Adjustment of Alimony Sample Clauses

Adjustment of Alimony a. The Parties’ intention is for the alimony amount to be determined on a calendar-year basis. However, because the information concerning the Parties’ Gross Earned Income, as reflected on their tax returns for the previous year, may not be available until April 15 of the following year, the Parties have chosen May 1 as the date on which to calculate (i) the amount of alimony to be paid for the twelve months beginning on May 1 (by applying the Alimony Formula to the Parties’ Gross Earned Incomes for prior calendar year), and (ii) the amount by which the alimony paid by the [Husband/Wife] during the previous calendar year should be adjusted based on the actual Gross Earned Incomes of the Parties during the previous calendar year. If, based on this calculation, the [Husband/Wife] was entitled to more support during the prior calendar year than she was paid, the [Husband/Wife] shall pay, in twelve equal monthly installments beginning on May 1, the additional amount of alimony due for the prior calendar year. If, based on this calculation, the [Husband/Wife] was entitled to less support during the prior calendar year than [he/she] was paid, the [Husband/Wife] shall be entitled to deduct, in twelve equal monthly amounts beginning on May 1, the amount of the overpayment. The Parties shall adjust the amount of alimony to be paid on May 1, 20__, and on each May 1 thereafter so long as the [Husband/Wife] has earned income. b. In the event of termination of the [Husband/Wife]’s alimony obligation, the Parties shall calculate what adjustment, if any, should be made through the date of termination, and the Husband shall pay that amount within 30 days of the termination of alimony. By way of illustration, if the [Husband/Wife] remarries on April 1, 2012, but the [Husband/Wife] has received a substantial increase in earned income during 2011 (while the Wife’s earned income has remained the same), the Parties shall determine the amount of alimony adjustment that should be paid for the period up to April 1, 2012. c. In the event that the Parties disagree about the alimony calculations to be performed pursuant to this Agreement, they shall jointly retain a certified public accountant to perform the calculations. If they cannot agree on the accountant, they shall each select an accountant, and those two accountants shall select a neutral and independent accountant to make the determination. If, after receiving the opinion of that accountant, the Parties still do not agree o...
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Adjustment of Alimony a. The Parties determined the amount of monthly alimony to be paid under this Agreement by means of the following calculation: (a) subtract the [Husband/Wife]’s annual earned income from the annual earned income of the [Husband/Wife] (including in each Party’s earned income any deferred compensation from an employer or contribution by the employer to the Party’s retirement account(s)), (b) multiply the difference by one-third, and (c) divide the resulting amount by 12. This calculation shall be referred to as the “Alimony Formula” in this Exhibit. b. For purposes of this calculation, i. Both Parties’ earned incomes shall be reduced by the amount spent by them for (a) life insurance premiums required to be paid under this Agreement; (b) disability insurance premiums; (c) Social Security deductions; and (d) Medicare deductions (collectively the “Qualifying Expenses”). ii. If any of these amounts are paid from after-tax dollars, the amount of the Qualifying Expense shall be the pre-tax amount. Calculating the amount of pre-tax income involves “grossing up” the amount paid by a Parties for the Qualifying Expense, based on the average rate paid by that Party for state and federal income taxes for the year in question. For purposes of this calculation, the amount of such expenses is the amount actually paid or withheld, and does not include any amounts paid by an employer. iii. Annual earned income shall mean earned income during a calendar year, but for 20__, all alimony amounts, including alimony based on bonus payment(s), shall be prorated for the portion of 20__ covered by this Agreement. iv. The Parties shall use ____________, CPA, __________, Massachusetts, to perform the annual calculation of the alimony or, if ___________ is not available, a mutually agreeable neutral accountant. b. Each year, on or before May 1, the Parties shall (i) exchange copies of their W-2, K-1, and 1099 forms and other documents reflecting their earned income for the previous year and their Qualifying Expenses, and (ii) re-calculate the amount of alimony to be paid for the next 12 months, starting on May 1, based on the Parties’ earned income during the previous calendar year and the Alimony Formula. c. The Alimony Formula shall be applied to both the [Husband/Wife]’s monthly draw and his/her bonus, but the amount of his monthly alimony payment shall be based on his/her draw. When the [Husband/Wife] receives a bonus, he/she shall apply the Alimony Formula to the bonus and pay the...
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Related to Adjustment of Alimony

