Average Base Compensation definition
Average Base Compensation means the average annual base salary paid to a Participant over a Performance Period, exclusive of bonus and other incentive compensation, commissions, fringe benefits, employee benefits, expense allowances (nonaccountable or otherwise) and other nonrecurring forms of remuneration.
Average Base Compensation means the Employee's average Salary for the thirty-six month period ending on the Determination Date coinciding with or next following the date of separation from Service. For purposes of determine Average Base Compensation, if Employee's effective separation from Service occurs other than on December 31 of any Plan Year, his Salary for the year of separation shall be calculated by annualizing for that year his Salary through the date of separation.
Average Base Compensation means a Participant's average annual Eligible Base Compensation from the Bank during the three consecutive calendar years as an Employee in which such compensation was greatest. For this purpose, "Eligible Base Compensation" shall mean: (i) the Participant's base salary including any salary reductions made on behalf of the Participant under any cafeteria, flexible benefits, or 401(k) plan sponsored by the Bank which are excluded from gross income under Sections 125 or 402(e) (3) of the Internal Revenue Code, and (ii) any amount deferred by the Participant on an elective basis under any other non-qualified deferred compensation plan of the Bank.
Examples of Average Base Compensation in a sentence
In the event that the Executive is in the active employment of the Company on the second (2nd) anniversary of the occurrence of the Change in Control, and he has been continuously employed by the Company since such Change in Control, the Executive shall receive as of such date an additional amount equal to seventy percent (70%) of his Average Base Compensation in effect as of the date of such Change of Control.
More Definitions of Average Base Compensation
Average Base Compensation of a Participant shall mean the Participant's average base annual salary or average wages payable by the Company or a Subsidiary for employment services during the Performance Measurement Period, including any amounts the payment of which is deferred under the Alltel Corporation 1998 Management Deferred Compensation Plan (or any successor thereto), but excluding any payments under the Performance Incentive Compensation Plan or other similar forms of additional compensation, or any fringe benefits reportable on Form W-2 for federal income tax purposes.
Average Base Compensation means the average Base Monthly Salary payable to a Participant by an Employer over the Sixty (60) consecutive months that occurs both (1) during the One Hundred Twenty (120) consecutive months of the Participant's employment immediately preceding the Participant's Retirement, Disability, termination of employment, death, or removal from participation in the Plan, whichever occurs first, and (2) during the Sixty (60) consecutive months of employment in which the Participant's total base monthly salary was the highest. Base Monthly Salary means the Participant's regular fixed monthly salary and includes (1) short-term disability pay, (2) deferrals under the Deferred Compensation Plan, (3) pre-tax contributions to the Retirement Plan, and (4) any pre-tax contributions under Section 125 of the Code. Base Monthly Salary does not include overtime, bonuses, incentive compensation, other special pay or employee benefits, such as life insurance and disability income plans, hospitalization insurance, medical reimbursement plans, stock bonus, stock option, pension or severance plans or contracts.
Average Base Compensation means the Executive's annual base salary compensation, including any portion that may be deferred by action of the Executive, including any bonus or incentive bonus under the Company's Annual Incentive Compensation Plan, at the rate in effect immediately prior to the Termination Event or the Executive's Termination Date, whichever rate is higher.
Average Base Compensation means the Participant's base compensation for each of the three (3) consecutive calendar years of his employment with the Company during which he is a Participant in the Plan that produces the highest annual average. If a Participant has been employed by the Company for more than one (1) but less than three (3) calendar years, the Participant's Average Base Compensation shall be based upon that Participant's actual calendar years of employment. If a Participant has been employed by the Company for less than one (1) year, the Participant's Average Base Compensation shall be equal to the Participant's base salary for that year. For purposes of this definition, the term "base compensation" means the Participant's base compensation for the applicable calendar year, but shall also include base compensation deferred by the Participant during such calendar year under the Evans & Sutherland Computer Corporation 401(k) Deferred Savings Plan and the Evans & Sutherland Computer Corporation Executive Savings Plan (all other forms of compensation shall be disregarded for purposes of this Plan). Notwithstanding any other provision in this Section 2.1(b), any adjustments to a Participant's base salary that occurs after January 1, 2002, shall not be taken into account in determining a Participant's Average Base Compensation.