Base Salary Reduction definition

Base Salary Reduction shall have the meaning set forth in Section 18(s)(i) of this Agreement.
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Examples of Base Salary Reduction in a sentence

  • In the event that such equity financing does not involve the issuance of warrants, then the Warrant shall have an exercise price equal to the effective purchase price per share paid by investors in such equity financing, and the Investor shall receive registration rights with respect to shares of the Company’s common stock underlying the Warrant on the same terms as securities purchased by such investors.

  • Executive acknowledges that such 2009 5% Base Salary Reduction shall not constitute a Material Diminution under the Agreement and therefore shall not provide a basis for a Material Diminution or Relocation Termination Election pursuant to Section 6(a) of the Agreement.

  • Executive waives all claims against the Company relating to the 2009 5% Base Salary Reduction.

  • The Executive consents to the COVID-19 2020 Base Salary Reduction as a one-time waiver of the Executive’s right to assert “Good Reason” for purposes of the CIC and Severance Agreement and the Executive agrees that the COVID-19 2020 Base Salary Reduction shall not constitute “Good Reason” for purposes of the CIC and Severance Agreement.

  • Executive acknowledges and agrees that he waives any and all rights to terminate his employment for “Good Reason” pursuant to Section 9(i) of his Agreement on the basis of the 2009 5% Base Salary Reduction.

  • The initial rate of Base Salary effective as of March 1, 2005 is $175,000 and Executive shall continue to be paid at that annual rate unless and until such rate is increased by the Board in its discretion, provided that the Board shall not be entitled to decrease Executive's Base Salary except in the case of "Permissible Base Salary Reduction" that is implemented on or after January 1, 2006.

  • Notwithstanding anything to the contrary contained in this Section 3(a), if Executive’s employment with ARC is terminated other than for Cause during the 2012-2013 Base Salary Reduction Period, any Base Salary severance benefits payable to Executive under Sections 12(a), (c) or (d) of the Agreement shall be calculated based on the $575,000 Base Salary amount, without taking into account the 2012-2013 Base Salary Reduction.

  • Executive’s annual Base Salary shall be $500,000 per year, payable in installments in accordance with ARC’s customary payroll procedures; provided, however, that as of the Effective Date and for the remainder of the fiscal year ending December 31, 2011 (the “2011 Base Salary Reduction Period”), the amount of Base Salary payable to Executive pursuant to this Section 3(a) shall be reduced by ten percent (10%) (the “2011 Base Salary Reduction”).

  • Notwithstanding the Base Salary Reduction, in connection with any “qualified termination event” under the Company’s Executive Severance Plan, your severance benefit under the Executive Severance Plan shall be based upon your annualized base salary in effect immediately prior to the Base Salary Reduction, including with respect to your annual target bonus.

  • Notwithstanding anything to the contrary contained in this Section 3(a), if Executive’s employment with ARC is terminated other than for Cause during the 2011 Base Salary Reduction Period, any Base Salary severance benefits payable to Executive under Sections 11(a), (c) and (d) of the Agreement shall be calculated based on the $500,000 Base Salary amount, without taking into account the 2011 Base Salary Reduction.

Related to Base Salary Reduction

  • Salary Reduction means the amount by which the Participant's Compensation is reduced and applied by the Employer under this Plan to pay for one or more of the Benefits, as permitted for the applicable Component, before any applicable state and/or federal taxes have been deducted from the Participant's Compensation (i.e., on a pre-tax basis).

  • Salary Reduction Agreement means an agreement between a dis- trict and an employee to reduce the employee’s salary for the pur- pose of making direct contributions to or purchases of a qualified investment product. Art. 6228a-5, Sec. 4(5), Tex. Rev. Civ. Stat.

  • Base Salary shall have the meaning set forth in Section 3(a) hereof.

  • Accrued Base Salary means the amount of Executive's Base Salary which is accrued but not yet paid as of the Date of Termination.

  • Termination Base Salary means that amount equal to Executive’s annual base salary with the Company at the rate in effect immediately prior to the Change of Control or, if a greater amount, Executive’s annual base salary at the rate in effect at any time thereafter.

  • Base Compensation means the amount equal to the sum of (i) the greater of Executive’s then-current Annual Base Salary or Executive’s Annual Base Salary as of the date one day prior to the Change in Control, and (ii) the Average Incentive Bonus.

  • Annual Salary means the salary given under this Part.

  • Salary as defined in Section 3.1(a).

  • Monthly Base Salary means 1/12th of the greater of (i) Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control Termination or a Covered Termination, as applicable, or (ii) in the case of a Change in Control Termination, Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control.

  • Bonus Compensation shall have the meaning set forth in Section 3(b).

  • Annual Base Salary shall have the meaning set forth in Section 3(a).

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Basic Salary shall have the meaning assigned to it in Section 5 of this Agreement.

  • Base Salary Amount means the greater of the Executive’s annual base salary (a) at the rate in effect on the Termination Date and (b) at the highest rate in effect at any time during the 180-day period prior to a Change in Control, and will include all amounts of the Executive’s base salary that are deferred under any qualified or non-qualified employee benefit plan of the Company or any other agreement or arrangement.

  • Elective Deferral means the portion of Compensation which is deferred by a Participant under Section 4.1.

  • Annual Deferral Amount means that portion of a Participant's Base Annual Salary and Annual Bonus that a Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan Year. In the event of a Participant's Retirement, Disability (if deferrals cease in accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount withheld prior to such event.

  • Base Pay means Executive’s annual base salary rate as in effect from time to time.

  • Monthly salary means the portion of a member’s annual compensation which is paid to him or her per month.

  • Annual Compensation means an amount equal to the greater of:

  • Total Compensation means the cash and noncash dollar value earned by the executive during the Contractor’s preceding fiscal year and includes the following (for more information see 17 CFR 229.402(c)(2)):

  • Monthly Salary Rate means the amount agreed to by the Owner that can be used on Applications for Payment throughout the Construction Phase to account for the services of Construction Manager’s salaried personnel assigned to the Project. A Monthly Salary Rate must be established for each salaried person and must be approved in writing by the Owner in advance of any Application for Payment for that person. The Monthly Salary Rate is for convenience only and any payments made for Construction Manager’s personnel are subject to audit to determine the actual cost of the wages and allowable employer contributions incurred by the Construction Manager for services performed for the Project.

  • Basic Compensation means Salary and Benefits.

  • Incentive Pay means an annual amount equal to the aggregate annual bonus, in addition to Base Pay, made or to be made in regard to services rendered in any calendar year or performance period pursuant to any bonus plan of the Company.