Annual Increases. Commencing one year from the Effective Date, and annually on each anniversary thereafter, the Executive's base salary shall be increased by the same percentage by which the regional consumer price index as of the June immediately preceding such anniversary date shall have increased over such consumer price index as of June of the prior year; provided, however, that in no event shall such annual increase be more than five percent (5%) nor less than three percent (3%) of such base salary. Regional consumer price index shall mean the index as determined by the United States Department of Labor for the New York, New York - Northeastern New Jersey area based upon the index for all urban consumers.
Appears in 9 contracts
Samples: Employment Agreement (Atlantic Express Transportation Corp), Employment Agreement (Atlantic Express Transportation Corp), Employment Agreement (Atlantic Express Transportation Corp)
