Salary Continuation Benefit definition

Salary Continuation Benefit means an annual amount equal to the sum of: (a) the highest annualized Salary of the Executive in effect at any time within three (3) years prior to the date of termination. An amount equal to one-twelfth of the Salary Continuation Benefit shall be paid to the Executive or his designee on the first day of each calendar month.
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Salary Continuation Benefit means the benefit prescribed by Section 4.1.
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Salary Continuation Benefit has the meaning set forth in Section 2.2. 1.13 "Stock" means the then outstanding Class A Common Stock of Trigon Healthcare. 1.14 "Trigon Healthcare" means Trigon Healthcare, Inc., a Virginia corporation that, as of the date of this Agreement, owns all of the issued and outstanding Stock of the Company. 1.15 "Voting Power" means the combined voting power of all outstanding voting securities of Trigon Healthcare. 1.16 "Welfare Plan" means any health plan, dental plan, disability plan, survivor income plan, life insurance plan or other welfare benefit plan as defined in ss. 3(1) of the Employee Retirement Income Security Act of 1974, currently or hereafter made available by the Company in which the Executive is eligible to participate.
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Examples of Salary Continuation Benefit in a sentence

  • In addition, the Company shall pay to the Executive the Salary Continuation Benefit for a period equal to the then remaining term of this Agreement.

  • The Salary Continuation Benefit shall be paid in one lump sum, net of all required federal and state withholding taxes.

  • Otherwise, the Salary Continuation Benefit will be paid in equal monthly installments over a twenty-four (24) month period.

  • Notwithstanding the foregoing, the Company shall not be obligated to pay any Salary Continuation Benefit under this Section 6.4 or Section 6.5 if the Executive breaches the provisions of the Confidentiality Agreement or Section 5 of this Agreement.

  • In addition, the Company shall pay to the Executive's estate or his designee the Salary Continuation Benefit (as defined in Section 8.7) for a period equal to five (5) years from the termination date.

  • In addition, the Company shall pay to the Executive the Salary Continuation Benefit for a period equal to five (5) years from the termination date.

  • In addition, the Company shall pay to the Executive the Salary Continuation Benefit for a period equal to three (3) years from the termination date.

  • The Executive Officer’s Salary Continuation Benefit shall be payable in accordance with the Company’s regular payroll practice on the regularly scheduled paydays on which the Executive Officer would have otherwise been paid during the Severance Period if a termination of employment had not occurred.

  • Anything in this Agreement to the contrary notwithstanding, no payment or distribution by the Company to or for the benefit of the Executive of the Salary Continuation Benefit or any other amount in the nature of compensation (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (a "Payment") will be paid that would be subject to the excise tax or denial of deduction imposed by Sections 280G and 4999 of the Code (an "Excess Parachute Payment").

  • If a Participant dies after being Dismissed or being notified that he will be Dismissed, but before receiving his entire Salary Continuation Benefit, Interpublic shall pay to the Participant’s estate an amount equal to the portion of the Participant’s Salary Continuation Benefit that has not yet been paid to the Participant.


More Definitions of Salary Continuation Benefit

Salary Continuation Benefit has the meaning set forth in Section 2.2. 1.14 "SERP" means the Company's Supplemental Retirement Program for Certain Employees of Blue Cross and Blue Shield of Virginia or any successor program. 1.15 "Stock" means the then outstanding Class A Common Stock of Trigon Healthcare. 1.16 "Trigon Healthcare" means Trigon Healthcare, Inc., a Virginia corporation that, as of the date of this Agreement, owns all of the issued and outstanding Stock of the Company. 1.17 "Voting Power" means the combined voting power of all outstanding voting securities of Trigon Healthcare. 1.18 "Welfare Plan" means any health plan, dental plan, disability plan, survivor income plan, life insurance plan or other welfare benefit plan as defined in ss.3(1) of the Employee Retirement Income Security Act of 1974, currently or hereafter made available by the Company in which the Executive is eligible to participate.
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Salary Continuation Benefit means the amount set forth as such in Schedule B of Section 2 of the Executive's Plan Agreement.
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Salary Continuation Benefit means the benefit described in Section 4.1(a)(1).
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Salary Continuation Benefit has the meaning set forth in Section 2.2.
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Related to Salary Continuation Benefit

  • Termination Benefit means the benefit set forth in Article 7.

  • Benefit Continuation Period shall have the meaning set forth in Section 5(b).

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

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

  • Retirement Benefit means the benefit set forth in Article 5.

  • superannuation benefit means any payment, other than a refund of contributions, made to a dentist by virtue of the application of the (a) National Health Service Pension Scheme Regulations 1995; or (b) the National Health Service Superannuation Scheme (Scotland) Regulations 1995 or (c) the corresponding provisions of the law in force in Northern Ireland; as a result of his providing general dental services;

  • 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.

  • Change in Control Benefit means the benefit described in Section 2.4.

  • 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;

  • Leave Salary means the monthly amount paid by the University to an employee who is on leave.

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

  • Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • superannuation benefits means pensions, gratuities and other allowances payable on resignation, retirement or death;

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

  • Accrued Bonus means the bonus, which may be negative or positive, which is calculated in the manner set forth in Section V.A.

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • 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 day prior to the Change in Control, and (ii) the Average Incentive Bonus.

  • 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).

  • 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)).