Covered Employee Participant definition

Covered Employee Participant means any Participant who is reasonably expected to be a “covered employee” within the meaning of Section 162(m)(3) of the Code with respect to any Performance Period in which the Company would be entitled to take a compensation deduction for an Actual Award to such Participant (determined without regard to the limitation on deductibility imposed by Section 162(m) of the Code). The determination of “Covered Employee Participant” is also made without regard to any deferral of the Actual Award payment date under the Company’s Nonqualified Deferred Compensation Plan.

Examples of Covered Employee Participant in a sentence

The Committee, in its sole discretion, will establish a Maximum Award for each Covered Employee Participant (subject to the limit set forth in Section 2.1(n)).
If the Covered Employee Performance Goal(s) have been met, the Committee shall determine the amount of the Maximum Award payable to each Covered Employee Participant pursuant to the terms of the Plan.
The Committee, in its sole discretion, will establish a Maximum Award for each Covered Employee Participant (subject to the limit set forth in Section 2.1(m)).
Except with respect to the Chairman and the Chief Executive Officer, the Chief Executive Officer shall recommend, subject to the approval of the Committee, the Maximum Award for each Covered Employee Participant.
The Committee may establish a formula to determine the Final Award to be payable to the Covered Employee Participant provided that the Covered Employee Performance Goals are met, which formula may, but is not required to, consist of Base Salary multiplied by Individual Performance factor multiplied by Results Factor multiplied by Target Award Percentage.
No election may be provided to the Covered Employee Participant with respect to the timing of payment under this Section 5.1(c)(i).
The Committee’s exercise of negative discretion to reduce the Maximum Award of one Covered Employee Participantshall not have the effect of increasing the Final Award payable to any other Covered Employee Participant.
With respect to any Award of Performance Shares, Performance Share Units or Performance Units, the Committee shall establish in writing (a) the performance goals or measures (as described in Article 10 (Performance Shares, Performance Share Units, and Performance Units)) applicable to a given Performance Period, and (b) such performance goals shall state the methodfor computing the amount of compensation payable to the Covered Employee Participant if such performance goals are attained.
The Committee, in its sole discretion, will establish a Maximum Award for each Covered Employee Participant (subject to the limit set forth in Section 2.1(l)).
An award to a non- Covered Employee Participant made to a person employed at a non-U.S. office of the Company or subsidiary thereof may by made in such tax-advantaged non-cash form (not including Company securities or derivatives thereof) as may be authorized by the Chief Executive Officer of the Company.

Related to Covered Employee Participant

Employee Participant means an Employee who holds an outstanding Award under the terms of the Plan.
Covered employer means the City of Cambridge or a Beneficiary of Assistance.
Covered Employee means an employee who is a “Covered Employee” within the meaning of Section 162(m) of the Code.
Section 162(m) Participant means any key Employee designated by the Administrator as a key Employee whose compensation for the fiscal year in which the key Employee is so designated or a future fiscal year may be subject to the limit on deductible compensation imposed by Section 162(m) of the Code.
Covered Participant means a Participant who is a “covered employee” as defined in Section 162(m)(3) of the Code, and any individual the Committee determines should be treated as such a covered employee.