Salary and Benefits Continuation definition

Salary and Benefits Continuation shall be defined to mean the following: (i) payment of an amount of cash equal to two (2) times the Employee’s base salary at the rate of base salary per annum in effect immediately prior to the Change of Control or the termination of the Employee’s employment, whichever is higher; (ii) payment of an amount of cash equal to two (2) times the greater of (A) the highest annual incentive (bonus) payment earned by the Employee under the Company’s applicable Short-Term Incentive Plan (or any successor plan) for any year in the five (5) years prior to the termination of the Employee’s employment or (B) the target incentive (bonus) award under the Company’s applicable Short-Term Incentive Plan (or any successor plan) for the year in which the Change of Control or termination of the Employee’s employment occurs, whichever is higher; (iii) provision to Employee and his eligible dependents of medical, long-term disability, dental and life insurance coverage (to the extent such coverage was in effect immediately prior to the Change of Control) for twenty-four (24) months (at the end of which period the Company shall make such benefits available to the Employee and his eligible dependents in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), whether or not the Company is then required to comply with COBRA); and if the Employee would have become entitled to benefits under the Company’s post-retirement health care or life insurance plans (as in effect immediately prior to the Change of Control or the date of the Employee’s termination of employment, whichever is most favorable to the Employee) had the Employee’s employment terminated at any time during the period of twenty-four (24) months after such date of termination, the Company shall provide such post-retirement health care or life insurance benefits to the Employee (subject to any employee contributions required under the terms of such plans at the level in effect immediately prior to the Change of Control or the date of termination, whichever is more favorable to the Employee) commencing on the later of (i) the date that such coverage would have first become available or (ii) the date that benefits described in this subsection (iii) terminate; (iv) contribution by the Company to Employee’s account under the Company’s defined contribution retirement plan (currently, the EQT Corporation Employee Savings Plan) of an amount of cash equal to the amount that the Company would have con...
Salary and Benefits Continuation shall be defined to mean the following: (i) payment of sum equal to Employee's base salary for a twelve (12) month period; (ii) payment of an amount of cash equal to two (2) times the average Short-Term Incentive Compensation Plan Benefit (as defined in the Employment Agreement) earned over the prior three year period; (iii) immediate vesting of all previously unvested stock options and grants; (iv) immediate delivery of an amount of cash equal to two (2) times the average value (measured as the difference between the applicable strike price and the Fair Market Value as defined in the Company's Long-Term Incentive Plan on the date the change in control is consummated) of the average number of stock options granted to Employee over the preceding three (3) years under the applicable Company Long-Term Incentive Plan; (v) provision to Employee and his eligible dependents of medical, disability, dental and life insurance coverage (to the extent such coverage was in effect immediately prior to the Change of Control) for 24 months; and
Salary and Benefits Continuation means: (i) payment of an amount of cash equal to the one-twelfth of the Severance Period multiplied by Executive's base salary at the rate of base salary per annum in effect immediately prior to the Change of Control or on the date of the termination of Executive's employment, whichever is higher (such amount shall be payable in equal installments, on a basis consistent with the Company's payroll practices, over a number of months equal to the Severance Period, unless Executive has notified the Company in writing not less than six months prior to the Triggering Event of Executive's election to receive such amount in one lump sum payment, in which event the Company shall make such lump sum payment within 30 days following the Triggering Event); (ii) payment of an amount of cash equal to the one-twelfth of the Severance Period multiplied by the greater of (x) the average annual incentive bonus payment earned by Executive under the Company's Executive Incentive Compensation Plan (or any successor plan) in respect of the three most recent complete fiscal years of the Company preceding the date of the termination of Executive's employment or (y) the target incentive bonus award under the Company's Executive Incentive Compensation Plan (or any successor plan) for the year in which the Change of Control occurs or the year in which the termination of Executive's employment occurs, whichever is higher (such amount shall be payable in equal installments,

Examples of Salary and Benefits Continuation in a sentence

  • Subject to the provisions of any other agreement between the Employee and the Company, the Employee shall remain an employee at will and nothing herein shall confer upon the Employee any right to continued employment and shall not affect the right of the Company to terminate the Employee for any reason not prohibited by law; provided, however, that any such removal shall be without prejudice to any rights the Employee may have to Salary and Benefits Continuation hereunder.

  • Notwithstanding the foregoing, the Employee shall serve in said office(s) at the pleasure of the Board, and the Employee may be removed from said office(s) at any time with or without Cause (as hereinafter defined); provided, that such removal shall be without prejudice to any rights the Employee may have to Salary and Benefits Continuation (as hereinafter defined) hereunder.

  • The rights to Salary and Benefits Continuation shall be in addition to whatever other benefits the Employee may be entitled to under any other agreement or compensation plan, program or arrangement of the Company; provided, that the Employee shall not be entitled to any separate or additional severance payments pursuant to the Company's severance plan as then in effect and generally applicable to similarly situated employees.

  • Any Base Salary and Benefits Continuation payable pursuant to this Section 3 (Severance Benefits) will commence on the first payroll date following the Severance Benefit Commencement Date and will be made in substantially equal installments according to the Employer’s then-current payroll process; provided that the first installment will include those Base Salary and Benefits Continuation amounts accrued after the Termination Date through the period covered by such first installment.

  • The Company's Salary and Benefits Continuation Program or other program maintained by the Company for the purpose of providing severance-type benefits to employees whose employment is involuntarily terminated.

  • Employee will only receive health and welfare benefits at employee rates, subject to and conditioned upon Employee' s payment of the applicable employee premium contributions set for 2020, through and including his Salary and Benefits Continuation End Date OTHER THAN: Short-term Disability, Long-term Disability, and 401(k) Savings Plan.

