|MEDTRONIC PLC filed this Form 10-Q on 09/01/2017|
2.15 “Plan” means the Medtronic plc Medtronic Incentive Plan, as set forth herein and as hereafter amended from time to time.
2.16 “Restructuring” means, as determined by the Committee, (i) the occurrence of a reduction in force occurring in Fiscal Year 2018 or any subsequent Fiscal Year or (ii) with respect to an Employee of an Affiliate, the first day on which such entity ceases to be an Affiliate, whether through sale, decrease in equity ownership or otherwise (provided that such disaffiliation occurs in Fiscal Year 2018 or any subsequent Fiscal Year).
2.17 “Retirement” means, as determined by the Committee, retirement of an Employee as defined under any retirement plan of the Company or an Affiliate of the Company which is qualified under Section 401 of the Code (which currently provides for retirement on or after age 55, provided the Employee has been employed by the Company and/or one or more Affiliates for at least ten years, or retirement on or after age 62), or under any retirement plan of the Company or any Affiliate applicable to the Employee due to employment by a non-U.S. Affiliate or employment in a non-U.S. location, or as otherwise determined by the Committee in its sole discretion.
2.18 “Salary” for a Performance Period means, (i) for a Participant who is a salaried employee, subject to Section 6.1 of the Plan, the Participant’s base salary rate in effect on the last day of the applicable MIP Payroll Period (or, to the extent required under Section 162(m) of the Code, the first day of the applicable MIP Payroll Period) to which the Performance Period relates, or (ii) for a Participant who is an hourly paid employee, the Participant’s eligible earnings during the applicable MIP Payroll Period, determined in accordance with the normal payroll practices of the Company (or an Affiliate, as the case may be):
(ii)any other individual performance-based forms of compensation such as lump sum merit, development or promotional payments (except as set forth in Section 2.18 (b));
(iii)the amount of any reduction in Salary to which a Participant has agreed as part of any plan of the Company or its Affiliates to use the amount of such reduction to purchase benefits under a cafeteria plan under Code Section 125, a transportation fringe benefit plan under Code Section 132(f), or in connection with any qualified cash or deferred arrangement under Code Section 401(k);
(iv)any Participant payments by salary reduction or its equivalent to a nonqualified deferred compensation plan sponsored by the Company or its Affiliates; and
(v)if applicable, overtime, sick pay, and shift differentials; but