Aggregate Basic Income definition
Aggregate Basic Income means, as at the date of this Agreement the sum of £1,000,000 per annum as that sum may be adjusted pursuant to Paragraph 3 of Schedule 1.
Aggregate Basic Income the aggregate Base Salary payable in respect of a calendar year under clause 6.1 of this Agreement and the base salary payable under clause 7.1 of the US Employment Agreement (exclusive of VAT), being at the date of this Agreement £840,000 and subsequently such higher annual salary agreed by the Board pursuant to paragraph 3 below.
Aggregate Basic Income the aggregate of Base Salary payable in respect of a calendar year under clause 7.1 of this Agreement and the fee payable under clause 8.1 of the UK Services Agreement (exclusive of VAT) (or after the Commencement Date (as defined in the UK Employment Contract) the Base Salary payable under clause 6 of the UK Employment Contract) being at the date of this Agreement £840,000 (and subsequently such higher annual fee or salary as agreed by the Company’s Board of Directors pursuant to paragraph 3 below).
Examples of Aggregate Basic Income in a sentence
Each of the 2 instalments will be equal to one-half respectively of 60% of the Aggregate Basic Income (as defined in the Schedule 1) for the time being less one half of the Director’s Fee and shall be payable, in accordance with the regular payroll practices of the Company.
Prior to July 1, 2005, each of the instalments will be equal to one-half of 40% of the Aggregate Basic Income (as defined in the Schedule) for such year and on and after July 1, 2005, such instalments will be equal to one-twelfth of 40% of such Aggregate Basic Income.