Final Average Monthly Compensation definition
Final Average Monthly Compensation means 1/12th of the Annual Compensation payable to Participant as of his termination of employment. "Annual Compensation" means Participant's total compensation to be reported on his Form W-2, annualized on the basis of rate of pay as of Participant's termination of employment, including bonuses and salary reduction contributions to deferred compensation or other plans maintained by Centura; less
Final Average Monthly Compensation means the Participant's average monthly rate of Compensation from the Employer for the five successive calendar years, out of the 10 completed calendar years immediately preceding the first day of the month coincident with or next following the date on which his service terminates for any reason (or, where applicable, immediately preceding such other date as is specified hereunder), that give the highest average monthly rate of Compensation for the Participant.
Final Average Monthly Compensation and "Vested" shall have the meanings set forth in the Retirement Plan. The Retirement Plan shall automatically be amended to reflect this change upon the date of the Change in Control, without further action of the Company or the Executive.
Examples of Final Average Monthly Compensation in a sentence
Participant's Final Average Monthly Compensation shall be determined by reference to his Annual Compensation as of his actual termination of employment.
The terms "Benefit", "Final Average Monthly Compensation" and "Vested" shall have the meanings set forth in the Retirement Plan.
If Participant dies at any time before electing Early -------------- Retirement under Section 1 and while actively employed as a full-time officer of the Bank, Participant's beneficiary shall receive a monthly death benefit equal to forty percent (40%) of Participant's Final Average Monthly Compensation at the time of his death, payable for a period of one hundred and eighty (180) months beginning on the first day of the month coinciding with or next following Participant's date of death.
The Executive's ----------------------------------- Benefit under Section 4.1 of the Company's Supplemental Retirement Income Plan (the "Retirement Plan") shall be fifty-two and one-half percent (52.5%) of his Final Average Monthly Compensation and such Benefit shall be fully Vested, effective upon the date of the Change in Control, notwithstanding any provision of the Retirement Plan to the contrary.
Final Average Monthly Compensation for pension calculations excludes differentials and will, therefore, be calculated solely on the base wage rate.
More Definitions of Final Average Monthly Compensation
Final Average Monthly Compensation. Normal Benefit Form, Normal Retirement Age and "Vested" shall have the meanings set forth in the Retirement Plan. The "Effective Date" shall mean the time that the Purchaser or the Parent purchases any of the Shares of the Company pursuant to the Offer, as such terms are defined in the Agreement and Plan of Merger among Target (herein the "Company"), Parent (herein the "Parent Company") and Purchaser (a wholly-owned subsidiary of the Parent Company) dated as of the same date hereof (the "Merger Agreement"). Except as provided in this Section 2.4, the Executive's Benefit shall be calculated and paid in accordance with the terms and conditions of the Retirement Plan. The Retirement Plan shall automatically be amended to reflect the provisions of this Section 2.4, effective as of the Effective Date, without further action of the Company or the Executive.
Final Average Monthly Compensation means one-twelfth of the average of the Participant’s Annual Compensation for the five complete consecutive calendar years during his last 10 calendar years of employment with the Employer during which his compensation was the highest. In the event a Participant has been employed for a period of less than five consecutive calendar years, the Participant’s Final Average Monthly Compensation shall be the average of his monthly compensation amounts in effect for all of the complete calendar months during which he was employed by the Employer.
Final Average Monthly Compensation means a Participant's average Compensation for a period of sixty (60) consecutive months ending on the earlier of (a) the Participant's Termination or (b) the date of a Change of Control. If an active Participant has fewer than sixty (60) consecutive months in the period, Final Average Monthly Compensation means average Compensation for the lesser of:
Final Average Monthly Compensation means the average monthly Compensation earned by the Participant and paid by the Employer during the thirty-six (36) consecutive months within the last one hundred twenty (120) months immediately preceding termination of active Employment that produces the highest average. Compensation during the averaging period shall include for this purpose only those single sum or extraordinary payments made which are directly attributed to active Employment during the averaging period and shall exclude any payments which are not directly attributed to active Employment during the averaging period including but not limited to payment of a back pay damage award, severance pay or settlement.
Final Average Monthly Compensation means the Participants average monthly Compensation from the Employer for the five consecutive calendar years, out of the 10 completed calendar years immediately preceding the first day of the month coincident with or next following the earlier of the date as of which his service terminates for any reason (or, where applicable, immediately preceding such other date as is specified hereunder) and March 31, 2009, that give the highest average monthly rate of Compensation for the Participant. Notwithstanding the foregoing, the determination of a Participant’s Final Average Monthly Compensation, shall not, except to the extent as may be required by law, take into account any portion of the Participant’s Compensation from the Employer on or after April 1, 2009.”
Final Average Monthly Compensation means the Compensation received by the Participant during any sixty (60) consecutive months (during the last ten (10) years of employment) for which the Participant's Compensation was the highest, divided by sixty (60). For purposes of determining Final Average Monthly Compensation, annual bonuses shall be included as Compensation in the month in which paid. Final Average Monthly Compensation shall not include any Compensation payable to a Participant pursuant to a written severance agreement with the Employer.”
Final Average Monthly Compensation means 1/12/th/ of the Annual Compensation payable to Participant as of his termination of employment. "Annual Compensation" means Participant's total compensation to be reported on his Form W-2, annualized on the basis of rate of pay as of Participant's termination of employment, including bonuses and salary reduction contributions to deferred compensation or other plans maintained by Centura. Participant may elect Early Retirement between the ages of 60 and 65 after Participant has completed at least ten (10) years of employment with the Bank. Upon Participant's Early Retirement, Participant shall receive a monthly Retirement benefit payable for a period of one hundred and eighty (180) months. The monthly Early Retirement benefit shall be determined as follows: % of Monthly Normal Retirement Age at Retirement Benefit Amount ----------------- -------------- 64 95% 63 90% 62 85% 61 80% 60 75%