Severance Benefit definition

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

Severance Benefit shall have the meaning set forth in Section 4.7(a)(i) herein.

Severance Benefit means a Salary Continuance Benefit and/or a Welfare Continuance Benefit.

Examples of Severance Benefit in a sentence

• A benefit shall be deemed forfeited if the Committee is unable to locate a Participant to whom a Severance Benefit is due.

• Such Severance Benefit shall be reinstated if application is made by the Participant for the forfeited Severance Benefit while this Plan is in operation.

• Before the date on which payment of a Severance Benefit commences, each such application must be supported by such information as the Plan Administrator deems relevant and appropriate.

• The amount of such Severance Benefit shall be reduced by any compensation (including any payments from the Company or any benefit plans, policies or programs sponsored by the Company) earned or received by Executive during the six (6) month period following the date of termination and the six (6) month period during which Executive receives the Severance Benefit, and Executive agrees to reimburse the Company for the amount of any such reduction.

• Such amount is referred to hereinafter as the “Severance Benefit.” Subject to Section 5.7(a), the Company shall pay the Severance Benefit to the Executive in substantially equal installments in accordance with the Company’s standard payroll practices over a period of twelve (12) consecutive months, with the first installment payable in the month following the month in which the Executive’s Separation from Service (as such term is defined in Section 5.5) occurs.

More Definitions of Severance Benefit

Severance Benefit means the compensation and other benefits the Covered Employee will be provided pursuant to Section 4.

Severance Benefit means the payment of severance compensation as provided in Article 3 herein.

Severance Benefit means the compensation and other benefits the Covered Executive will be provided pursuant to Section 3.

Severance Benefit means (i) in the case of the Executive's termination of employment that does not occur within the 12 month period following a Change in Control, two weeks' Salary plus prorated Bonus multiplied by the Executive's Years of Service, with a minimum of 26 weeks; or (ii) in the case of an Executive's termination of employment within the 12 month period following a Change in Control, two weeks' Salary plus prorated Bonus multiplied by the Executive's Years of Service, with a minimum of 78 weeks. The Executive's prorated Bonus for one week shall equal the Executive's Bonus divided by 52.

Severance Benefit means the salary continuation amounts and other benefits that a Participant is eligible to receive pursuant to Article IV of the Plan.

Severance Benefit means any post-termination benefit(s) to be paid by the Employer pursuant to Section 5(a)(ii), Section 5(b)(i), or Section 6 hereof.

Severance Benefit means two years Base Salary based upon the Executive's Base Salary on the date the Executive's employment terminates.