Examples of Current Annual Compensation in a sentence
For this purpose "Current Annual Compensation" shall mean the total of Executive's Basic Salary in effect at the Termination Date, plus any performance bonuses received by Executive in the prior twelve months, and shall not include the value of any stock options granted or exercised, contributions to 401(k) or other qualified plans, medical, dental, or other insurance benefits, or other fringe benefits.
Upon a termination of the Employee's employment under the circumstances described in this Section 6, the Employee will receive a Change in Control Benefit equal to three (3) times the Employee's Current Annual Compensation as defined in this Section 6(b)(i) as of the date of the Change in Control.
The Company has provided Parent with a true, complete and correct list of the Current Annual Compensation of, and a description of the fringe benefits (other than those generally available to employees of the Company and the Subsidiaries) provided by the Company and the Subsidiaries to, any employee or commission salesperson of the Company or any Subsidiary as of December 31, 2005.
The Corporation shall provide to the Employee a severance payment in the form of a cash lump sum distribution equal to the Employee’s Current Annual Compensation (as defined below) multiplied times three (3).
XxXxxxxx Chief Financial Officer and General Counsel Current Annual Compensation Rate: $152,000 -------- Deferred Portion (each semi-monthly period): $ 2,111 -------- ACKNOWLEDGED AND AGREED Effective the date first written above: /s/ Xxxxxx X.