New Executive Position

New Executive Position. Means a position as an executive officer of a financial institution, manufacturing, sales or service corporation, or any other commercial or professional organization; provided that, if such New Executive Position has a salary plus bonus or similar incentive compensation (the "New Compensation") equal to (i) at least 90% of the sum of Mr. Snyder's salary as identified in paragraph 5(a) (i) plus an amount equal to his average bonus for the five fiscal year average preceding the year in which his... employment at the Bank terminated ("Old Compensation"), then the Severance Benefit shall terminate, and (ii) less than 90% of such Old Compensation, then the Severance Benefit shall be reduced to an amount that, combined with the New Compensation, shall equal 90% of the Old Compensation. 3 View More