SERP Compensation definition

SERP Compensation means the sum of (x) the Executive’s Annual Base Salary paid under Section 3(b)(1), (y) Annual Bonus paid under Section 3(b)(2) and (z) profit-sharing payments made under the Profit Sharing Plan, disregarding in each case any amount deferred for any reason. The Pension SERP benefit shall be payable in accordance with the payment option elected by the Executive, in accordance with the election procedures set forth in the Pension Excess Plan. Except as specifically provided in this Agreement, the other terms and conditions of the Pension SERP shall be governed by the terms of the Pension Excess Plan as if the benefits under the Pension SERP were paid from the Pension Excess Plan.
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SERP Compensation means the compensation used to determine the SERP Benefit, as follows:
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SERP Compensation means Compensation without regard to the Compensation Limit (and without regard to any Annual Deferral Amounts elected pursuant to this Plan) payable to a Participant for services performed for the Employer during any calendar year.
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Examples of SERP Compensation in a sentence

  • With regard to benefit calculations under the SERP, Compensation shall have the meaning set forth in the previous sentence, but shall be modified to include all amounts in excess of the compensation limit established by Section 401(a)(17) of the Code and all amounts deferred under the terms of the Company’s non-qualified deferred compensation plans.

  • The Company shall credit to the Account of each Participant an amount equal to three and one-half percent (3.5%) of such Participant’s SERP Compensation, if any, for the preceding Plan Year.

  • The SERP benefit of each SERP Member shall be the obligation of the Employer(s) by which such SERP Member was employed at the time SERP Accruals and SERP Compensation reductions in respect of him were made pursuant to Sections 3.1 through 3.5, and shall be the general liability of such Employer(s).

  • In determining whether to declare a SERP Compensation Discretionary Contribution for a Plan Year, the Employer’s board of directors shall not be bound by any such declaration for any previous Plan Year, but shall have full discretion whether or not to declare a SERP Compensation Discretionary Contribution for the Plan Year.

  • Notwithstanding the foregoing, the Committee may, in its sole discretion, establish for any Plan Year a different minimum amount (including establishing different minimum amounts for SERP Compensation and Bonuses).

  • The amount of annual retirement benefit payable to a Participant who is eligible therefor shall be equal to: (1) the product of the Participant's Benefit Percentage and the Participant's SERP Compensation; less (2) any Offset Defined Contribution Amounts, and (if already paid or when currently payable) any Offset Defined Benefit Amounts.

  • If, however, any bonus amounts that should be included as SERP Compensation are not known at the calculation date, the SERP Benefit may be recalculated once, in the year following the year the SERP Benefit is paid or begins to be paid,using the same assumptions in effect and the Participant’s age at the calculation date in order to include such bonus amounts as part of SERP Compensation.

  • Effective January 1, 2009, at the time the Committee designates an executive eligible to participate in this Plan, the Committee shall specify the applicable formula to calculate such Participant’s SERP Benefit, including any special SERP Compensation or SERP Service as described in Sections 2.22 and 2.25.

  • The Employer shall credit to the Participant’s Company Contribution Account in January of each Plan Year an amount equal to three and one-half percent (3.5%) of such Participant’s SERP Compensation, if any, for the preceding Plan Year.

  • The Participant may not change his or her Retirement Benefit election subsequent to the deadline for electing to defer the SERP Compensation or Bonus to which such Retirement Benefit election relates (as described in Section 3.3) except as provided by the special Section 409A transition rule distribution election changes permitted by Section 16.2. If a Participant does not make any election with respect to the payment of any portion of the Retirement Benefit, then such portion shall be paid in a lump sum.


