Average Total Cash Compensation definition
Average Total Cash Compensation shall be amended to read as follows:
Average Total Cash Compensation means the average of the highest three of the last five full fiscal years of Total Cash Compensation (as defined below) occurring prior to the date ▇▇▇▇▇▇▇'▇ employment is terminated; "Total Cash Compensation" shall mean (y) for any full fiscal year during the Employment Period, the sum of ▇▇▇▇▇▇▇'▇ Base Salary and Incentive Compensation earned in respect of such fiscal year, or (z) for any full fiscal year occurring prior to the Employment Period, the sum of ▇▇▇▇▇▇▇'▇ aggregate base salary and incentive compensation earned in respect of such fiscal year as reflected on the Company's books and records; "Qualified Retirement Plans" shall mean any plan which the Company sponsors or in which it participates and which is qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended (the "Code"), provided that if the benefit under such plan includes amounts attributable to ▇▇▇▇▇▇▇'▇ salary reduction or after-tax contribution to such plan, the amounts attributable to such contributions and earnings thereon shall be disregarded in determining the monthly amount attributable to such plan, and "Spouse" shall mean ▇▇▇▇▇▇▇'▇ spouse, if any, to whom he is married at the time of commencement of the benefits described in this Section 3.2. In converting the benefits into a life annuity form or spousal benefit, the calculations shall be made at the time of commencement of benefits and not recalculated (unless and until ▇▇▇▇▇▇▇ shall no longer be married to his Spouse (including by reason of his Spouse's death)), and an interest rate equal to the Pension Benefit Guaranty Corporation interest rate for immediate annuities in effect on the first day of the calendar year in which benefits are to commence shall be used and the 83 IA Male mortality table shall be used. It is expressly acknowledged and agreed that the determination of the amounts payable to ▇▇▇▇▇▇▇ and his Spouse under this Section 3.2 shall not in any way cause ▇▇▇▇▇▇▇ or his Spouse to elect to take monthly distributions from the Company's Qualified Retirement Plans or any other payment form, and any and all permissible payment elections shall be available to him and his Spouse.
Average Total Cash Compensation means the average of the highest three of the last six full fiscal years of Total Cash Compensation (as defined below) occurring prior to the date ▇▇▇▇▇▇▇'▇ employment is terminated;'
Examples of Average Total Cash Compensation in a sentence
In such event, the Bank may opt to pay Employee a 90 day pro rata portion of Average Total Cash Compensation and terminate the employment relationship immediately.
More Definitions of Average Total Cash Compensation
Average Total Cash Compensation means a Participant’s average annual Eligible Total Cash Compensation from the Bank duting the three consecutive calendar years as an Employee in which such compensation was greatest. For this purpose, “Eligible Total Cash Compensation” shall mean: (i) the Participant’s base salary and incentive cash bonus 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, but excluding non-cash compensation reported on the Participant’s Form W-2 for the year such as taxable income from the exercise of stock options or from other equity based compensation.
Average Total Cash Compensation means the average of the highest three of the last six fiscal years of Total Cash Compensation (as defined below) occurring prior to the date ▇▇▇▇▇▇▇'▇ employment is terminated;' Except as amended hereby, the Employment Agreement shall continue in full force and effect. Dated as of ▇▇▇▇▇ ▇, ▇▇▇▇ ▇▇▇▇▇▇ PHARMACEUTICAL, INC. /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ By: /s/ [ILLEGIBLE] ----------------------------------- ------------------------------------- ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Authorized Officer AMENDMENT NO. 2 TO THE EMPLOYMENT AGREEMENT DATED SEPTEMBER 30, 1994 BETWEEN SCHEIN PHARMACEUTICAL, INC. AND ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Reference is made to the Employment Agreement dated September 30, 1994 between Schein Pharmaceutical, Inc. and ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, as amended by Amendment No. 1 thereto dated as of March 6, 1998 (the "Employment Agreement"). Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Employment Agreement.