Final Average Annual Compensation means the highest annual total amount included in Employee's gross income for federal income tax purposes in connection with employment hereunder for payments or benefits received under the provisions of Section 4.1 (not including stock options received in lieu of salary increases) hereof during the three calendar years immediately preceding the calendar year during which termination of employment occurs.
Final Average Annual Compensation and “Benefit Level” and (ii) Section 1.2 of the Agreement to provide that years of service is from the date of the Executive’s employment with Employer rather than from the Effective Date of the Agreement.
Final Average Annual Compensation means the higher of (i) the average annual Compensation of Executive during the last 36 full consecutive calendar months of Executive’s employment with Employer or (ii) the average annual Compensation of Executive during Executive’s employment with Employer.
Examples of Final Average Annual Compensation in a sentence
For purposes of this Section 3.3, the Annual Benefit shall be determined with the with the Final Average Annual Compensation being equal to greater of (i) the average annual Compensation of Executive during the last 36 full consecutive calendar months of Executive’s employment with Employer or (ii) the average annual Compensation of Executive during Executive’s employment with Employer.
For purposes of computing Final Average Annual Compensation only, the annual Compensation of a Participant who completes 1,000 Hours of Service during the calendar year in which he terminates employment shall be deemed to be for the year in which he terminates employment the basic salary, excluding overtime or shift differential, the Participant would have received had he remained employed until the end of the calendar year, if greater than the compensation actually earned for such year.
If Holmxx xxxtinues his employ with Reynxxxx xxxond age fifty-nine (59), the level of his retirement benefits as a percentage of his Final Average Annual Compensation shall be increased by one percent (1%) for each additional twelve (12) month period over age fifty-nine (59).
Upon becoming not subject to a substantial risk of forfeiture during such period, such deferred benefits shall, for purposes of computing Final Average Annual Compensation, be deemed to be paid to the Participant as Compensation in the years to which such deferred benefits are attributable.
In the event such deferred benefits become not subject to a substantial risk of forfeiture while the Participant is still employed by or simultaneous with his termination of employment with an Employer and are subsequently forfeited by the Participant, such amounts shall not be taken into account as Compensation or Final Average Annual Compensation for any period.
More Definitions of Final Average Annual Compensation
Final Average Annual Compensation shall be determined as set forth above for the greater of (i) three consecutive calendar years or (ii) the period of time for which Executive has been actively employed.Executive will be entitled to participate in all qualified and nonqualified retirement plans which are available to other senior officers of the Company and according to the terms of those plans. In addition, Executive will be entitled to participate in a supplemental executive retirement plan (the "SERP") put in place for Executive. Under this plan, Executive shall be entitled to receive an annual retirement benefit equal to the difference between (i) four percent (4%) of his Final Average Annual Compensation multiplied by his years of service to the Company, and (ii) the annual benefits payable to him under the Reynolds & Reynolds Retirement Plan (the "Qualified Plan") and xxx Xxxxoldx & Xxxxolds "Supplemental Plan" which restores benefits xxxx xxder xxx Xxalified Plan due to Code Section 415 and 401(a)(17) limits. For purposes of the calculation set forth in the immediately preceding sentence, it shall be assumed that the benefits under the SERP, Qualified Plan and Supplemental Plan begin when Executive's employment terminates and are payable in the form of a single life annuity. Such SERP benefit generally shall be payable in the form of a single life annuity for Executive's life; PROVIDED, HOWEVER, that if Executive is married at the time he commences to receive benefits under this plan, his benefit will be paid in the form of a 100% joint and survivor annuity for the lives of Executive and Executive's spouse at the time Executive's benefits commence (if Executive's spouse survives him) that is actuarially equivalent to the single life annuity. Executive acknowledges that the annual payment under a 100% joint and survivor annuity will be actuarially reduced compared to the annual payment that he would otherwise have received if payment were in the form of a single life annuity. Executive will commence to receive his SERP payments beginning whenever his employment terminates, PROVIDED that, if such termination is prior to age sixty-two (62), the amount of the benefits will be discounted by 4.8% per year multiplied by the number of years difference between age sixty-two (62) and Executive's age at the time of termination. To the extent permissible under Section 409A of the Code and regulations thereunder, Executive may elect to defer commencement of the receipt of SERP payments. If the c...
Final Average Annual Compensation means the average of Hedexx'x Xxxe Compensation and Bonuses (excluding any compensation attributable to stock options of any type granted by Reynxxxx) xx determined for the five (5) consecutive calendar years of the last ten (10) calendar years preceding and including the calendar year in which Hedexx'x xxxloyment terminates which yields the highest sum.
Final Average Annual Compensation means the average of compensation received (base salary and ABP award) during the 5 consecutive years of accrual service within the last 10 calendar year period immediately preceding termination of employment which produces the highest average amount (or during all the years of accrual service if less than 5). "Year of Accrual Service" means a year is credited for each plan year after an employee becomes a plan participant in which the participant is credited with at least 1,000 hours of service. "Social Security Wage Base" means for any year the maximum amount of compensation which may be considered wages for such year for purposes of assessing FICA (Federal Insurance Contributions Act) taxes.
Final Average Annual Compensation means the average of compensation received during 5 consecutive years of accrual service within the last 10 calendar year period immediately preceding termination of employment which produces the highest average (or during all the years of accrual service if less than 5). "Year of Accrual Service" means a year is credited for each plan year aGer employee becomes a plan participant, in which the participant is credited with at least 1,000 hours of service. "Social Security Wage Base" means the 35-year average of the maximum amount of compensation on which the Social Security benefits are based according to year of birth and assuming the participant has always received wages at least equal to those subject to tax under FICA (Federal Insurance Contributions Act). "Social Security Maximum Wage Average" means the average of the Social Security Wage Base in effect for each calendar year during the 35-year period ending with the calendar year in which a participant attains the Social Security retirement age.
Final Average Annual Compensation means the average of Employee's Base Compensation and Bonuses (excluding any compensation attributable to stock options of any type granted by Reynolds) as determined for the five (5) consecutive calendar yearx xx xxx last ten (10) calendar years preceding and including the calendar year in which Employee's employment terminates which yields the highest sum.
Final Average Annual Compensation means the average of Proud's Base Compensation and Bonuses (excluding any compensation attributable to stock options of any type granted by Reynxxxx) xx determined for the five (5) consecutive calendar years of the last ten (10) calendar years preceding and including the calendar year in which Proud's employment terminates which yields the highest sum. (l) "Pension Plan" shall mean the existing Reynxxxx xxx Reynxxxx Xxxpany Non-Union Pension Plan, as the same may be amended from time to time. (m) "Supplemental Plan" shall mean Reynxxxx' xxisting Supplemental Retirement Plan, as the same may be amended from time to time.
Final Average Annual Compensation means the average of Holmxx' Xxse Compensation and Bonuses (excluding any compensation attributable to stock options of any type granted by Reynxxxx) xx determined for the five (5) consecutive calendar years of the last ten (10) calendar years preceding and including the calendar year in which Holmxx' xxployment terminates which yields the highest sum. (l) "Pension Plan" shall mean the existing Reynxxxx xxx Reynxxxx Xxxpany Non-Union Pension Plan, as the same may be amended from time to time. (m) "Retirement Benefits" shall mean payments to Holmxx xxxed upon his lifetime in an annual amount equal to a designated percentage of Holmxx' Xxnal Average Annual Compensation or, in the case of Section 8(d) below, Final Annual Compensation, which shall