More Definitions of SERP Compensation

SERP Compensation is equal to the average of (y) the Executive's annual Base Salary (as defined in the Employment Agreement), without any reduction for any pre-tax deferrals under any tax-qualified or non-qualified Company-sponsored plan, plus (z) any annual cash bonus under the Company's Short Term Executive Incentive Plan, as amended, and any successor to such plan (the "STIP"), regardless of the payment level thereunder, earned by the Executive during the three (3) full consecutive calendar years immediately preceding the calendar year in which the Executive's employment with the Company is terminated. Any cash bonus paid to the Executive under the STIP in a particular calendar year that is attributable to the preceding calendar year shall be considered to be earned only in such preceding year and not in the year in which the bonus is paid. (For example, a cash bonus under the STIP paid to the Executive in 2003 that is based upon performance factors, standards and/or targets established for 2002 shall be deemed to be earned in 2002 and not in 2003.) SERP Compensation shall not include any payments from the Company to the Executive pursuant to Section 6 or Section 8 of the Employment Agreement.
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SERP Compensation means, with respect to a Participant, the highest of: (1) the Participant's Payment Trigger Compensation (if a Payment Trigger has occurred with respect to the Participant); (2) the Participant's Compensation for the calendar year immediately preceding the calendar year in which the Participant's Retirement occurs; or (3) the Participant's average annual Compensation for the three calendar years preceding the calendar year in which the Participant's Retirement occurs.
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SERP Compensation means for purposes of determining SERP Contributions under Section 3.3(a), the amount of each Participant’s Compensation in excess of Qualified Plan Compensation in effect for the applicable Plan Year.
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SERP Compensation means “Compensation” as defined in the Retirement Plan (without regard to Code section 401(a)(17) limits), but including management incentive bonuses paid pursuant to the Company’s Annual Incentive Program, which shall be treated as “Compensation” for purposes of this Plan on the date the bonus is paid.
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Related to SERP Compensation

  • 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).

  • Basic Compensation means Salary and Benefits.

  • Bonus Compensation shall have the meaning set forth in Section 3(b).

  • 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).

  • Covered Compensation means any Incentive-Based Compensation granted, vested or paid to a person who served as an Executive Officer at any time during the performance period for the Incentive-Based Compensation and that was Received (i) on or after October 2, 2023 (the effective date of the Nasdaq listing standards), (ii) after the person became an Executive Officer, and (iii) at a time that the Company had a class of securities listed on a national securities exchange or a national securities association such as Nasdaq.

  • Final compensation of a member means:

  • Annual Compensation means the wages paid to the member during covered employment within the meaning of Section 3401(a) of the Internal Revenue Code, but determined without regard to any rules that limit the remuneration included in wages based upon the nature or location of employment or services performed during the plan year plus amounts excluded under Section 414(h)(2) of the Internal Revenue Code and less reimbursements or other expense allowances, cash, or noncash fringe benefits or both, deferred compensation, and welfare benefits. Annual compensation for determining benefits during any determination period may not exceed the maximum compensation allowed as adjusted for cost of living in accordance with §5-10D-7 of this code and Section 401(a)(17) of the Internal Revenue Code.

  • Gross compensation means every form of remuneration payable for a given period to an individual for services provided including salaries, commissions, vacation pay, severance pay, bonuses, and any board, rent, housing, lodging, payments in kind, and any similar benefit received from the individual's employer.

  • 415 Compensation means:

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

  • Special compensation means payment to an adult foster care facility to ensure the provision of a specialized program in addition to the basic payment for adult foster care. Special compensation does not include payment received directly from the Medicaid program for personal care services for a resident, or payment received under the supplemental security income program.

  • Eligible Compensation means (i) for eligible exempt employees, such employee’s base salary at the time the Bonus or Spot Bonus is determined (prorated for time in an eligible position), and (ii) for eligible non-exempt and non-union hourly employees, such employees’ eligible wages for the applicable year as determined by the Company to be required by law.

  • Earnable compensation means the full rate of the

  • Compensation Year means a period of 12 months expiring 31 March in any year;

  • Cash Compensation means any discount, concession, fee, service fee, commission, sales charge, loan, override, or cash benefit received by a producer in connection with the recommendation or sale of an annuity from an insurer, intermediary, or directly from the consumer.

  • Total Compensation means the cash and noncash dollar value earned by the executive during the Contractor’s preceding fiscal year and includes the following (for more information see 17 CFR 229.402(c)(2)):

  • Includible Compensation means an Employee’s actual wages in box 1 of Form W-2 for a year for services to the Employer, but subject to a maximum of $245,000 (or such higher maximum as may apply under section 401(a)(17) of the Code) and increased (up to the dollar maximum) by any compensation reduction election under section 125, 132(f), 401(k), 403(b), or 457(b) of the Code (including any Elective Deferral under the Plan). Beginning in 2009 and thereafter, such term also includes any “differential pay” that may be received from the Employer while performing qualified military service under section 414(u) of the Code. The amount of Includible Compensation is determined without regard to any community property laws.

  • Additional Compensation has the meaning set out in Section 13.3(1).

  • 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.

  • Deferred Compensation Award means an award of Stock Units granted to a Participant pursuant to Section 11 of the Plan.

