Average Base Salary Clause Samples
Average Base Salary. Average Base Salary shall mean the Executive’s highest annual salary during the three (3) calendar year period beginning two (2) years immediately prior to the year of Change of Control and ending with the year in which the Change of Control occurred; provided that if Executive has been employed by the Corporation or a Subsidiary for less than three (3) years, Average Base Salary shall be the highest annual salary during that lesser period or if less than one year, the Executive’s prevailing salary shall be annualized.
Average Base Salary. The Executive’s “Average Base Salary” shall mean the average of the Executive’s annual base salary (excluding bonuses, incentive compensation and any other compensation or amounts) paid in the three (3) complete fiscal years preceding the Executive’s last day of employment with the Bank, or in the event that the Executive has been employed by the Bank for less than three (3) complete fiscal years, then the Average Base Salary shall be calculated using the Executive’s average monthly base salary based upon the number of months that the Executive has been employed by the Bank and multiplied by twelve.