  • A third case involved the recommendation that a lieutenant be reduced to the rank of police officer following a gross dereliction of duty.

  • This Salary and Benefits Continuation package offer will become effective in accordance with its terms upon signature by the parties.

  • The Company shall provide Executive with a continuation of group medical benefits currently provided by the Company during the Salary and Benefits Continuation Period.

  • The Company and Employee have agreed on the terms of the separation of Employee's employment with the Company including payment of salary and benefits as described below through July 24, 2020 ("Salary and Benefits Continuation End Date").


More Definitions of Salary and Benefits Continuation

Salary and Benefits Continuation shall be defined to mean the following: (i) payment of sum equal to Employee's base salary for a twenty-four (24) month period; (ii) payment of an amount of cash equal to two (2) times the average incentive earned over the prior three year period; (iii) immediate vesting of all previously unvested cash awards and stock incentives; (iv) immediate delivery of Company stock or payment of an amount of cash equal to two (2) times the value of the average grants received by Employee over the preceding five (5) years under the applicable Company long term incentive plans; (v) provision to Employee and his eligible dependents of medical, disability, dental and life insurance coverage (to the extent such coverage was in effect immediately prior to the Change of Control) for twenty-four (24) months; (vi) immediate granting to Employee of twenty-four (24) months of service and age credit for determining benefit amounts and any early retirement reductions with respect to all applicable Company retirement benefit plans; in addition, no early retirement reductions will be imposed on the retirement benefits if age at termination equals or exceeds 55; (vii) reimbursement to Employee of reasonable costs incurred by Employee for outplacement services in the twenty-four (24) month period following termination of Employee's employment in connection with a Change of Control.
Salary and Benefits Continuation means payment within 30 days of the Triggering Event of a lump sum amount of cash equal to $150,000.

Related to Salary and Benefits Continuation

  • Benefits Continuation Period has the meaning set forth in Section 6.01(b).

  • Compensation and Benefits Programs means all compensation and benefit plans, policies, and programs of the Debtors, and all amendments and modifications thereto, applicable to the Debtors’ employees, former employees, retirees, and non-employee directors and the employees, former employees and retirees of their subsidiaries, including all savings plans, retirement plans, health care plans, disability plans, and incentive plans, deferred compensation plans, and life, accidental death, and dismemberment insurance plans.

  • Benefit Continuation Period means the period beginning on the Date of Termination and ending on the last day of the month in which occurs the earlier of (i) the 24-month anniversary of the Date of Termination and (ii) the date on which you elect coverage for you and your covered dependents under substantially comparable benefit plans of a subsequent employer.

  • Accrued Compensation means an amount which shall include all amounts earned or accrued through the "Termination Date" (as hereinafter defined) but not paid as of the Termination Date, including (i) base salary, (ii) reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company during the period ending on the Termination Date, (iii) vacation pay and (iv) bonuses and incentive compensation (other than the "Pro Rata Bonus" (as hereinafter defined)).

  • Base Compensation means the amount equal to the sum of (i) the greater of Executive’s then-current Annual Base Salary or Executive’s Annual Base Salary as of the date one (1) day prior to the Change of Control; and (ii) the average of the Incentive Bonus paid (or payable) for the three (3) most recently completed fiscal years of the Company.

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Salary as defined in Section 3.1(a).

  • Continuation Period shall have the meaning set forth in Section 6.9(a).

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive’s employment for reasonable and necessary expenses incurred by the Executive on behalf of the Employer for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, but subject to any deferral election then in effect, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained at the target level (reduced, but not below zero, by amounts paid under all such contingent bonus or incentive compensation awards upon the Change in Control of the Company to the extent such amounts relate to the same period of time); and (v) all other payments and benefits to which the Executive (or in the event of the Executive’s death, the Executive’s surviving spouse or other beneficiary) may be entitled on the Termination Date as compensatory fringe benefits or under the terms of any benefit plan of the Employer, excluding severance payments under any Employer severance policy, practice or agreement in effect on the Termination Date. Payment of Accrued Benefits shall be made promptly in accordance with the Company’s prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits; provided that payments pursuant to clause (iv)(B) shall be paid on the first day of the seventh month following the month in which the Executive’s Separation from Service occurs, unless the Executive’s Separation from Service is due to death, in which event such payment shall be made within 90 days of the date of Executive’s death.

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Employment benefits means all benefits provided or made

  • Compensation Accrued at Termination means the following:

  • Compensation and Benefit Plans has the meaning set forth in Section 5.03(m)(i).

  • Base Salary shall have the meaning set forth in Section 3(a) hereof.

  • Normal salary means the salary that would be paid to a participating employee if that person was not participating in a Plan and includes salary expressed as an annual rate, fortnightly rate, weekly rate, daily rate or hourly rate. It includes all allowances that are paid as an annual rate, fortnightly rate, weekly rate, daily rate or hourly rate but not overtime payments and shift work penalty rates unless they are paid as a component of an annualised rate.

  • Severance Term means the twenty-four (24) month period following Executive’s termination by the Company without Cause (other than by reason of death or Disability) or by Executive for Good Reason.

  • Fringe benefits means the amount of:

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Severance Benefits means the payment of severance compensation as provided in Section 3.3 herein.

  • CIC Severance Plan means the Company’s Change in Control Severance Plan, as may be amended from time to time, or any successor plan, program or arrangement thereto.

  • Severance Period means the period of time commencing on the date of the first occurrence of a Change in Control and continuing until the earlier of (i) the second anniversary of the occurrence of the Change in Control and (ii) the Executive’s death.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Earned Compensation means any Annual Base Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant to Section 3(a) (but excluding any salary and interest accrued thereon payment of which has been deferred).

  • Annual Salary means the salary given under this Part.