Average Annual Earnings definition

Average Annual Earnings means the average compensation used in benefit calculations, determined in accordance with the Schedule applicable to such Participant.

Average Annual Earnings means the sum of Executive's Five-Year Average Base Salary and his Five-Year Average Actual Bonus.

Average Annual Earnings means the annual average of a participant's earnings for the five-year period immediately preceding his retirement date, his date of termination or his date of death, whichever is earliest.

Examples of Average Annual Earnings in a sentence

• Unless otherwise specified in the adoption instrument, for purposes of computing the Service and Average Annual Earnings of an Employee who is in the employ of the Employer on the effective date of the adoption, employment with and compensation from the Employer before the effective date of the adoption shall be treated as employment with and Earnings from an Employer.

• The Member's Normal Retirement Benefits shall subsequently be based on his/her total Credited Service and his/her Average Annual Earnings, based on actual annual Base Pay without regard to any Rehabilitation Stipends received.

• Such Grandfathered Participant's Average Annual Earnings shall be determined assuming Earnings continued while he is Disabled as provided in Section 1.1(h).

• In determining Average Annual Earnings (as defined in the Company Pension Plan), any calendar year in which the Participant has less than a full year of Credited Service (as defined in the Company Pension Plan) may be disregarded.

• The Company shall pay Executive an amount equal to three times the greater of: (A) the sum of Executive's Base Salary and Target Bonus, or (B) Executive's Average Annual Earnings.

More Definitions of Average Annual Earnings

Average Annual Earnings means the mathematical average of Executive's Annual Earnings for the five (5) fiscal years preceding a Qualifying Termination.

Average Annual Earnings means the amount calculated in accordance with Section 5(2), (3) and (5).

Average Annual Earnings means the average annual earnings while a member of the plan for the past three (3) consecutive calendar years which provide the highest average of the last 10 calendar years immediately preceding retirement date.

Average Annual Earnings means the average of a Participant’s Earnings for the five consecutive calendar years in which the Participant’s Earnings were the highest during the last fifteen calendar years prior to the Participant’s Retirement; and

Average Annual Earnings. The highest annual average Earnings received during any five consecutive years during the last ten consecutive calendar years before termination of the Executive’s employment with Aristotle. However, calendar years in which the Executive commences or terminates employment and works fewer than 1,000 hours will be excluded from this average. Credited Service – Years of employment with Aristotle that are used in determining the Executive’s SERP Plan Benefit. The Executive will earn one year of Credited Service for each year the Executive works at least 1,000 hours. Minimum Net Worth – The stockholders’ equity of Aristotle (or its successor), as reported on the consolidated balance sheet of Aristotle (or its successor), prepared in conformity with U.S. generally accepted accounting principles, as of December 31 of any calendar year is at least $25,000,000. Early Commencement Factor – The factor by which the SERP Plan Benefit is reduced if the Executive retires or otherwise terminates employment before Normal Retirement Date and elects his SERP Plan Benefit early. 1

Average Annual Earnings means one-fifth (1/ 5) of the aggregate of a M em ber's Annu al Earni ngs in the two hundred and sixty (260) consecutive calendar w eeks of Conti nuous Servi ce in whi ch such aggregate is the highest provid ed that:

Average Annual Earnings means the amount equal to the sum of the Participant's Earnings for the five consecutive calendar years during which Earnings were highest occurring within the Participant's last ten Years of Service, divided by five.