Accrued Benefits Definition Example

Accrued Benefits. The following amounts, payable as described herein: (i) all base salary for the time period ending with the date of the Executive's Termination of Employment; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company for the time period ending with the date of the Executive's Termination of Employment; (iii) except in the event of termination for Cause, a pro rata... portion (determined by dividing the number of days the Executive is employed during the year through the date of termination by 365) of any annual performance bonus (excluding the Cash Bonus described in Section 3(c)) payable with respect to the year in which the termination occurs, based on actual performance results; (iv) any and all other cash earned and vested through the date of the Executive's Termination of Employment and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) is entitled on the date of the Executive's Termination of Employment under the terms of any benefit plan of the Company, excluding severance payments under any Company severance policy, practice or agreement in effect on such date. Payment of Accrued Benefits shall be made promptly in accordance with the Company's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits. View More