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.
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).
As an example, if Employee terminates employment due to death, disability, resignation or otherwise after ten (10) years of employment with Reynolds, he shall be entitled to a Retirement Benefit equal to foxxx xxxxent (40%) of his Final Average Annual Compensation payable beginning at age sixty-two (62).
For purposes of determining a Participant’s Final Average Annual Compensation, to the extent necessary, months and “compensation” (as defined in the Prior Plan) attributable to periods prior to January 1, 1996 while the Participant was a “covered employee” under the Prior Plan (as defined in the Prior Plan) shall be taken into account.
If Holmxx xxxcts to retire upon giving twelve (12) months prior written notice at any time from age fifty-six (56) through 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-five (55).
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 the Rexxxxxx & Rexxxxxx "Supplemental Plan" which restores benefits lost xxxxx xxe Qxxxxxxxx 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 Nevix'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 Nevix'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 after 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 three-year average of the total Compensation of a SIAC Participant paid or deferred during (a) the thirty-six consecutive month period ending on the SIAC Participant’s Termination of Employment, or (b) the three consecutive full calendar years in the Determination Period for which the total Compensation of such SIAC Participant is greatest, whichever of (a) or (b) is the period for which such total Compensation of such SIAC Participant is greater, subject to the provisions of Article 5 of Part B. Notwithstanding the foregoing, in computing Final Average Annual Compensation pursuant to (a) above, only the three highest Incentive Awards paid consecutively in such thirty-six month period shall be taken into account.
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 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 Employee'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) "Retirement Benefits" shall mean payments to Employee based upon his lifetime in an annual amount equal to a designated percentage of Employee's Final Average Annual Compensation or, in the case of Section 7(d) below, Final Annual Compensation, which shall be comprised of the sum of (i) Employee's primary Social Security retirement benefits when he is entitled to receive such benefit (age sixty-two (62)) [until that time an amount equal to the primary Social Security retirement benefit shall be paid to Employee from Reynxxxx' Xxpplemental Plan], (ii) Employee's pension benefits determined as a life annuity (without regard to actual payment form) under the Pension Plan and deferred compensation payments under the Non-Qualified Deferred