Minimum Annual Compensation definition

Minimum Annual Compensation means, for a Fiscal Year, the Participant's rate of minimum annual salary on the first day of the fiscal month of November in the Fiscal Year.
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Minimum Annual Compensation means, for a Fiscal Year, (i) the Participant's minimum annual salary rate as of November 1 of such Fiscal Year or (ii) if a Participant is designated as such as of a date after November 1 in such Fiscal Year, the Participant's minimum annual salary rate as of such date; provided that if the Committee determines that such compensation rate does not adequately reflect such Participant's minimum annual salary rate for such Fiscal Year or if the Fiscal Year does not contain a November 1 (as in a short year), then the term shall mean the salary rate determined by the Committee in its absolute discretion; provided further, that upon the written agreement of the Participant and the Company, the term shall mean such lesser amount as is agreed to by the parties.
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Examples of Minimum Annual Compensation in a sentence

  • In addition, if the Board increases Employee's Minimum Annual Compensation at any time during the term of this Agreement, such increased Minimum Annual Compensation shall become a floor below which Employee's compensation shall not fall at any future time during the term of this Agreement and shall become Minimum Annual Compensation.

  • Such difference shall be calculated as follows: The difference between Employee's Minimum Annual Compensation for any year, or lesser period, in which this Agreement would have been in effect and the annualized compensation payable to Employee in his new position during such period shall be payable in the same manner as the Minimum Annual Compensation was paid prior to termination over the period of such reemployment during such period.

  • At no time during the term of this Agreement shall Employee's annual base salary fall below Minimum Annual Compensation.

  • If Employee obtains such a position but Employee's annual compensation shall be less than the Minimum Annual Compensation, then the difference shall be paid to Employee for the balance of the Severance Period.

  • If the Employee's employment in a new position shall terminate, then for the purposes of this Paragraph 4.01 Employee shall be entitled to continuation of the Minimum Annual Compensation until he shall again become reemployed, in which case only the difference shall be payable as aforesaid; and so on.

  • In addition to Minimum Annual Compensation, Employee shall be entitled to receive payments under the Company's incentive compensation and/or bonus program(s) (as in effect from time to time), if any, in such amounts as are determined by the Company to be appropriate for similarly situated employees of the Company.

  • PROMOTER shall also have the right to credit against the Minimum Annual Compensation: (i) any royalties earned by WRESTLER; (ii) any payments made to WRESTLER by PROMOTER in accordance with Section 7.2; and/or (iii) any other payments due or earned by WRESTLER for the rights granted herein or pursuant to the terms of this Agreement.

  • PROMOTER agrees, commencing with the Effective Date, to pay WRESTLER the Minimum Annual Compensation in fifty-two (52) weekly installments consistent with PROMOTER’s regular payment procedures.

  • At no time during the term of this Agreement shall Employee’s annual base salary fall below Minimum Annual Compensation.

  • Additionally, all monies earned by WRESTLER from such Permitted Activities in a specific Contract Year shall be credited against the Minimum Annual Compensation for that Contract Year as set forth in paragraph 7.1 below.