Common use of Monthly Base Salary Definition Clause in Contracts

Monthly Base Salary Definition. For purposes of this Section 1.1, "monthly base salary payable to the Executive by the Corporation for such month" shall mean the monthly base salary payable to the Executive by the Corporation determined on the first day of relevant calendar month without any reductions made to it for tax or employee benefit plan purposes (including, but not limited to, any reductions made to the Executive's actual compensation for the relevant calendar month pursuant to an Internal Revenue Code Section 125 or 401(k) plan or a nonqualified deferred compensation plan) and without any adjustments made to it for any change in the Executive's monthly base salary rate after the first day of the relevant calendar month.