Final Average Compensation. The average of the sum of the salary and cash bonus (inclusive of all discretionary bonuses and cash incentive programs in which Employee participated) for the last five (5) consecutive, completed calendar years of service. Stock options, restricted stock or other equity compensation grants, programs or plans shall not be included in the computation of Final Average Compensation. However, all sums earned under the SFNC Executive Incentive Plan ("EIP") shall be considered as cash compensation, even if in future years some part or all of the EIP may be paid in stock rather than cash. Monthly Benefit - The monthly benefit payable upon death, Disability or Normal Retirement shall be one-twelfth (1/12th) of an amount equal to thirty percent (30%) of the Final Average Compensation of Employee.
Appears in 4 contracts
Samples: Compensation Agreement (Simmons First National Corp), Compensation Agreement (Simmons First National Corp), Compensation Agreement (Simmons First National Corp)
