Average Annual Base Salary definition

Average Annual Base Salary means an amount determined by (a) computing the monthly base rate of pay amounts (i.e., the types of such pay that are includable in the computation of Pension Plan benefits) paid during the prior five consecutive twelve month periods immediately preceding the month that includes the date of the computation, and (b) averaging the two twelve month periods during which the highest amounts were paid.
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Average Annual Base Salary shall be calculated as the Employee’s Annual Base Pay for the preceding five (5) fiscal years of the Employer divided by five (5). Should the Employee have less than five (5) fiscal years of service with the Employer at the date of termination, the Average Annual Base Salary shall be calculated as the average of the Employee’s Annual Base Pay using the applicable fiscal years of service with the Employer. The severance pay will be paid to the Employee within the period specified in Section 9(b)(iii) below after the expiration of any applicable revocation periods set forth in the Release required under Section 9(d)(i) below. This severance payment will not be considered compensation for the purpose of any other fringe benefit plan of the Employer.
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Average Annual Base Salary means, with re- spect to a Performance Period, the average of the Participant's annual rate of base salary as in ef- fect on the last day of each year of such Perform- ance Period, provided, however, that in no event shall Average Annual Base Salary with respect to any Performance Period exceed 133% of the Partici- pant's annual rate of base salary as in effect on the first day of such Performance Period.
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Examples of Average Annual Base Salary in a sentence

  • Should the Employee have less than five (5) fiscal years of service with Employer at the date of termination, the Average Annual Base Salary shall be calculated as the average of the Employee’s Annual Base Pay using the applicable fiscal years of service with Employer.

  • For purposes of this subparagraph "Average Annual Base Salary" shall be calculated as the Employee’s Annual Base Pay for the preceding five (5) fiscal years of Employer divided by five (5).

  • To determine the Average Annual Base Salary to be used in calculating a partial Award, each year's base salary shall be prorated for the period in which the Participant was employed in an eligible position during the Performance Period.

  • Should the Employee have less than five (5) fiscal years of service with the Employer at the date of termination, the Average Annual Base Salary shall be calculated as the average of the Employee’s Annual Base Pay using the applicable fiscal years of service with the Employer.

  • The Participant's annual base salary in effect on the last day of the Participant's employment in the eligible position shall be included in the calculation of the Participant's Average Annual Base Salary, irrespective of the change of positions.

  • The base salary in effect on the last day of each year shall be included in the calculation of the Participant's Average Annual Base Salary, irrespective of the changes of positions.

  • To calculate the Average Annual Base Salary for a prorated Award, each year's annual base salary shall be prorated based on the period in which the employee was employed in the eligible position.

  • No Award under the Plan shall exceed 160% of a Participant's Average Annual Base Salary.

  • To calculate the Average Annual Base Salary for a prorated Award, each year's annual base salary shall be prorated based on the period in which the employee was employed in the Eligible Position.

  • For purposes of this subparagraph "Average Annual Base Salary" shall be calculated as the Employee’s Annual Base Pay for the preceding five (5) fiscal years of the Employer divided by five (5).


