Three-year average definition
Three-year average means the average of the most recent consecutive three school years of data.
Three-year average means the average of the most
Three-year average means means the average of the total Base Salary and Bonus earned by the Executive each year during the three consecutive calendar year period that ends prior to the calendar year in which the Executive incurs a Separation from Service.
More Definitions of Three-year average
Three-year average means the average of the most recent 543
Three-year average means the average of the most recent 1352
Three-year average means the average of the total Base Salary and Bonus earned by the Executive each year over the three most recent calendar years of active employment prior to the termination event. The most current year of service shall be considered one of these years. In the event that the most current year of service is a partial year, the current year’s compensation for the Three-Year Average shall be calculated using the current year’s Base Salary annualized, and shall include an amount equal to 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 Bonus portion of the Executive’s compensation for the year of termination, to be used in the Three-Year Average, shall be the Bonus actually paid to the Executive in calendar year 2008. In no event shall the Three-Year Average be reduced as a result of the commencement of severance payments under the Employment Agreement, or for any other reason.
Three-year average has the meaning set forth in Section 5.2 hereof.