Adjusted Annual Compensation definition
Adjusted Annual Compensation means a Covered Employee’s “Annual Compensation” under the Scripps Pension Plan, but determined without regard to any limitations imposed by reason of Section 401(a)(17) of the Code on the maximum amount that may recognized as Annual Compensation. A Covered Employee’s Adjusted Annual Compensation also shall include (to the extent not already included in Annual Compensation) the following amounts, which shall be added to the Covered Employee’s compensation for the taxable year in which such amounts are earned:
Adjusted Annual Compensation means the sum of (x) an amount equal to the highest level of the Executive's annual base salary in effect (calculated prior to any deferral of salary, qualified or nonqualified) between the time of the Change in Control and the Date of Termination, (y) an amount equal to the greater of the amounts earned by the Executive under the annual incentive compensation plan of the Company or a Subsidiary (or under the ▇▇▇▇▇▇▇ Management Incentive Compensation Plan, if applicable) for the two preceding calendar years (calculated prior to any deferral of salary, qualified or nonqualified), or, if the Executive has participated in such plan for only one year, an amount equal to the amount earned under such plan for the preceding calendar year, and (z) an amount equal to one-third of the sum of the amounts of the current "Target" values for the Executive under any annual or long term incentive compensation plans of the Company or a Subsidiary, such Target values to be prorated from the beginning of the applicable measurement period for each such plan through the end of the month in which the Date of Termination occurs.
Adjusted Annual Compensation means the Annual Base Compensation as increased by an annual interest factor of 3% compounded annually for each full year of service including the current year even if not completed.
Examples of Adjusted Annual Compensation in a sentence
A formal register of the Annual Base Compensation and the Adjusted Annual Compensation for each Executive shall be maintained in the office of and adjusted by the Vice-President of Human Resources and Administration and verified by the Chief Financial Officer Company.
If the Date of Termination occurs after the Executive reaches age 62, such lump-sum severance payment shall be equal to the Executive's Adjusted Annual Compensation multiplied by a fraction of which the numerator shall be the number of months from such date until the Executive reaches age 65 and the denominator shall be twelve (12).
More Definitions of Adjusted Annual Compensation
Adjusted Annual Compensation means the sum of (x) an amount equal to the highest level of the Executive's annual base salary in effect (calculated prior to any deferral of salary, qualified or nonqualified) between the time of the Change in Control and the Date of Termination, (y) an amount equal to the greater of the amounts earned by the Executive under the annual incentive compensation plan of the Company or a Subsidiary for the two preceding calendar years (calculated prior to any deferral of salary, qualified or nonqualified), or, if the Executive has participated in such plan for only one year, an amount equal to the amount earned under such plan for the preceding calendar year, and (z) an amount equal to one-third of the sum of the amounts of the current "Target" values for the Executive under any annual or long term incentive compensation plans of the Company or a Subsidiary, such Target values to be prorated from the beginning of the applicable measurement period for each such plan through the end of the month in which the Date of Termination occurs.
Adjusted Annual Compensation means the sum of (x) an amount equal to the highest level of the Executive's annual base salary in effect (calculated prior to any deferral of salary, qualified or nonqualified) between the time of the Change in
Adjusted Annual Compensation means a Covered Employee’s total annual cash compensation (i.e., base pay plus any amounts paid as short-term or long-term incentive compensation or bonuses) paid in the Covered Employee’s tax year, but determined without regard to any limitations imposed by reason of Section 401(a)(17) of the Code on the maximum amount that may recognized as annual compensation.
Adjusted Annual Compensation means the sum of (x) an amount equal to the highest level of the Executive's annual base salary in effect between the time of the Change in Control and the time a Notice of Termination is given, (y) an amount equal to the greater of the amounts earned by the Executive under the Company's Management Incentive Compensation Plan (or any successor plan) for the two preceding calendar years, or, if the Executive has participated in such Plan for only one year, an amount equal to the amount earned under such Plan for the preceding calendar year, and (z) an amount equal to one- third of the sum of the amounts of the current "Target" values for the Executive under the Company's Management Incentive Compensation Plan and Long Term Performance Compensation Plan, respectively, such Target values to be prorated from the beginning of the applicable measurement period for each such Plan through the end of the month in which the Date of Termination occurs. If the Date of Termination occurs after the Executive reaches age 62, such lump-sum severance payment shall be equal to the Executive's Adjusted Annual Compensation multiplied by a fraction of which the numerator shall be the number of months from such date until the Executive reaches age 65 and the denominator shall be twelve (12).