Benefit Computation Base. The Executive's Benefit Computation Base shall ------------------------ be the average of the Executive's annual base salary (including any salary reduction amounts pursuant to Sections 401(k) or 125 of the Internal Revenue Code of 1986, as amended) paid during the thirty-six (36) consecutive calendar months during the Executive's period of employment by the Corporation in which such compensation is the highest.
Appears in 2 contracts
Samples: Supplemental Executive Retirement Agreement (Sandwich Bancorp Inc), Supplemental Executive Retirement Agreement (1855 Bancorp)
Benefit Computation Base. The Executive's Benefit Computation Base ------------------------ shall ------------------------ be the average of the Executive's annual base salary (including any salary reduction amounts pursuant to Sections 401(k) or 125 of the Internal Revenue Code of 1986, as amended) paid during the thirty-six (36) consecutive calendar months during the Executive's period of employment by the Corporation in which such compensation is the highest.
Appears in 2 contracts
Samples: Supplemental Executive Retirement Agreement (Sandwich Bancorp Inc), Supplemental Executive Retirement Agreement (1855 Bancorp)
Benefit Computation Base. The Executive's Benefit Computation Base shall ------------------------ be the average of the Executive's annual base salary compensation (including base salary, bonus, and any salary reduction amounts pursuant to Sections 401(k) or 125 of the Internal Revenue Code of 1986, as amended) paid during the thirty-six (36) consecutive calendar months during the Executive's period of employment by the Corporation in which such compensation is the highest.
Appears in 1 contract
Samples: Supplemental Executive Retirement Agreement (Beverly National Corp)
Benefit Computation Base. The Executive's Benefit Computation Base shall ------------------------ be the average of the Executive's annual base salary compensation (including base salary, bonus, and any salary reduction amounts pursuant to Sections 401(k) or 125 of the Internal Revenue Code of 1986, as amended) paid during the thirty-thirty- six (36) consecutive calendar months during the Executive's period of employment by the Corporation in which such compensation is the highest.
Appears in 1 contract
Samples: Supplemental Executive Retirement Agreement (Beverly National Corp)