Common use of Salary Reduction Program Clause in Contracts

Salary Reduction Program. For purposes of determining the Company's compensation and benefits obligations under any of the foregoing subparagraphs (a) through (d) of Section 6, any reduction in the Executive's Base Salary resulting from the officer salary reduction program implemented on January 1, 1992 shall be disregarded and the Executive's "salary of record" as in effect on December 31, 1991 shall be deemed to be in effect for the duration of the salary reduction program or, if higher, the Executive's actual annual salary.

Salary Reduction Program. For purposes of determining the Company's compensation and benefits obligations under any of the foregoing subparagraphs (a) through (d) of Section 6, any reduction in the ExecutiveExecu- tive's Base Salary resulting from the officer salary reduction program implemented on January 1, 1992 shall be disregarded and the Executive's "salary of record" as in effect on December 31, 1991 shall be deemed to be in effect for the duration of the salary reduction program or, if higher, the Executive's actual annual salary.