Annual Compensation Limit Sample Clauses
The Annual Compensation Limit clause sets a maximum cap on the total amount of compensation an individual can receive within a given year under an agreement. This limit typically applies to salaries, bonuses, and other forms of remuneration, ensuring that total payments do not exceed a specified threshold. By establishing this cap, the clause helps control costs for the employer and provides clear expectations for compensation, thereby preventing disputes over excessive or unexpected payments.
Annual Compensation Limit. In addition to other applicable limitations set forth in the Plan, and notwithstanding any other provision of the Plan to the contrary, for Plan Years beginning on or after January 1, 1994, the annual Compensation of each Employee taken into account under the Plan shall not exceed the OBRA `93 annual compensation limit. The OBRA `93 annual compensation limit is $150,000, as adjusted by the Commissioner for increases in the cost of living in accordance with Section 401(a)(17)(B) of the Internal Revenue Code. The cost-of-living adjustment in effect for a calendar year applies to any period, not exceeding 12 months, over which Compensation is determined determination period) beginning in such calendar year. If a determination period consists of fewer than 12 months, the OBRA `93 annual compensation limit will be multiplied by a fraction, the numerator of which is the number of months in the determination period, and the denominator of which is 12. For Plan Years beginning on or after January 1, 1994, any reference in this Plan to the limitation under Section 401(a)(17) of the Code shall mean the OBRA'93 annual compensation limit set forth in this provision. If Compensation for any prior determination period is taken into account in determining an Employee's benefits accruing in the current Plan Year, the Compensation for that prior determination period is subject to the OBRA'93 annual compensation limit in effect for that prior determination period. For this purpose, for determination periods beginning before the first day of the first Plan Year beginning on or after January 1, 1994, the OBRA'93 annual compensation limit is $150,000. Waiver of 30-Day Notice Period
Annual Compensation Limit. In any Fiscal Year, no Outside Director may be granted equity awards (including any Awards granted under the Plan), the value of which will be based on their grant date fair value determined in accordance with GAAP, and be provided any cash retainers or fees in amounts that, in the aggregate, exceed $750,000; provided that such amount is increased to $1,000,000 in the Fiscal Year of his or her initial service as an Outside Director. Any equity awards or other compensation provided to an individual (a) for his or her services as an Employee, or for his or her services as a Consultant other than as an Outside Director, or (b) prior to the Closing, will be excluded for purposes of this Section 6. For purposes of determining when cash retainers or fees are provided, any deferral elections to delay payout timing will be disregarded.
Annual Compensation Limit. Compensation of any Member in excess of the Annual Compensation Limit shall not be taken into account.
Annual Compensation Limit. (a) The aggregate value of all Compensation paid or granted, as applicable, by the Company and any other member of the Company Group to all individuals for service as an Employee with respect to any Fiscal Year of the Company (the aggregate amount of such Compensation that has been paid or granted as of any given date during such Fiscal Year, the “Paid Compensation”) during the term of this Policy will not, except as otherwise provided in this Section 3, exceed sixty percent (60%) of the Gross Revenue for the immediately preceding Fiscal Year (such limit, the “Annual Compensation Cap”); provided, that if the Gross Revenue for the initial six-month period of any Fiscal Year, on an annualized basis, would exceed the Gross Revenue for the immediately preceding Fiscal Year, the Annual Compensation Cap for such Fiscal Year shall be sixty percent (60%) of the annualized Gross Revenues for such Fiscal Year. Notwithstanding the foregoing, an amount equal to (i) the aggregate value of all Base Salaries, Bonuses and Benefits paid or provided, as applicable, by the Company Group to all individuals for service as an Employee during any Fiscal Year of the Company, and (ii) the Equity-Based Compensation attributable to any Fiscal Year for Equity-Based Awards granted in prior years (collectively, the “Permitted Annual Compensation”) may exceed the Annual Compensation Cap and may be paid by the Company Group. For the avoidance of doubt, the Annual Compensation Cap shall not be applicable to any payments or distributions payable, either directly or indirectly, to any Employee from any Person that is not a member of the Company Group, with such excluded Persons to include, without limitation, B▇▇▇▇▇▇ Capital Company, L.L.
Annual Compensation Limit. Effective as of the first day of the first Limitation Year beginning on or after July 1, 2007, Code §415(c)
Annual Compensation Limit. Effective for determining the amount of Recognized Compensation during Plan Years beginning on or after January 1, 1994, Section 1.1.24
Annual Compensation Limit. DISCRIMINATION AND MINIMUM COVERAGE REQUIREMENTS 82
14.1 Compensation Defined 82 14.2 Highly Compensated Employee 82
14.3 Requirements of the Internal Revenue Code 82 14.4 Nondiscrimination, Coverage and Participation 83 14.5 Modification of Top-Heavy Rules 83 15.1 Plan Amendments 85 15.2 Termination of Plan 85 15.3 Procedures in Event of Termination 86 15.4 Merger or Consolidation of the Plan 88
Annual Compensation Limit. Compensation shall not exceed the limitation under Code Section 401(a)(17), which is $200,000, as adjusted by the Commissioner for increases in the cost of living in accordance with Code Section 401(a)(17). The cost of living adjustment in effect for a calendar year applies to any period, not exceeding 12 months, over which compensation is determined (determination period) beginning in such calendar year. If a determination period consists of fewer than 12 months, the Code Section 401(a)(17) limitation will be multiplied by a fraction, the numerator of which is the number of months in the determination period, and the denominator of which is 12.
Annual Compensation Limit. The accrued benefit of each "Section 401(a)(17) employee" under this Plan will be the greater of the accrued benefit determined for the Employee under (a) or (b) below:
(a) the Employee's accrued benefit determined with respect to the benefit formula applicable for the Plan Year beginning on or after January 1, 1994, as applied to the Employee's total Years of Credited Service, or
(b) the sum of:
(i) the Employee's accrued benefit as of the last day of the last Plan Year beginning before January 1, 1994, frozen in accordance with section 1.401(a)(4)-13 of the regulations under the Code, and
(ii) the Employee's accrued benefit determined under the benefit formula applicable for the Plan Year beginning on or after January 1, 1994, as applied to the Employee's Years of Credited Service credited to the Employee for Plan Years beginning on or after January 1, 1994. A "Section 401(a)(17) employee" means an Employee whose current accrued benefit as of a date on or after the first day of the first Plan Year beginning on or after January 1, 1994, is based on Earnings for a year beginning prior to January 1, 1994 that exceeded $150,000. The Normal Retirement Benefit, Early Retirement Benefit and Termination Benefit for each FMC Participant who is not an Employee and who does not complete an Hour of Service on or after May 1, 2001 shall, notwithstanding the provisions of Sections 3.1, 3.2, 3.3 or 4.2 hereof, equal the accrued benefit of such FMC Participant as transferred from the FMC Plan in the FTI Spinoff.
Annual Compensation Limit. If a determination period consists of fewer than 12 months, the Code §401(a)(17) Annual Compensation Limit will be multiplied by a fraction, the numerator of which is the number of months in the determination period, and the denominator of which is 12. If Compensation for any prior determination period is taken into account in determining a Participant’s Plan benefits for the current Plan Year, the Compensation for such prior determination period is subject to the applicable Code §401(a)(17) Annual Compensation Limit as in effect for that prior period.