Average Annual Compensation. The Executive’s “Average Annual Compensation” for purposes of determining severance payable under this Agreement shall be deemed to mean the average level of the following compensation provided to the Executive by the Employer or any subsidiary thereof during the most recent three calendar years preceding the year in which the Date of Termination occurs: (i) the Base Salary earned by the Executive during such period, (ii) the cash bonuses, if any, earned by the Executive during such period, and (iii) the value of any income earned by the Executive during such period from the vesting of restricted stock awards.
Appears in 4 contracts
Samples: Employment Agreement (Home Federal Bancorp, Inc. Of Louisiana), Employment Agreement (Home Federal Bancorp, Inc. Of Louisiana), Employment and Transition Agreement (Home Federal Bancorp, Inc. Of Louisiana)
