Graham, aged 45 years, served as plant manager at a manufacturing firm for five years. His annual salary was $55,000. As a result of a corporate reorganization, Graham was given one month's notice of termination which was considered by management to be the length of time necessary for an employee to find a similar paying job. Graham's employer has considered the most important factor in determining his notice period.

Notice Period

The time frame that must pass between notifying one party of a contract's termination and the actual end of the contract.

Corporate Reorganization

The process of restructuring a company's business, legal, ownership, or operational structures, often to be more profitable or better organized.

Annual Salary

An annual salary is a fixed amount of money paid to an employee by an employer in return for work performed, calculated on a yearly basis.