Salary Compensation

Salary Compensation. Means any base salary plus any receipts of commission compensation which is otherwise payable to a Participant in cash by the Company in any calendar year, without reduction for the amount of any contributions made by the Company on behalf of Participant under any salary reduction or similar arrangement to a qualified deferred compensation, pension or cafeteria plan, contributions toward a simplified employee pension plan described in Section 408(k) of the Code, contributions towards the... purchase of an annuity contract described in Section 403(b) of the Code, and/or contributions of elective contributions pursuant to an arrangement qualified under Section 401(k) of the Code; provided, however, that in no event shall "Salary Compensation" include any severance payments or other compensation which is paid to Participant as a result of the Participant's termination of employment with the Company. Notwithstanding anything herein to the contrary, in no event shall Salary Compensation include Bonus Compensation. View More