Average Annual Compensation The Executive's "Average Annual Compensation" for purposes of this Agreement shall be deemed to mean the average level of compensation paid to the Executive by the Employers or any subsidiary thereof during the most recent five taxable years preceding the Date of Termination, including Base Salary and benefits and bonuses under any employee benefit plans of the Employers.
ANNUAL CAPS The Directors of the Company estimate the annual caps for the continuing connected transactions in respect of the mutual provision of non-financial miscellaneous services between the Group and the Everbright Group and its associates for 2019, 2020 and 2021 as follows: 2019 2020 2021 3.0 (RMB million) 4.0 5.0 Revenue to be received by the Group for the provision of non-financial miscellaneous services to the Everbright Group and its associates Fees to be paid by the Group to the Everbright Group and its associates for their provision of non-financial miscellaneous services 69.0 86.0 100.0 When estimating the annual caps for the transactions contemplated under the Everbright Group Non-financial Miscellaneous Services Framework Agreement, the Directors have based the estimates on the historical figures in 2016, 2017 and for the six months ended June 30, 2018. In addition, the Directors have considered, among other things, the following key factors: (1) In the ordinary course of business, the Group may from time to time provide information technology and Internet services and non-financial advisory services to the Everbright Group and its associates, and the provision of such services may generate revenue. (2) According to the IT strategic plans newly formulated by the Everbright Group, it will provide higher quality information technology services to the companies within the Group. Accordingly, it is expected that there will be a growth in respect of the information technology and Internet services provided by the Everbright Group and its associates to the Group so as to improve the information technology system of the Company and the inter-connection between the information technology system of the Company and that of the Everbright Group. (3) Given the expansion of the Group’s business, the number of meetings of the Group will increase substantially and the Group may lease more venues from the Everbright Group and its associates on a more frequent basis and the Everbright Group and its associates will also provide the relevant conferencing services to the Group. (4) Prior to 2018, China Youth Travel Group Limited (中國青旅集團公司) (“China Youth Travel”) was not merged into the Everbright Group and independent third parties provided travel services to the Group. Considering the recent merger of China Youth Travel into the Everbright Group, in order to fully play the synergistic effect of various business lines among the enterprises within the Everbright Group, provided that the terms and conditions offered by China Youth Travel to the Group is on normal commercial terms or better, it is expected that China Youth Travel will assume the business of provision of travel services to the Group. At the same time, given the expansion of the Group’s business, it is expected that the costs to be incurred by the Group in relation to business travel will grow substantially. Therefore, it is expected that the fees paid by the Group to the Everbright Group and its associates in respect of the business travel services will increase substantially. In addition, in arriving at the above proposed annual caps, the Directors have also taken into account the inflation factor, and were based on the assumptions that, during the term of the Everbright Group Non-financial Miscellaneous Services Framework Agreement, there will not be any adverse change or disruption in market conditions, operation and business environment or government policies which may materially affect the businesses of the Group and those of the Everbright Group and/or its associates.
Sick Leave Annual Cash Out Each January, employees are eligible to receive cash on a one (1) hour for four (4) hours basis for ninety-six (96) hours or less of their accrued sick leave, if: A. Their sick leave balance at the end of the previous calendar year exceeds four hundred and eighty (480) hours; B. The converted sick leave hours do not reduce their previous calendar year sick leave balance below four hundred and eighty (480) hours; and C. They notify their payroll office by January 31st that they would like to convert their sick leave hours earned during the previous calendar year, minus any sick leave hours used during the previous year, to cash. All converted hours will be deducted from the employee’s sick leave balance.
Minimum Cash Balance Licensee shall fund the Facility Checking Account --------------------- with an initial amount equal to $25,000.00 and thereafter Licensee shall provide the working capital required by Section I(H) of this Agreement
Maximum Leverage Permit, as of any fiscal quarter end, the ratio of (a) Adjusted Portfolio Equity as of such fiscal quarter end to (b) Funded Debt as of such fiscal quarter end, to be less than 5.00 to 1.00.