Average Base Salary. Average Base Salary shall mean the Executive’s highest annual salary during the three (3) calendar year period beginning two (2) years immediately prior to the year of Change of Control and ending with the year in which the Change of Control occurred; provided that if Executive has been employed by the Corporation or a Subsidiary for less than three (3) years, Average Base Salary shall be the highest annual salary during that lesser period or if less than one year, the Executive’s prevailing salary shall be annualized.
Appears in 6 contracts
Samples: Management Continuity Agreement (FNBH Bancorp Inc), Management Continuity Agreement (FNBH Bancorp Inc), Management Continuity Agreement (FNBH Bancorp Inc)
Average Base Salary. Average Base Salary shall mean the Executive’s highest Executive is average annual salary during the three (3) calendar year period beginning two (2) years immediately prior to the year of Change of Control and ending with the year in which the Change of Control occurred; provided that if Executive has been employed by the Corporation or a Subsidiary for less than three (3) years, Average Base Salary shall be the highest annual salary determined, during that lesser period or if less than one year, the Executive’s 's prevailing salary shall be annualized.
Appears in 1 contract
Samples: Management Continuity Agreement (Independent Bank Corp /Mi/)
Average Base Salary. Average Base Salary shall mean the Executive’s highest 's average annual salary during the three (3) calendar year period beginning two (2) years immediately prior to the year of Change of Control and ending with the year in which the Change of Control occurred; provided that if Executive has been employed by the Corporation or a Subsidiary for less than three (3) years, EXHIBIT D Average Base Salary shall be the highest annual salary determined during that lesser period or if less than one year, the Executive’s 's prevailing salary shall be annualized.
Appears in 1 contract
Samples: Agreement and Plan of Reorganization (Independent Bank Corp /Mi/)
Average Base Salary. “Average Base Salary Salary” shall mean the Executive’s highest average annual salary during the three (3) calendar year period beginning two (2) years immediately prior to the year of Change of Control and ending with the year in which the Change of Control occurred; provided that if Executive has been employed by the Corporation or a Subsidiary for less than three (3) years, Average Base Salary shall be the highest annual salary determined during that lesser period or if less than one year, the Executive’s prevailing salary shall be annualized.
Appears in 1 contract
Samples: Management Continuity Agreement (Independent Bank Corp /Mi/)
