An Eligible Employee may elect to defer a portion of his Actual Pay earned during a Plan Year by submitting an irrevocable Deferral Form with HP before the beginning of such Plan Year.
“Annual Rate of Pay” means the annual rate of pay, which is the sum of an employee’s base pay and targeted incentive amount, as reflected in the compensation data in HP’s global database for human resources information, and as adjusted for such employee’s employment status, including part-time status.
The portion of his Annual Rate of Pay that an Eligible Employee elects to defer for a Plan Year shall be stated as a whole dollar amount. The minimum amount of Annual Rate of Pay that an Eligible Employee may elect to defer in a Plan Year is . The maximum amount is equal to the greater of or the Eligible Employee’s Annual Rate of Pay that exceeds the dollar limit for highly compensated employees as defined in [Section 414(q)(1)(B)(i)] of the Code plus . If the Internal Revenue Service does not publish the Code Section 401(a)(17) Limit for the Plan Year prior to enrollment, HP has the discretion to determine eligibility to elect to defer Annual Rate of Pay; provided, however, if a Participant is determined to be ineligible to elect to defer Annual Rate of Pay under paragraph # above for a Plan Year, any Annual Rate of Pay deferrals the Participant elected for the Plan Year shall be void (including, without limitation, deferrals made during the special enrollment period).
Annual. After the end of each fiscal year of Regional, and in any event within 120 days thereafter, # balance sheets and # statements of income of Regional and its Subsidiaries, prepared on a consolidated basis including a Special Purpose Subsidiary; together with:
Severance Pay. Severance pay equal to two times (2x) the sum of Pennypacker’s # base salary () and # his bonus at target (), for a grand total of and , less applicable withholding and deductions. The severance pay will be provided in accordance with the Company’s regular payroll process for a twenty-four month period, commencing with the first payroll that is more than thirty (30) days after the Separation Date (see paragraph 1), provided that the Agreement has then become effective (see paragraph 17). The severance payments shall be allocated as if provided during the twenty-four (24) months immediately following the Separation Date for unemployment compensation and other purposes – this period shall be known as the “Severance Period” – and the first payment shall include an initial catch-up payment to
Separation Pay. Continued payment of your base salary in accordance with 's regular payroll practices, less all relevant taxes and other withholdings, for a period of one month payable in one installment on .
Severance Pay. Whether any Severance Pay is payable under this Plan, or any increase or decrease in the amount of Severance Pay, shall be in the sole discretion of the Committee and as authorized pursuant to below. Any such increase or decrease in the amount of Severance Pay shall be final and conclusive as to all Eligible Employees and other persons claiming rights under the Plan. Subject to the exercise of such discretion, a Participant’s Severance Pay shall be determined as follows:
Separation Pay. In consideration of Employee signing and reaffirming this Agreement, and abiding by the covenants and releases given herein, ESI will pay Employee total of , less applicable withholdings (“Separation Pay”). This sum includes an amount equal to six (6) months’ individual COBRA payments. The Separation Pay will be paid on .
Incentive Pay. Employee shall be eligible to receive incentive pay, including cash bonuses and equity awards under an equity incentive plan of the Company, from time to time in the exclusive discretion of the Company. The form, amount, and other terms of any such incentive pay shall be determined by the Board of Directors (or a committee authorized by the Board).
Once you become eligible for the Plan after one year of service, you will receive annual Pay Credits equal to 5% of your eligible compensation. Your first Pay Credit allocation will include retroactive Pay Credits for compensation from your date of hire. An annual Interest Credit also will be applied based on your Plan Account balance and the interest-crediting rate.
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