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.

  • No Additional Compensation Notwithstanding any other provision of this Agreement, the obligation of Agency to return Referred Accounts, provide current status reports of all such accounts or information reasonably required by Client shall be without right to any additional Contingent Fee, administrative fees or other compensation of any kind or type whatsoever after such termination date, including, without limitation, in quantum meruit, for any Services rendered prior to termination (except on recoveries received and remitted to Client pursuant to this Agreement prior to termination) whether or not said Services result in or contribute to recoveries received after termination.

  • Compensation for Overtime Assigned overtime is designated as those hours over the regular hours of work which are requested of the employee by management. Assigned overtime worked shall be paid at the rate of time and one-half (1 1/2).

  • ADDITIONAL COMPENSATION AND BENEFITS The Executive shall receive the following additional compensation and welfare and fringe benefits:

  • Annual Compensation The Executive's "Annual Compensation" for purposes of this Agreement shall be deemed to mean the highest level of base salary paid to the Executive by the Employers or any subsidiary thereof during any of the three calendar years ending during the calendar year in which the Date of Termination occurs.

  • Supplemental Compensation Pursuant to Section 7 of the Agreement, Supplemental Compensation is payable 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.

  • Bonus Compensation During the term hereof, the Executive shall participate in the Company’s Senior Executive Annual Incentive Plan, as it may be amended from time to time pursuant to the terms thereof (the “Plan,” a current copy of which is attached hereto as Exhibit A) and shall be eligible for a bonus award thereunder (the “Bonus”). For purposes of the Plan, the Executive shall be eligible for a Bonus, and the Executive’s specified percentage (the “Specified Percentage”) for such Bonus shall initially be fifty percent (50%) of Base Salary and shall thereafter be established annually by the Board of Directors (the “Board”) or, if the Board delegates the Specified Percentage determination process to a Committee of the Board, by such Committee. In the event the Board or Committee does not approve the Executive’s Specified Percentage within 90 days of the beginning of a fiscal year, such Specified Percentage shall be the same as the immediately preceding year. Whenever any Bonus payable to the Executive is stated in this Agreement to be prorated for any period of service less than a full year, such Bonus shall be prorated by multiplying (x) the amount of the Bonus otherwise earned and payable for the applicable fiscal year in accordance with this Sub-Section 4.2 by (y) a fraction, the denominator of which shall be 365 and the numerator of which shall be the number of days during the applicable fiscal year for which the Executive was employed by the Company. Executive agrees and understands that any prorated Bonus payments will be made only after determination of the achievement of the applicable Performance Measures (as defined in the Plan) in accordance with the terms of the Plan. Any compensation paid to the Executive as Bonus shall be in addition to the Base Salary.

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