Severance Limit definition

Severance Limit means the lesser of twice the lesser of: (A) the sum of the Employee’s annualized compensation based upon the annual rate of pay for services provided to the Company for the taxable year of the Employee’s preceding the taxable year of the Employee in which the Employee has a separation from service with the Company (adjusted for any increase during that year that was expected to continue indefinitely if the Employee had not separated from service); or (B) the maximum amount that may be taken into account under a qualified plan pursuant to Code § 401(a)(17) for the year in which the Employee has a separation from service.
Sample 1Sample 2Sample 3
Severance Limit means the lesser of (i) two (2) times your annualized compensation (based on your annual rate of pay for the taxable year preceding the taxable year in which your employment is terminated) or (ii) two (2) times the maximum amount of compensation that can be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which your employment is terminated. For purposes of this Agreement, a “Specified Employee” means a “Specified Employee” as defined for purposes of Code Section 409A(a)(2)(B)(i), as amended from time to time. You acknowledge that such definition currently includes: (i) an owner of more than five percent (5%) of the stock of the Company; (ii) an owner of more than one percent (1%) of the stock of the Company who has compensation from the Company in excess of $150,000 per calendar year (not indexed); or (iii) an officer of the Company with compensation in excess of $145,000 per calendar year (for 2007), as adjusted under Section 416(i)(1) of the Code. Determination of the identity of Specified Employees shall be made as of December 31 each year (the “Specified Employee Identification Date”) and such determination shall be effective for each twelve (12) month period extending from January 1 through December 31 of the year following the Specified Employee Identification Date.
Sample 1

Examples of Severance Limit in a sentence

  • In the event that the total amount of Severance Benefits provided pursuant to this Article 3 exceeds the Code Section 409A Severance Limit described in Section 3.3, salary continuation benefits shall be payable in accordance with the Alternate Payment Timing provisions of Section 3.3. The Eligible Executive’s right to a series of installment payments under this Section shall be treated as a right to a series of separate payments as provided in Treasure Regulation Section 1.409A-2(b)(2)(iii).

  • Any such payments in excess of the 409A Severance Limit, including following a Change in Control, to which you would otherwise be entitled under Section 4(e) shall be accumulated and paid in a single lump sum as of the earlier of the ninetieth (90th) day following the date of your death or the first (1st) day of the seventh (7th) month following your date of termination.

  • Further, any portion of severance provided in Section 4(e) shall be paid at the time and in the manner provided in Section 4(e) above, but only to the extent that such payments do not exceed the 409A Severance Limit (as defined below).

  • Subject to the terms of this Plan, an Eligible Officer shall be provided salary continuation for 12 months after the effective date of the Involuntary Separation from Service, payable on a bi-weekly basis (assuming the Code Section 409A Severance Limit described in Section 3.5 is not exceeded) and subject to normal tax withholding.

  • In the event that the total amount of Severance Benefits provided pursuant to this Article 3 exceeds the Code Section 409A Severance Limit described in Section 3.5, salary continuation benefits shall be payable in accordance with the Alternate Payment Timing provisions of Section 3.5.

  • Any such payments in excess of the 409A Severance Limit, including following a Change in Control, to which you would otherwise be entitled under Section 4(d) shall be accumulated and paid in a single lump sum as of the earlier of the ninetieth (90th) day following the date of your death or the first (1st) day of the seventh (7th) month following your date of termination.

  • In the event that the total amount of Severance Benefits provided pursuant to this Article 3 exceeds the Code Section 409A Severance Limit described in Section 3.3, salary continuation benefits shall be payable in accordance with the Alternate Payment Timing provisions of Section 3.3.

  • Subject to the terms of this Plan, an Eligible Executive shall be provided salary continuation for 12 months (except the Eligible Executive serving as STONERIDGE’s Chief Financial Officer shall receive 18 months) after the effective date of the Involuntary Separation from Service, payable in accordance with normal payroll practices (assuming the Code Section 409A Severance Limit described in Section 3.3 is not exceeded) and subject to normal tax withholding.

  • Further, any portion of severance provided in Section 4(d) shall be paid at the time and in the manner provided in Section 4(d) above, but only to the extent that such payments do not exceed the 409A Severance Limit (as defined below).

  • The Separation Pay that is not in excess of the Section 409A Severance Limit shall be paid as soon as practicable after Separation from Service and execution of the release described below, provided that you have not revoked such Release during your revocation period.

Related to Severance Limit

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

  • 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 Amount means (A) for any Termination other than during a Covered Period, an amount equal to one hundred percent (100%) of Executive’s then-current Annual Base Salary as of the respective Termination; or (B) for a Termination during a Covered Period, an amount equal to two hundred percent (200%) of Executive’s Base Compensation as of the respective Termination.

  • 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.

  • Severance means the complete separation and dismemberment of the part from the body.

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

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 of this Agreement.

  • 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.

  • 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).

  • 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)

  • Severance Plan means any severance plan maintained by the Company that is applicable to the Participant.

  • 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.

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

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

  • Severance Multiple has the meaning set forth on the first page of the Agreement.

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

  • Nonqualifying Termination means a termination of the Executive’s employment (1) by the Company for Cause, (2) by the Executive for any reason other than a Good Reason, (3) as a result of the Executive’s death or (4) by the Company due to the Executive’s absence from his duties with the Company on a full-time basis for at least 180 consecutive days as a result of the Executive’s incapacity due to physical or mental illness.

  • Change in Control Benefits means the following benefits:

  • Severance Date means the date on which an Executive incurs a Severance, which shall be the date of termination as determined under Section 5.2.

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

  • Share Compensation Arrangement means any stock option, stock option plan, employee stock purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Shares, including a share purchase from treasury which is financially assisted by the Corporation by way of a loan, guarantee or otherwise;

  • Change in Control Period means the period beginning three (3) months prior to a Change in Control and ending twelve (12) months following a Change in Control.

  • Severance Costs means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel.

  • Executive Severance Plan means the Company’s Senior Executive Employee Severance Pay Plan, as in effect from time to time.

  • Employment benefits means all benefits provided or made

  • 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)).