Final Annual Salary definition

Final Annual Salary means, as of a Determination Date, the sum of (1) the Executive’s Average Monthly Salary times 12 and (2) the Executive’s Target Bonus Percentage for the year in which the Determination Date occurs multiplied by the amount in (1) above.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Final Annual Salary means the Salary of the Member for the 12 months immediately preceding termination of Eligible Employment.

Final Annual Salary means the Participant’s base annual salary and target award under the Company’s annual bonus plan as in effect on the Participant’s last day of active employment (if the Company has not specified a target award for such year, the most recent target award will be considered continued in effect); provided, however, in the event of a Change in Control Termination, the Final Annual Salary shall be the greater of the Final Annual Salary as calculated immediately preceding the Change in Control or the Final Annual Salary as calculated on the Participant’s last day of active employment.

Examples of Final Annual Salary in a sentence

As of the Effective Date and subject to the forfeiture and vesting requirements of the Plan as supplemented by this Participation Agreement, the Executive is a Participant in the Plan and is entitled to a SERP Benefit equal to 50% of Final Annual Salary, as described in Section 4 of the Plan, subject to the applicable reduction factor as set forth in Section 4.8 of the Plan for payments provided before Executive’s Normal Retirement Date.
As of the Effective Date and subject to the forfeiture and vesting requirements of the Plan as supplemented by this Amended Participation Agreement, the Executive is a Participant in the Plan and is entitled to a SERP Benefit equal to 50% of Final Annual Salary, as described in Section 4 of the Plan, subject to the terms of this Amended Participation Agreement and the applicable reduction factor as set forth in Section 4.8 of the Plan for payments provided before Executive’s Normal Retirement Date.
As of the Effective Date and subject to the forfeiture and vesting requirements of the Plan as supplemented by this Participation Agreement, the Executive is a Participant in the Plan and is entitled to a SERP Benefit, as described in Section 4 of the Plan, equal to 50% of Final Annual Salary, subject to the terms of this Participation Agreement and the applicable reduction factor as set forth in Section 4.8 of the Plan for payments provided before Executive’s Normal Retirement Date.
As of the Effective Date and subject to the forfeiture and vesting requirements of the Plan as supplemented by this Amended Participation Agreement, the Executive is a Participant in the Plan and is entitled to a SERP Benefit equal to 50% of Final Annual Salary, as described in Section 4 of the Plan, subject to the applicable reduction factor as set forth in Section 4.8 of the Plan for payments provided before Executive’s Normal Retirement Date.
As of the Effective Date and subject to the forfeiture and vesting requirements of the Plan as supplemented by this Participation Agreement, the Executive is a Participant in the Plan and is entitled to a SERP Benefit equal to 40% of Final Annual Salary, as described in Section 4 of the Plan, subject to the applicable reduction factor as set forth in Section 4.8 of the Plan for payments provided before Executive's Normal Retirement Date.
As of the Effective Date and subject to the forfeiture and vesting requirements of the Plan as supplemented by this Participation Agreement, the Executive is a Participant in the Plan and is entitled to a SERP Benefit equal to 50% of Final Annual Salary, as described in Section 4 of the Plan, subject to the applicable reduction factor as set forth in Section 4.8 of the Plan for payments provided before Executive's Normal Retirement Date.

More Definitions of Final Annual Salary

Final Annual Salary means a Participant’s average Annual Rate of Compensation during the five consecutive year period, occurring in the last ten years of his employment with BMS or a Participating Employer, which produces the highest average Annual Rate of Compensation; provided, however, that in no event shall an increase in a Participant’s Annual Rate of Compensation after the fifth anniversary of the Effective Date be taken into account for the determination of Final Average Salary. Participants’ Final Annual Salary will be converted to United States dollars for each year of the five consecutive year period used to calculate such Participant’s Final Annual Salary using the currency exchange rate in effect on December 31 of such year.

Final Annual Salary means the base salary and annual bonus paid to a Participant by Employer prior to a Participant's termination or death.

Final Annual Salary means the Participant's Annual Salary as in effect on the Participant's last day of active employment; provided, however, in the event of a Change in Control Termination, the Final Annual Salary shall be the greater of the Annual Salary as in effect immediately preceding the Change in Control or the Annual Salary as in effect on the Participant's last day of active employment.