Average Annual Base Salary definition
Average Annual Base Salary means an amount determined by (a) computing the monthly base rate of pay amounts (i.e., the types of such pay that are includable in the computation of Pension Plan benefits) paid during the prior five consecutive twelve month periods immediately preceding the month that includes the date of the computation, and (b) averaging the two twelve month periods during which the highest amounts were paid.
Average Annual Base Salary means the aggregate base salary paid to Employee for the applicable period pursuant to section 3 divided by three (3), and "Average Annual Bonus" means the aggregate of all bonuses and other cash incentive compensation paid to Employee during the applicable period pursuant to the Incentive Compensation Plan or otherwise divided by three(3). Employee shall be under no obligation to seek subsequent employment and upon obtaining subsequent employment shall be under no obligation to offset any amounts earned from such subsequent employment (whether as an employee, a consultant or otherwise) against the aforesaid termination payment due under this section. The Company shall continue to pay the automobile allowance pursuant to Section 4 and shall continue to carry the life, disability, health, hospitalization, surgical and major medical insurance coverage for Employee for a 36-month period following termination of employment, unless prohibited by the insurer or by law, in which case the Company shall provide the economic equivalent. If coverage is continued, the Company shall give the Employee the right to assume the life, disability, health, hospitalization, surgical and major medical insurance coverage or to reimburse the Company for its continuing payments under such policies, unless prohibited by the insurer or by law. For purposes of this Agreement, "economic equivalent" shall mean the cost of the premiums paid by the Company for the insurance coverage provided to Employee by the Company during the 12 consecutive month period prior to such termination. Any such continuing insurance coverage, or economic equivalent thereof, will be offset by comparable coverage to Employee in connection with subsequent employment, if any. Other rights and benefits of Employee under employee benefit plans and programs of the Company, generally, will be determined in accordance with the terms and provisions of such plans and programs.
Average Annual Base Salary means the average of Executive's annual income in the nature of compensation payable by the Company and includible in gross income over the five most recent taxable years ending before the Change of Control. Anything contained herein to the contrary notwithstanding, for a Change of Control occurring before 2002, years considered in the base period for calculating 'average annual base salary' shall be determined as follows:
Examples of Average Annual Base Salary in a sentence
For purposes of this subparagraph "Average Annual Base Salary" shall be calculated as the Employee’s Annual Base Pay for the preceding five (5) fiscal years of Employer divided by five (5).
Should the Employee have less than five (5) fiscal years of service with Employer at the date of termination, the Average Annual Base Salary shall be calculated as the average of the Employee’s Annual Base Pay using the applicable fiscal years of service with Employer.
Should the Employee have less than five (5) fiscal years of service with the Employer at the date of termination, the Average Annual Base Salary shall be calculated as the average of the Employee’s Annual Base Pay using the applicable fiscal years of service with the Employer.
For purposes of this subparagraph "Average Annual Base Salary" shall be calculated as the Employee’s Annual Base Pay for the preceding five (5) fiscal years of the Employer divided by five (5).
More Definitions of Average Annual Base Salary
Average Annual Base Salary means, with re- spect to a Performance Period, the average of the Participant's annual rate of base salary as in ef- fect on the last day of each year of such Perform- ance Period, provided, however, that in no event shall Average Annual Base Salary with respect to any Performance Period exceed 133% of the Partici- pant's annual rate of base salary as in effect on the first day of such Performance Period.
Average Annual Base Salary shall be calculated as the Employee’s Annual Base Pay for the preceding five (5) fiscal years of the Employer divided by five (5). Should the Employee have less than five (5) fiscal years of service with the Employer at the date of termination, the Average Annual Base Salary shall be calculated as the average of the Employee’s Annual Base Pay using the applicable fiscal years of service with the Employer. The severance pay will be paid to the Employee within the period specified in Section 9(b)(iii) below after the expiration of any applicable revocation periods set forth in the Release required under Section 9(d)(i) below. This severance payment will not be considered compensation for the purpose of any other fringe benefit plan of the Employer.
Average Annual Base Salary means the average of Employee"s annual income in the nature of compensation payable by the Company and includible in gross income over the three most recent taxable years ending before the Change of Control. Anything contained herein to the contrary notwithstanding, for a Change of Control occurring before 2001, "average annual base salary" shall be equal to the average salary paid the employee as follows: Years Considered in Calculating Year of Change in Control Average Base Salary 1998-1999 1998 1999 1998 2000 1999 2001 2000 A "Change of Control" shall be deemed to occur when a person, corporation, partnership, association or entity (exclusive of the currently contemplated reorganization) (x) acquires a majority of the outstanding voting securities of Staff Builders, Inc., a Delaware corporation ("SBD") or (y) acquires securities of the bearing a majority of voting power with respect to election of directors of SBD or (z) acquires all or substantially all of SBD's assets. Notwithstanding anything to the contrary contained herein, all payments owed to the Executive upon termination of this Agreement shall be subject to offset by the Corporation for amounts owed to the Corporation by the Executive hereunder or otherwise.