Current Year Compensation definition
Current Year Compensation for any year shall mean the sum of the Employee's Eligible Salary and Target Bonus for such year, but shall in no event include any salary continuation payments made to an Employee who has elected the Special Retirement Opportunity offered to a class of Employees in 1994.
Current Year Compensation means the Executive’s current year Base Salary, annualized, plus Executive’s Bonus. For purposes of calculating Current Year Compensation, the Bank shall use the highest Bonus amount paid to the Executive within the immediately preceding 5 calendar years, increased by 4%. In the event the termination event occurs during 2008, the Executive’s compensation for the Bonus portion of Current Year Compensation shall be the Bonus actually paid to the Executive in calendar year 2008.
Examples of Current Year Compensation in a sentence
If, during any calendar year (a "Current Year"), EBITDA for such year at least equals EBITDA for the immediately prior year (a "Prior Year"), then the sum of Base Salary and bonus payable to the Executive on account of the Current Year ("Total Current Year Compensation") shall be no less than the sum of Base Salary and bonus paid to the Executive on account of the Prior Year ("Total Prior Year Compensation").
In any case described in the preceding sentence in which Total Prior Year Compensation was greater than Total Current Year Compensation computed pursuant to Sections 3.1 and 3.2, then the difference shall be paid to the Executive no later than March 31st of the year next following the Current Year.