Common use of Base Period Income Clause in Contracts

Base Period Income. Executive’s “Base Period Income” shall equal his annual base salary as of his termination date, plus an amount equal to the incentive compensation awarded to or accrued for Executive for the fiscal year immediately prior to the fiscal year in which Executive’s termination date occurs (but in no event shall such amount be less then the Incentive compensation amount required to be paid during the Continued Employment Period under Section 4(b)(ii), hereof, if the Executive’s employment terminates during the Continued Employment Period). Amounts of such base salary and incentive compensation that Executive has elected to defer during the relevant period shall be included in the calculation of Base Period Income.