Final Annual Pay definition

Final Annual Pay means the Participant’s annualized base salary rate in effect as of the date of his death, prior to reduction for any deferrals. In the event the Participant is absent from employment as a result of a Total and Permanent Disability on the date of his death, Final Annual Pay shall be determined as of the date immediately preceding the date of his Total and Permanent Disability.
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Final Annual Pay means the higher of (i) the sum of a Participant's then current rate of annual base salary as of his Date of Termination and 110% of target annual incentive for the year in which a Date of Termination occurs (not taking into account any reduction that would constitute a basis for a Qualifying Termination) and
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Final Annual Pay means the Participant's annual rate of base pay (whether or not deferred) on the last day he or she was on the active payroll of a Participating Company plus the annual standard award as determined under the Pacific Telesis Group Short Term Incentive Plan on the last day he or she was on the active payroll.
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Examples of Final Annual Pay in a sentence

  • The amount of a sickness, accident or pensioner death benefit provided by the Executive Plan shall be equal to one times the Participant's Final Annual Pay, reduced by the sickness, accident or pensioner death benefit payable with respect to the Participant under the Salaried Pension Plan, as applicable.

  • In the case of a pensioner death benefit payable under the Executive Plan, the amount based on the Participant's Final Annual Pay shall be subject to the same reductions, if any, which are applied to the Participant's pensioner death benefit under the Salaried Pension Plan.

  • Notwithstanding the foregoing, in the event a Participant who Retired before 1989 dies after such Retirement, and provided no other post-retirement death benefit has been paid by the Company, a one-time benefit in an amount equal to 75 percent of the Participant’s Final Annual Pay shall be payable to his Beneficiary in a single lump sum as soon as practicable after the Participant’s death.

  • EXECUTIVE SURVIVOR BENEFITS PLAN Notwithstanding the foregoing, in the event a Participant who Retired before 1989 dies after such Retirement, and provided no other post-retirement death benefit has been paid by the Company, a one-time benefit in an amount equal to 75 percent of the Participant's Final Annual Pay shall be payable to his Beneficiary in a single lump sum as soon as practicable after the Participant's death.

  • During the two year period after Executive's termination of employment (other than due to death) the Executive shall receive, in 24 equal installments, commencing on the date of his termination of employment, an aggregate amount equal to his Final Annual Pay, conditioned on Executive's compliance with the terms of Section 12.

  • For purposes of calculating Final Annual Pay, sign-on fees, retention fees, waiver fees and any other fees, bonuses or similar compensation shall be disregarded.


More Definitions of Final Annual Pay

Final Annual Pay means the higher of (i) the sum of Executive's Base Salary and 110% of the Target Bonus for the year in which the date of termination occurs (not taking into account any reduction that would constitute a basis for Good Reason) (the Target Bonus being deemed to be $677,808 for 1996) and (ii) the quotient equal to (A) the sum of Executive's (1) Base Salary (not taking into account any reduction that would constitute a basis for Good Reason), and (2) actual annual incentive payments earned under applicable Company annual incentive plans or programs, during the three consecutive calendar years preceding Executive's date of termination in which he had the greatest aggregate earnings, divided by (B) three. For purposes of calculating Final Annual Pay, the One-Time Payment and any sign-on fees, retention fees, waiver fees and any other fees, bonuses or similar compensation (other than annual incentive payments earned under applicable Company annual incentive plans or programs, and specifically including the $677,808 annual incentive bonus referred to in Section 3.2(a)) shall be disregarded.
Sample 1
Final Annual Pay means the higher of (1) the sum of (i) a Participant's then current annual rate of
Sample 1

Related to Final Annual Pay

  • 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.

  • 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.

  • 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:

  • 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 Payment The total amount payable to the Settlement Fund Administrator by the Settling Distributors on the Payment Date each year, as calculated by the Settlement Fund Administrator pursuant to Section IV.B.1.e. For the avoidance of doubt, this term does not include the Additional Restitution Amount or amounts paid pursuant to Section X.

  • Semi-Annual Distribution Date means the "Distribution Dates" set forth under "Summary of Essential Financial Information--Estimated Distributions--Semi-Annual Distributions" in the Prospectus Part I for a Trust.

  • 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.

  • 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.

  • Final Average Compensation means the aggregate amount of a member's compensation earned within the averaging period in which the aggregate amount of compensation was highest divided by the member's number of years, including any fraction of a year, of credited service during the averaging period. The averaging period shall be 36 consecutive calendar months if the member contributes to the member investment plan except for a member who contributes to the member investment plan and first became a member on or after July 1, 2010; otherwise, the averaging period shall be 60 consecutive calendar months. A member who contributes to the member investment plan and first became a member on or after July 1, 2010 shall also have an averaging period of 60 consecutive calendar months. If the member has less than 1 year of credited service in the averaging period, the number of consecutive calendar months in the averaging period shall be increased to the lowest number of consecutive calendar months that contains 1 year of credited service.

  • 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.

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

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

  • Current Annual Compensation means the greater of:

  • Maximum Annual Debt Service means the largest Annual Debt Service for any Bond Year after the calculation is made through the final maturity date of any Outstanding Bonds.

  • Target Bonus Percentage means, with respect to any Executive, the target bonus percentage specified for such Executive in his or her Employment Agreement.

  • Payment Year means the calendar year during which the applicable Initial Year Payments or Annual Payments are due pursuant to subsection V.B. Payment Year 1 is 2022, Payment Year 2 is 2023 and so forth. References to payment “for a Payment Year” mean the Initial Year Payments or Annual Payment due during that year. References to eligibility “for a Payment Year” mean eligibility in connection with the Initial Year Payments or Annual Payment due during that year.

  • 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.

  • Proration Month means the month for which capacity is to be allocated under Item 7.