Examples of Tier II Executives in a sentence
From those selected to participate in the Plan, the Benefits Committee shall assign each Participant to a category as follows: Tier I Executives, Tier II Executives, or Tier III Executives.
Tier II Executives: Three-quarters (0.75) times the sum of: (i) the Participant’s Base Salary; and (ii) the Participant’s target annual bonus established for the bonus plan year in which the Participant’s Effective Date of Termination occurs.
For Tier II Executives: A continuation of the welfare benefits of medical insurance, dental insurance, and group term life through the earlier of (1) the end of the General Severance Period or (2) until the participant obtains eligibility of welfare benefits from a subsequent employer.
This Plan provides for the continued employment, subject to the terms and conditions of this Plan, of the individuals identified on Appendix A as "Tier I Executives," "Tier II Executives" and "Tier III Executives" (collectively, the "Executives") during three successive periods, each of which is defined below: the Retention Period; the Transition Period; and the Continued Employment Period (collectively referred to as the "Employment Periods").
The provisions of Section 6.1 shall apply only to those individuals who are Tier I or Tier II Executives eligible to participate in the Plan as of the close of business on January 31, 2009.
An Executive’s “applicable percentage” will be 150% in the case of Tier I Executives and 100% in the case of Tier II Executives.
Only Tier I and Tier II Executives shall be eligible to receive General Severance Benefits under the Plan; Tier III Executives shall not be eligible to receive General Severance Benefits under the Plan (but may be eligible to receive benefits under the Company’s generally applicable severance plan, as may be in effect from time to time).
An amount equal to two (2) times the highest rate of the Participant’s annualized Base Salary rate in effect at any time up to and including the Effective Date of Termination; or For Tier II Executives: An amount equal to the highest rate of the Participant’s annualized Base Salary rate in effect at any time up to and including the Effective Date of Termination prorated monthly using one month for every year of service with the Company, subject to a minimum of 12 months and maximum of 18 months.
For Participants who do not become eligible for coverage under another group health plan by the end of the 18-month maximum COBRA coverage period, the Company shall continue to provide coverage under its group health plan for active employees until the earlier of (x) the date that the Participant becomes eligible for coverage under another group health plan, or (y) for Tier I Executives, the end of an additional 18-month period or, for Tier II Executives, the end of an additional six-month period.
A benefit amount equal to: (i) two and ninety-nine one-hundredths (2.99) for Tier I Executives (as identified in Appendix A), or (ii) two (2) for Tier II Executives (as identified in Appendix A) times the sum of the following: (A) the Executive’s Base Salary and (B) the Executive’s annual target bonus opportunity in the year of termination.