Examples of Tier II Executive in a sentence
Under the ESP, unlike the severance agreement, an eligible participant is entitled to a tax reimbursement payment only if the participant was eligible to participate in the ESP as a Tier I or Tier II Executive as of the close of business on January 31, 2009 and receives “total parachute payments,” within the meaning of the Code, that exceed 110% of the amount the participant would be entitled to receive without being subject to the excise tax.
The payments and benefits in the Severance Policy vary based on whether an eligible employee is an executive officer, or Tier 1 Executive, or a non-executive officer, or Tier II Executive.
In the case of a Tier II Executive (1) an amount equal to one (1) times the Executive’s highest annual rate of Base Salary during the 12-month period immediately preceding the date that the Executive Separates from Service.
In the case of a Tier II Executive (1) an amount equal to one and one quarter (1 ¼) times the Executive’s highest annual rate of Base Salary during the 12-month period immediately preceding the date that the Executive Separates from Service, and (2) one and one-quarter (1 ¼) times the target annual incentive bonus determined from such Base Salary.
In the case of a Tier II Executive, the Company shall provide such reimbursement for that election for a period of fifteen (15) months after the Executive’s employment terminates subject to the Executive’s timey payment of his or her share of the applicable premiums.