Average Annual Income definition

Average Annual Income shall be calculated as the sum of the Employee’s Annual Base Pay and Annual Cash Bonus for the preceding five (5) fiscal years of the Employer divided by five (5). The severance pay will be paid to the Employee within the period specified in Section 10(b)(3) below after the expiration of any applicable revocation periods set forth in the Release. 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 Income means the average of the gross income derived by the assessee from the life interest during each year of the period ending on the valuation date, reduced by the average of the expenses incurred on the collection of such income in each of those years :

Average Annual Income shall be calculated as the sum of the Employee’s Annual Base Pay and Annual Cash Bonus for the preceding five (5) fiscal years of the Employer divided by five (5). The severance pay will be paid to the Employee at the regular pay dates of the Employer in equal payments over a thirty-six (36) month period commencing after the expiration of any applicable revocation periods set forth in the Release. This severance payment will not be considered compensation for the purpose of any other fringe benefit plan of the Employer. The Employer shall also pay the premiums associated with the continuation of the life insurance and health insurance benefits that the Employee was provided by the Employer as of the date of termination during the period of time that the severance payments are due hereunder.

Examples of Average Annual Income in a sentence

• If the Employer terminates the Employee’s employment without Cause or the Employee terminates the Employee’s employment for Good Reason, and such termination is coincident with or within an eighteen (18) month period following the occurrence of a Change in Control, the Employer shall pay Employee severance pay in an amount equal to 2.99 multiplied by the Employee’s Average Annual Income.

• Subject to the provisions of Sections 10(e) and 10(f) of this Agreement, if the Employer terminates the Employee’s employment without Cause or the Employee terminates the Employee’s employment for Good Reason, except when such termination is coincident with or within an eighteen (18) month period following the occurrence of a Change in Control (as defined below), the Employer shall pay Employee severance pay in an amount equal to 2 multiplied by the Employee’s Average Annual Income.

• Subject to the provisions of Sections 10(e) and 10(f) of this Agreement, if the Employer involuntarily terminates the Employee’s employment without Cause or the Employee terminates the Employee’s employment for Good Reason, except when such termination is coincident with or within an eighteen (18) month period following the occurrence of a Change in Control (as defined below), the Employer shall pay Employee severance pay in an amount equal to 2 multiplied by the Employee’s Average Annual Income .

• If (i) Employer terminates Employee’s employment without Cause, (ii) the Term of the Agreement is not renewed under Section 2 by action of the Employer without Cause, or (iii) Employee terminates Employee’s employment for Good Reason, and in each such case such termination is coincident with or within a twenty-four (24) month period following the occurrence of a Change in Control, Employer shall pay Employee severance pay in an amount equal to three (3) multiplied by Employee’s Average Annual Income.

• Subject to the provisions of Sections 10 (e) and 10(f) of this Agreement, if the Employer terminates the Employee’s employment without Cause or the Employee terminates the Employee’s employment for Good Reason, and such termination is coincident with or within an eighteen (18) month period following the occurrence of a Change in Control, the Employer shall pay Employee severance pay in an amount equal to 2.99 multiplied by the Employee’s Average Annual Income.

More Definitions of Average Annual Income

Average Annual Income means an amount equal to (A) the sum of Employee’s annual base salary and annual cash bonuses for the three (3) fiscal years of Employer preceding the date of Employee’s termination of employment divided by (B) three (3).

Average Annual Income shall be calculated as the sum of the Employee’s Annual Base Pay and Annual Cash Bonus for the preceding three (3) fiscal years of the Employer divided by three (3). The severance pay will be paid to the Employee no later than 60 days after the date of termination after the expiration of any applicable revocation periods set forth in the Release (as defined below). This severance payment will not be considered compensation for the purpose of any other fringe benefit plan of the Employer. To the extent the Employee elects to continue health insurance coverage under COBRA, the Company will pay the premiums for such coverage for a period of up to eighteen (18) months under the terms specified in Section 10(d)(1) below. The Employer shall also pay the Employee, no later than 60 days after the date of termination, a lump sum cash payment of $15,000 in order to cover the cost of post-termination benefit coverage and expenses associated with seeking another employment position.

Average Annual Income shall be calculated as the sum of Employee’s annual base salary and annual cash bonuses for the preceding three (3) fiscal years of Employer divided by three (3). The severance pay will be paid to Employee no later than sixty (60) days after the date of termination, subject to the conditions of Section 10(f). The severance pay will not be considered compensation for the purpose of any other fringe benefit program of Employer. To the extent Employee elects to continue health insurance coverage under COBRA, Employer will pay the premiums for such coverage for a period of up to eighteen (18) months under the terms specified in Section 10(d)(i) below.