Additional Compensation for Retention Sample Clauses

Additional Compensation for Retention. In furtherance of the BOARD’s desire to retain the PRESIDENT in employment at the COLLEGE, and upon the PRESIDENT’s completion of the final year of the required three (3) years of employment under this provision and pursuant to this Agreement, up to and including June 30, 2021 (the required three years of employment hereinafter referred to as the “Retention Period”), the PRESIDENT shall receive Two Hundred Twenty Two Thousand and One Dollars ($222,001) as retention compensation (“Retention Amount”). In the alternative, in acknowledgement of the PRESIDENT’s completion of first year of employment during the Retention Period, up to and including June 30, 2019 (Year One), the PRESIDENT was eligible to elect, and did so elect, to receive Sixty Eight Thousand Nine Hundred Sixty Five Dollars ($68,965) from the Retention Amount, as retention compensation. The Board hereby acknowledges that when the PRESIDENT completes Year Two of the Retention Period on June 30, 2020, the PRESIDENT shall be eligible to elect to receive Seventy Six Thousand Five Hundred Eighteen Dollars ($76,518) as retention compensation from the Retention Amount. Then, upon the PRESIDENT’s completion of Year Three of the Retention Period, the remaining year of employment during the Retention Period under this provision and pursuant to this Agreement, up to and including June 30, 2021, and in the event a Year Two election is made, the PRESIDENT shall be eligible to receive Seventy Six Thousand Five Hundred Eighteen Dollars ($76,518) as retention compensation from the Retention Amount; and in the event no Year Two election is made, the PRESIDENT shall be eligible to receive One Hundred Fifty Three Thousand Thirty Six Dollars ($153,036) as retention compensation from the Retention Amount. As earned and disbursed, this alternative retention compensation schedule shall be cumulative, up to but not exceeding the total three year retention compensation amount of $222,001. Retention compensation is considered to be compensation for services rendered, and not for services yet to be rendered. Except as provided in Paragraph (8) herein, following PRESIDENT’s completion of the required periods of employment under this provision and pursuant to this Agreement, the retention compensation shall be paid by the BOARD to the PRESIDENT in lump sum or otherwise in a manner that is mutually agreeable to the BOARD and PRESIDENT.
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Related to Additional Compensation for Retention

  • Additional Compensation Notwithstanding anything in this Memorandum of Understanding to the contrary when in the judgment of the Board, it becomes necessary or desirable to utilize the services of County employees in capacities other than those for which they are regularly employed, the Board may authorize and, if appropriate, fix an additional rate of compensation for such employees.

  • Final Compensation Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS prior to January 15, 2011, is based on the highest average monthly pay rate during twelve (12) consecutive months of employment. Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS on or after January 15, 2011, is based on the highest average monthly pay rate during thirty-six (36) consecutive months of employment.

  • Compensation for Overtime 9.5.1 All overtime hours, except those overtime hours exceeding twelve (12) hours in one day, shall be compensated at a rate of pay equal to time and one-half the regular rate of pay of the employee. Those overtime hours exceeding twelve (12) in one day shall be compensated at a rate of pay equal to two times the regular pay of the employee.

  • Supplemental Compensation Pursuant to Section 7 of the Agreement, Supplemental Compensation will be paid as follows:

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Special Compensation The Company shall pay to the Executive a lump sum equal to three times the sum of (a) the highest per annum base rate of salary in effect with respect to the Executive during the three-year period immediately prior to the termination of employment plus (b) the Highest Bonus Amount. Such lump sum shall be paid by the Company to the Executive within ten business days after the Executive's termination of employment, unless the provisions of Section 3(e) below apply. The amount of the aggregate lump sum provided by this Section 3(c), whether paid immediately or deferred, shall not be counted as compensation for purposes of any other benefit plan or program applicable to the Executive.

  • Eligibility for Overtime Compensation (a) Overtime compensation rates for all hours worked in excess of the workday and workweek identified below shall be as follows:

  • Show-Up Compensation An employee who is scheduled for work and reports for work, except for situations addressed in Article 123--Inclement or Hazardous Conditions, and is released from work shall be paid the equivalent of two

  • Payment of Compensation Consultant shall submit to City a monthly itemized statement which indicates work completed and hours of Services rendered by Consultant. The statement shall describe the amount of Services and supplies provided since the initial commencement date, or since the start of the subsequent billing periods, as appropriate, through the date of the statement. City shall, within 30 days of receiving such statement, review the statement and pay all approved charges thereon.

  • Compensation for Delay The time allowed for carrying out the work, as entered in the tender form, shall be strictly observed by the contractor and shall be deemed to be the essence of the contract and shall be reckoned from the fifteenth day after the date on which the order to commence the work is issued to the contractor, for a work where completion is up to 6 months For works, for which the completion period is beyond six months: - The period will be reckoned from the thirtieth day after the date on which the order to commence the work is issued to contractor .The work shall throughout the stipulated period of contract be proceeded with all due diligence, keeping in view that time is the essence of the contract. The contractor shall be bound in all cases, in which the time allowed for any work exceeds one month, to complete 1/8th of the whole work before 1/4th of the whole time allowed under the contract has elapsed, 3/8th of the work before 1/2 of such time has elapsed and 3/4th of the work before 3/4th of such time has elapsed. In the event of the contractor failing to comply with the above conditions, the Commissionor/CMO shall levy on the contractor, as compensation an amount equal to: 0.5% (zero point five percent) of the value of work (contract sum) for each week of delay, provided that the total amount of compensation under this provision of the clause shall be limited to 6% (six percent) of the value of work. (Contract sum) Provided further that if the contractor fails to achieve 30% (thirty percent) progress in half (1/2) of original or validly extended period of time (reference clause 5 below) the contract shall stand terminated after due notice to the contractor and his contract finallised, with xxxxxxx money and or security deposit forfeited and levy of further compensation at the rate of 10% of the balance amount of contract left incomplete, either from the bill, and or from available security/performance guarantee or shall be recovered as "Arrears of land revenue". The decision of the Competent Authority in the matter of grant of extension of time only (reference clause 5 below) shall be final, binding and conclusive. But he has no right to change either the rate of compensation or reduce and or condone the period of delay- once such an order is passed by him (on each extension application of the contractor). It shall not be open for a revision. Where the Commissioner/CMO or Competent Authority or Commissioner/CMO as the case may decides that the contractor is liable to pay compensation for not giving proportionate progress under this clause and the compensation is recommended during the intermediate period, such compensation shall be kept in deposit and shall be refunded if the contractor subsequently makes up the progress for the lost time, within the period of contract including extension granted, if any. failing which the compensation amount shall be forfeited in favour of the Nagar Xxxxx/Nagar Palika Parishad/Nagar Panchayat Clause 3 -:Action when the work is left incomplete abandoned or delayed beyond the time limit permitted by the Commissioner/CMO or Competent Authority: -

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