Date and before the Emergence Date: (i) by the Company other than for Cause, (ii) by reason of death or Disability, or (iii) by reason of Retirement at the Company's request or with the consent of the Chief Executive Officer of Owens Corning (or, in the case of such Chief Executive Officer, with the consent of the Committee).

Examples of Qualifying Severance in a sentence

• Severance Payments under Section 5(c) of this Agreement shall be paid as therein set forth; provided, however, that to the extent that the total Lump Sum Amount to be paid under Section 5(c) to a Specified Employee exceeds the amount of Qualifying Severance Payments, then such excess shall be paid in a lump sum on the first day of the seventh month following the Date of Termination.

• If more than one Qualifying Severance Event occurs with respect to a Participant, such events shall constitute a single Qualifying Severance Event and the provisions of this Article 4 shall apply with respect to the Participant only once.

• A Participant's continued employment shall not constitute a consent to, or a waiver of rights with respect to, any circumstances constituting Good Reason for purposes of determining if a Qualifying Severance Event has occurred with respect to the Participant.

• If a Participant's employment by his or her Employer terminates for any reason other than a Qualifying Severance Event, then such Participant shall not be entitled to any Severance Benefits hereunder.

• If Participant has been continuously employed by the Company or any Affiliate from the Grant Date until the date of a Qualifying Severance (as defined in Section 10) and the Scheduled Vesting Date is on or before the second anniversary of the Qualifying Severance, then the Units will become vested such that the Final Award Number will be determined in accordance with Section 1 and a number of Units equal to the Final Award Number shall continue to vest on the Scheduled Vesting Date.

• Subject to Section 11.1, a Participant shall be entitled to receive from the Company, for and on behalf of the Participant's Employer, the applicable Severance Benefits described in this Article 4 if, during the term of the Plan, the Participant incurs a Qualifying Severance Event.

• Subject to Section 12.1, a Participant shall be entitled to receive from the Company, for and on behalf of the Participant's Employer, the applicable Severance Benefits described in this Article 4 if, during the term of the Plan, the Participant incurs a Qualifying Severance Event.

• If a Participant experiences a Qualifying Severance, then ERA Credits will be added by the Administrator to the Participant's Executive Retirement Account in an amount equal to twelve percent (12%) times the sum of (i) the Participant’s ERA Salary Base Differential plus (ii) the Participant’s Target Bonus Amount.

• Each Participant who terminates employment with the Company under a Qualifying Severance shall receive a cash payment from the Company equal to his or her Retention Amount multiplied by a fraction, the numerator of which is the number of calendar months (including fractional months) from the Effective Date until the date of the Qualifying Severance, and the denominator of which is 12.

• Such highest marginal rate shall take into account the loss of itemized deductions by the Participant and shall also include the Participant's share of the hospital insurance portion of FICA and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Participant's residence on the date of his or her Qualifying Severance Event, net of the maximum reduction in Federal income taxes that could be obtained from the deduction of such state and local taxes.

More Definitions of Qualifying Severance

Qualifying Severance means the termination of a Participant’s employment with the Company after the Effective Date and before the earlier of the Emergence Date or December 31, 2006: (i) by the Company other than for Cause, or (ii) by reason of death or Disability.

Qualifying Severance means a Severance incurred prior to the Specified Change in Control that is in connection with a job elimination, reduction in force, redundancy, site closure or reorganization.

Qualifying Severance means the termination of an eligible Employee’s employment by a Participating Company for any reason, other than a Termination for Cause, including but not limited to non-willful poor performance, inability to perform the essential functions of the Employee’s position, elimination of the eligible Employee’s position or the closing of all or a portion of the physical location that is the eligible Employee’s principal work place, except as provided at subsections 4(b)-4(i).

Qualifying Severance means Participant’s Separation from Service at least six months from the Grant Date pursuant to which Participant is entitled (or would be entitled if Participant were a U.S. employee performing services in the U.S. for an eligible employer) to severance benefits under the U.S. Bank Severance Pay Program, including satisfying any requirements related to signing and not revoking a general release of claims and post- termination covenants; provided, however, that if the Separation from Service occurs immediately following a leave of absence, the Separation from Service shall constitute a Qualifying Severance only if the leave of absence ends within six months of its commencement.