Automatic Review Sample Clauses
The Automatic Review clause establishes a process by which certain aspects of an agreement or performance are periodically evaluated without the need for a specific request from either party. Typically, this clause sets predefined intervals—such as annually or quarterly—at which the contract terms, deliverables, or compliance with obligations are reviewed automatically. By ensuring regular and systematic assessments, the clause helps identify issues early, maintain alignment with objectives, and adapt to changing circumstances, thereby reducing the risk of disputes or overlooked obligations.
Automatic Review. On the third year anniversary of the date of this Agreement and every third year thereafter the Bank will automatically review this Agreement for reasonableness of benefits, with the goal that the Executive’s benefit under this Agreement combined with other Bank-provided benefits equal a reasonable percentage of Executive’s pre-retirement compensation. For purposes of this Agreement, Bank-provided benefits include but are not limited to (x) the Bank 401(k) match and (y) the Bank portion of Social Security benefits. The term “compensation” as used in this section 8.14 means the base annual salary of the Executive projected at the Executive’s Normal Retirement Age. Base annual salary means compensation of the type that would, according to the Securities and Exchange Commission’s Regulation S-K Item 402(c) (17 CFR 229.402(c)), be required to be reported by an accelerated filer as salary in column (c) of that rule’s Summary Compensation Table. The term base annual salary specifically excludes director fees and other director compensation, bonus, option grants and any other compensation that would be reported in separate columns in the Summary Compensation Table, but it includes salary deferred at the election of the Executive.
Automatic Review. Six (6) months from the date this Agreement was executed, the parties agree to meet and confer in good faith to ensure compliance with the payment obligations and the policies set forth in this Agreement.