Annual Contract Payment definition
Annual Contract Payment has the meaning ascribed to that term in Part 1 of Schedule 6.
Annual Contract Payment as used in this Agreement shall mean: (i) for the first twelve months commencing with the first day of the month succeeding the month in which the event occurred which results in the making of the Annual Contract Payments
(A) an amount, payable in equal monthly installments, equivalent to the annual salary received by Executive for the calendar year immediately preceding such event plus (B) an amount, payable in equal monthly installments, equivalent to one-third of the aggregate amount of the bonuses received by Executive with respect to each of the three calendar years immediately preceding such event (it being understood that for this purpose the bonus with respect to any year is the bonus presently awarded in March of the succeeding year); and (ii) for the twelve-month periods succeeding the twelve months for which payments are specified in clause (i) of this paragraph 10(d), (A) an amount, payable in equal monthly installments, equivalent to the amount provided in paragraph 10(d)(i)(A) plus (B) an amount, payable in equal monthly installments, equivalent to 75% of the amount provided in paragraph 10(d)(i)(B).