Common use of Automatic Review Procedure Clause in Contracts

Automatic Review Procedure. On the third year anniversary of the Effective Date and every third year thereafter the Bank will automatically review this Agreement for reasonableness of benefits with the intent that the Executive’s target benefit shall be 75% of compensation less the Bank-provided benefits. 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. As used in this section 7.16, the term compensation 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 as salary in 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 Procedure. On the third year anniversary of the Effective Date and every third year thereafter the Bank will automatically review this Agreement for reasonableness of benefits with the intent that the Executive’s target benefit shall be 75% of compensation less the Bank-provided benefits. 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. As used in this section 7.167.15, the term compensation 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 as salary in that rule’s Summary Compensation Table. The term Base Annual Salary specifically excludes director fees and other director compensation, bonus, option grants, 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.