Common use of Guaranteed Compensation Period Clause in Contracts

Guaranteed Compensation Period. the Employee shall continue to receive regular base salary (hereinafter sometimes referred to as "regular compensation" or "regular base salary"), with payments being made semi-monthly, and shall continue to be eligible to participate in the Management Annual Cash Incentive Bonus Program ("MACIBP") in accordance with paragraph 6.1(b)(iv) below. During the Guaranteed Compensation Period, the Employee shall cease to actively participate in all other retirement and welfare benefit plans. (iv) For any Plan Year under the MACIBP that ends during an Employee's Guaranteed Compensation Period, the Employee shall be entitled to receive payments for such Plan Year as if all performance goals for such Plan Year were met at the "target" level. In addition, the Employee shall be entitled to receive proportionate payment for any partial Plan Year under the MACIBP that falls within the Employee's Guaranteed Compensation Period. Any such proportionate payment shall be calculated based on the assumption that all performance goals for such Plan Year were met at the "target" level for such partial Plan Year.