More Definitions of Average Annual Base Salary

Average Annual Base Salary means the aggregate base salary paid to Employee for the applicable period pursuant to section 3 divided by three (3), and "Average Annual Bonus" means the aggregate of all bonuses and other cash incentive compensation paid to Employee during the applicable period pursuant to the Incentive Compensation Plan or otherwise divided by three(3). Employee shall be under no obligation to seek subsequent employment and upon obtaining subsequent employment shall be under no obligation to offset any amounts earned from such subsequent employment (whether as an employee, a consultant or otherwise) against the aforesaid termination payment due under this section. The Company shall continue to pay the automobile allowance pursuant to Section 4 and shall continue to carry the life, disability, health, hospitalization, surgical and major medical insurance coverage for Employee for a 36-month period following termination of employment, unless prohibited by the insurer or by law, in which case the Company shall provide the economic equivalent. If coverage is continued, the Company shall give the Employee the right to assume the life, disability, health, hospitalization, surgical and major medical insurance coverage or to reimburse the Company for its continuing payments under such policies, unless prohibited by the insurer or by law. For purposes of this Agreement, "economic equivalent" shall mean the cost of the premiums paid by the Company for the insurance coverage provided to Employee by the Company during the 12 consecutive month period prior to such termination. Any such continuing insurance coverage, or economic equivalent thereof, will be offset by comparable coverage to Employee in connection with subsequent employment, if any. Other rights and benefits of Employee under employee benefit plans and programs of the Company, generally, will be determined in accordance with the terms and provisions of such plans and programs.
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Average Annual Base Salary means the average of Employee"s annual income in the nature of compensation payable by the Company and includible in gross income over the three most recent taxable years ending before the Change of Control. Anything contained herein to the contrary notwithstanding, for a Change of Control occurring before 2001, "average annual base salary" shall be equal to the average salary paid the employee as follows: Years Considered in Calculating Year of Change in Control Average Base Salary 1998-1999 1998 1999 1998 2000 1999 2001 2000 A "Change of Control" shall be deemed to occur when a person, corporation, partnership, association or entity (exclusive of the currently contemplated reorganization) (x) acquires a majority of the outstanding voting securities of Staff Builders, Inc., a Delaware corporation ("SBD") or (y) acquires securities of the bearing a majority of voting power with respect to election of directors of SBD or (z) acquires all or substantially all of SBD's assets. Notwithstanding anything to the contrary contained herein, all payments owed to the Executive upon termination of this Agreement shall be subject to offset by the Corporation for amounts owed to the Corporation by the Executive hereunder or otherwise. (a) The obligations of the Corporation and the Executive pursuant to this Section 5 shall survive the termination of this Agreement. 6.
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Average Annual Base Salary means the average of the base annual salary of the Participant for the Measurement Period, provided however, that salary shall not include amounts awarded or received under this Plan, Annual Incentive bonuses, commissions, overtime pay, or benefits (or the value of benefits) provided by FNB’s contributions pursuant to its pension, 401(k), profit sharing, health care, life insurance or similar benefit programs. However, the annual Base Salary shall include the amount of any pre-tax deferrals made by the Participant to FNB’s Section 125 welfare plans, 401(k) or non-qualified deferred compensation plan.
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Average Annual Base Salary means the average of Executive's annual income in the nature of compensation payable by the Company and includible in gross income over the five most recent taxable years ending before the Change of Control. Anything contained herein to the contrary notwithstanding, for a Change of Control occurring before 2002, years considered in the base period for calculating 'average annual base salary' shall be determined as follows:
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Related to Average Annual Base Salary

  • Average Annual Bonus means the average of the annual bonuses (if any) from the Company earned by the Executive with respect to the Bonus Fiscal Years during all or any portion of which the Executive was employed by the Company; and, provided, further, that, if the Executive was not employed by the Company during all or any portion of any of the Bonus Fiscal Years, “Average Annual Bonus” means zero.

  • Average Annual Compensation shall be an amount equal to the annual average of the sums of (x) the Executive’s annual Base Salary from the Company plus (y) the amount of Incentive Awards accrued by TNS for the Executive, in each case for the three calendar years that ended immediately before (or, if applicable, coincident with) the Change in Control Date;

  • Base Annual Salary means the annual cash compensation relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form W-2 for such calendar year, excluding bonuses, commissions, overtime, fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, directors fees and other fees, automobile and other allowances paid to a Participant for employment services rendered (whether or not such allowances are included in the Employee’s gross income). Base Annual Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Participant pursuant to all qualified or non-qualified plans of any Employer and shall be calculated to include amounts not otherwise included in the Participant’s gross income under Code Sections 125, 132(f), 402(e)(3), 402(h), or 403(b) pursuant to plans established by any Employer; provided, however, that all such amounts will be included in compensation only to the extent that, had there been no such plan, the amount would have been payable in cash to the Employee.

  • Annual Base Salary shall have the meaning set forth in Section 3(a).

