Common use of Current Compensation Clause in Contracts

Current Compensation. Current Compensation" shall mean an amount equal to the sum of (i) the Employee's average annual (or annualized) base salary over the three preceding fiscal years (or such lesser number of years as may be applicable to the Employee); and (ii) the Employee's average annual (or annualized) bonus over the three preceding fiscal years; provided, however that if there are fewer than three years of actual bonus history, the Employee's average bonus shall be calculated by including the Employee's Target Bonus for the fiscal year in which the termination occurs. For example, if the termination occurs in 1999, average bonus shall be calculated based on actual bonuses earned for 1997 and 1998 and Target Bonus for 1999.

Current Compensation. Current Compensation" shall mean an amount equal to the sum of (i) the Employee's average annual (or annualized) base salary over the three preceding fiscal years (or such lesser number of years as may be applicable to the Employee); and (ii) the Employee's average annual (or annualized) bonus over the three preceding fiscal years; provided, however that if there are fewer than three years of actual bonus history, the Employee's average bonus shall be calculated by including the Employee's Target Bonus for the fiscal year in which the termination occurs. For example, if the termination occurs in 19992000, average bonus shall be calculated based on actual bonuses earned for 1997 1999 and 1998 1999 and Target Bonus for 1999.