Guaranteed Base Salary definition
Examples of Guaranteed Base Salary in a sentence
During the Post-Change Period, the Guaranteed Base Salary shall be reviewed at least annually and shall be increased at any time and from time to time as shall be substantially consistent with increases in base salary awarded to other peer executives of the Company.
Any increase in Guaranteed Base Salary shall not limit or reduce any other obligation of the Company to the Executive under this Agreement.
If the Company terminates the Executive’s employment for Cause during the Post-Change Period, this Agreement shall terminate without further obligation by the Company to the Executive, other than the obligation immediately to pay the Executive in cash the Executive’s Guaranteed Base Salary through the Termination Date, plus the amount of any compensation previously deferred by the Executive, plus any accrued vacation pay, in each case to the extent not previously paid.
After any such increase, the Guaranteed Base Salary shall not be reduced and the term “Guaranteed Base Salary” shall thereafter refer to the increased amount.
After any such increase, the Guaranteed Base Salary shall not be reduced and the term "Guaranteed Base Salary" shall thereafter refer to the increased amount.
If the Company terminates the Executive's employment for Cause during the Post-Change Period, this Agreement shall terminate without further obligation by the Company to the Executive, other than the obligation immediately to pay the Executive in cash the Executive's Guaranteed Base Salary through the Termination Date, plus the amount of any compensation previously deferred by the Executive, plus any accrued vacation pay, in each case to the extent not previously paid.
During the Post-Change Period, the Company shall pay or cause to be paid to the Executive an annual base salary in cash ("Guaranteed Base Salary"), which shall be paid in a manner consistent with the Company's payroll practices in effect immediately before the Effective Date at a rate at least equal to 12 times the highest monthly base salary paid or payable to the Executive by the Company in respect of the 12-month period immediately before the Effective Date.
Such cash incentive plan shall have a target bonus percentage for Executive of at least 60% of the Executive's Guaranteed Base Salary upon attainment of target EVA in accordance with the Corporate EVA Incentive Plan, or upon the attainment of such other target performance goals as the Compensation Committee, with the approval of the Board, shall from time to time establish.
The amounts set for the Guaranteed Base Salary and the Additional Base Salary will be subject to periodic review and adjustment by the Board at its sole discretion, and, in each case, the terms shall include the amounts specified in this Section 2.1 and any changes made thereto.
In the event this Agreement commences or terminates other than on the first or last day of a calendar month, the Guaranteed Base Salary and, to the extent paid, any amount of Additional Base Salary shall be prorated for that partial month based upon the number of days in such month that this Agreement was in effect.