  • Monthly Base Salary means 1/12th of the greater of (i) Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control Termination or a Covered Termination, as applicable, or (ii) in the case of a Change in Control Termination, Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control.

  • Current Annual Compensation means the greater of:

  • Average Annual Debt Service means, at the time of calculation, the sum of the Annual Debt Service for the remaining years of the loan to the last scheduled maturity of the loan divided by the number of those years.

  • Pro-rata Annual Bonus means the amount of Annual Bonus, multiplied by a fraction, the numerator of which is the number of days in such year during which the Executive was actually employed by the Company (or its predecessor) and the denominator of which is 365.

  • Target Annual Bonus has the meaning set forth in Subsection 3b.

  • Semi-Annual Period means each of: the period beginning on and including January 1 and ending on and including June 30; and the period beginning on and including July 1 and ending on and including December 31.

  • Monthly salary means the portion of a member’s annual compensation which is paid to him or her per month.

  • Annualized means (i) with respect to the end of the first Fiscal Quarter of the Borrower ending after the Closing Date, the applicable amount for such Fiscal Quarter multiplied by four, (ii) with respect to the second Fiscal Quarter of the Borrower ending after the Closing Date, the applicable amount for such Fiscal Quarter and the immediately preceding Fiscal Quarter multiplied by two, and (iii) with respect to the third Fiscal Quarter of the Borrower ending after the Closing Date, the applicable amount for such Fiscal Quarter and the immediately preceding two Fiscal Quarters multiplied by one and one-third.

  • Accrued Base Salary means the amount of Executive's Base Salary which is accrued but not yet paid as of the Date of Termination.

  • Final average salary means whichever of the following is greater:

  • Annual Salary means the salary given under this Part.

  • Monthly Salary Rate means the amount agreed to by the Owner that can be used on Applications for Payment throughout the Construction Phase to account for the services of Construction Manager’s salaried personnel assigned to the Project. A Monthly Salary Rate must be established for each salaried person and must be approved in writing by the Owner in advance of any Application for Payment for that person. The Monthly Salary Rate is for convenience only and any payments made for Construction Manager’s personnel are subject to audit to determine the actual cost of the wages and allowable employer contributions incurred by the Construction Manager for services performed for the Project.

  • Average Monthly Compensation means the quotient determined by dividing the sum of the Employee’s then current Base Salary (as defined in Section 4.1 hereof) and the greater of the most recently paid Incentive Compensation (as defined in Section 4.2 hereof) or the average of Incentive Compensation paid over the three most recent years by twelve.

  • Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarial equivalent straight life annuity if such benefit is expressed in a form other than a straight life annuity or Qualified Joint and Survivor Annuity) to which the Participant would be entitled under the terms of the Plan assuming:

  • Highest Average Compensation means the average Compensation for the three (3) consecutive years of Service with the Employer that produces the highest average. A Year of Service with the Employer is the twelve (12) consecutive month period identical to the Plan Year.

  • Base Salary shall have the meaning set forth in Section 3(a) hereof.

  • Average Compensation means the average of your W-2 wages from the Company for the five (5) calendar years completed immediately prior to the calendar year in which the Change in Control is effected. Any W-2 wages for a partial year of employment will be annualized, in accordance with the frequency which such wages are paid during such partial year, before inclusion in Average Compensation.

  • Average Bonus means the average of the bonuses paid to Employee over the last two years (or such lesser number of years in which Employee was eligible to receive a bonus) in which the Employee was eligible to receive a bonus.

  • Termination Base Salary means that amount equal to Executive’s annual base salary with the Company at the rate in effect immediately prior to the Change of Control or, if a greater amount, Executive’s annual base salary at the rate in effect at any time thereafter.

  • Base Salary Amount means the greater of the Executive’s annual base salary (a) at the rate in effect on the Termination Date and (b) at the highest rate in effect at any time during the 180-day period prior to a Change in Control, and will include all amounts of the Executive’s base salary that are deferred under any qualified or non-qualified employee benefit plan of the Company or any other agreement or arrangement.