  • Section 415 Compensation means with respect to any Plan Year and shall: (a) include amounts accrued to a Participant (regardless of whether he was a Participant during the entire Plan Year and regardless of whether in cash): (i) as wages, salaries, fees for professional services and other amounts received for personal services actually rendered in the course of his employment with the Companies including but not limited to commissions, compensation for services on the basis of a percentage of profits and bonuses; (ii) for purposes of Subsection (a)(i) above, earned income from sources outside the United States (as defined in Section 911(b) of the Code), whether or not excludible from gross income under Section 911 of the Code or deductible under Section 913 of the Code; (iii) amounts described in Sections 104(a)(3), 105(a) and 115(h) of the Code but only to the extent that these amounts are includible in the gross income of that Participant; and (iv) amounts paid or reimbursed by the Companies for moving expenses incurred by that Participant, but only to the extent that these amounts are not deductible by that Participant under Section 217 of the Code; (b) not include: (i) notwithstanding Subsection (a)(i) above, there shall be excluded from Section 415 Compensation amounts contributed to a plan as contributions to a qualified cash or deferred plan under Section 401(k) of the Code; (ii) other contributions made by a Company to any plan of deferred compensation to the extent that, before the application of the Section 415 of the Code limitations to that plan, the contributions are not includible in the gross income of that Participant for the taxable year in which contributed; in addition, Company contributions made on behalf of that Participant to a simplified employee pension plan described in Section 408(k) of the Code shall not be considered as Section 415 Compensation for the Plan Year in which contributed; additionally, any distributions from a plan of deferred compensation shall not be considered as Section 415 Compensation, regardless of whether such amounts are includible in the gross income of that Participant when distributed; however, any amounts received by that Participant pursuant to an unfunded nonqualified plan shall be considered as Section 415 Compensation in the Plan Year in which such amounts are includible in the gross income of that Participant; and (iii) other amounts which receive special federal income tax benefits, such as premiums for group term life insurance (but only to the extent that the premiums are not includible in the gross income of that Participant); provided, however, that Section 415 Compensation in a Plan Year in excess of one hundred and fifty thousand ($150,000), as adjusted pursuant to Section 401(a)(17) of the Code, shall be disregarded. Notwithstanding anything in this Section 1.36 to the contrary, for Plan Years beginning on or after January 1, 1998, Section 415 Compensation shall include any elective deferral (as defined in Section 402(g) of the Code) and any amount contributed or deferred at the election of the Participant that is not includible in that Participant's gross income by reason of Section 125 or Section 457 of the Code.

  • Creditable compensation means the full compensation payable annually to an employee working

  • Recoverable Incentive Compensation means Incentive Compensation received by a Covered Officer during the Lookback Period that exceeds the amount of Incentive Compensation that would have been received had such amount been determined based on the Accounting Restatement, computed without regard to any taxes paid (i.e., on a gross basis without regard to tax withholdings and other deductions). For any compensation plans or programs that take into account Incentive Compensation, the amount of Recoverable Incentive Compensation for purposes of this Policy shall include, without limitation, the amount contributed to any notional account based on Recoverable Incentive Compensation and any earnings to date on that notional amount. For any Incentive Compensation that is based on stock price or TSR, where the Recoverable Incentive Compensation is not subject to mathematical recalculation directly from the information in an Accounting Restatement, the Administrator will determine the amount of Recoverable Incentive Compensation based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or TSR upon which the Incentive Compensation was received. The Company shall maintain documentation of the determination of that reasonable estimate and provide such documentation to the Exchange in accordance with the Listing Standards.

  • Average Incentive Compensation means the average of the annual incentive compensation under Subparagraph 3(a) received by Executive for the three (3) immediately preceding fiscal years or such fewer number of complete fiscal years as Executive may have been employed by the Company. In no event shall “Average Incentive Compensation” include any sign-on bonus, retention bonus or any other special bonus. Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Paragraphs 4 and 5 of this Agreement, all payments of the Severance Amount shall immediately cease. Notwithstanding the foregoing, in the event Executive terminates his employment for Good Reason as provided in Subparagraph 6(e), he shall be entitled to the Severance Amount only if he provides the Notice of Termination provided for in Subparagraph 6(f) within thirty (30) days after the occurrence of the event or events which constitute such Good Reason as specified in clauses (A), (B), (C), (D), (E) and (F) of Subparagraph 6(e);

  • Incentive Compensation Plans means annual incentive compensation plans and long‑term incentive compensation plans of the Company, which long‑term incentive compensation plans may include plans offering stock options, restricted stock and other long‑term incentive compensation.