Total Annual Commencing Remuneration definition
Total Annual Commencing Remuneration means the first year’s annual remuneration including base salary or fees, allowances, one-off payments upon joining (including any relocation allowances), pension contributions, guaranteed bonuses or commissions, profit share or performance bonuses (which shall be based on projected values), the full monetary value of living or accommodation allowances (or the actual provision of accommodation which shall be deemed to be valued at [£10,000]), all weightings (including any compensation for living away from his/her home location), the full monetary value of car allowances (or the actual provision of a company car which shall be deemed to be valued at £5,000 per annum), the provision of Private Medical Cover (which shall be deemed to be valued at £1,000), the value of any stock options that can be exercised within the first twelve months of the Engagement (which shall be valued at the dif ference between the option price and the closing mid-market price on the business day immediately proceeding the day that the candidate commences the Engagement) and any other contractual benefits which form part of the total remuneration package or other taxable emoluments offered to the Applicant.