  • Adjustment of Grievance The School Board and the employee will attempt to adjust all grievances which may arise during the course of employment of any employee within the School District in the following manner:

  • ADJUSTMENT OF GRIEVANCES 8.01 (a) It is the mutual desire of the parties hereto that complaints of employees be adjusted as quickly as possible. To this end it is agreed that periodic meetings will be held between the Company and the Union to discuss the interpretation and administration of this Agreement. 8.01 (b) It is agreed that no grievance shall be processed which usurps the rights of Management. 8.01 (c) It is generally understood that an employee has no grievance until they have given their Xxxxxxx an opportunity to adjust the complaint. This may be done during working hours. (a) The Union shall arrange for the election from its working membership at each camp, by the members therein, of a Union Grievance Committee of three (3), headed by a Union Xxxxxxx who shall act as spokesperson for the Committee. In the absence of the Xxxxxxx the Company will recognize a delegated member of the Grievance Committee as spokesperson. Immediately after an election, the Union Grievance Committee in the camp will notify the xxxxxxx in writing as to the names of the Union Xxxxxxx and the members of the Union Grievance Committee elected and the xxxxxxx will acknowledge in writing the receipt of such notice. The Company xxxxxxx shall not be required to recognize either the Union Xxxxxxx or the Union Grievance Committee until such time as this procedure is carried out. (b) It is agreed that there shall be no discrimination exercised in any manner towards the Stewards or Union Grievance Committee. 8.03 A grievance under the provisions of this Agreement is defined to be any differences between the parties or between the Company and employees covered by this Agreement involving the interpretation, application, administration or alleged violation of any of the provisions of this Agreement. 8.04 Grievances as defined above may be taken by the employee, by the Union Xxxxxxx or the Union representative having jurisdiction directly to the employee's immediate supervisor for adjustment outside of working hours. The grievance shall be presented without undue delay. Any grievance submitted to the xxxxxxx, in accordance with this procedure, in writing, will be disposed of by the xxxxxxx in writing. Where a grievance has been submitted in writing, it will be dealt with in writing at all stages thereafter. Failing a satisfactory adjustment within forty-eight (48) hours, then,

  • Adjustment of Award (a) The Administrator shall have authority to make adjustments to the terms and conditions of the Award in recognition of unusual or nonrecurring events affecting BB&T or any Affiliate, or the financial statements of BB&T or any Affiliate, or of changes in applicable laws, regulations or accounting principles, if the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or necessary or appropriate to comply with applicable laws, rules or regulations. (b) Notwithstanding anything contained in the Plan or elsewhere in this Agreement to the contrary, (i) the Administrator, in order to comply with applicable law (including, without limitation, the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act) and any risk management requirements and/or policies adopted by BB&T, retains the right at all times to decrease or terminate the Award and payments under the Plan, and any and all amounts payable under the Plan or paid under the Plan shall be subject to clawback, forfeiture, and reduction to the extent determined by the Administrator as necessary to comply with applicable law and/or policies adopted by BB&T; and (ii) in the event any legislation, regulation(s), or formal or informal guidance require(s) any compensation payable under the Plan (including, without limitation, the Award) to be deferred, reduced, eliminated, or subjected to vesting, the Award shall be deferred, reduced, eliminated, paid in a different form or subjected to vesting or other restrictions as, and solely to the extent, required by such legislation, regulation(s), or formal or informal guidance.

  • Adjustment of Impositions Impositions imposed in respect of the tax-fiscal period during which the Term terminates shall be adjusted and prorated between Lessor and Lessee, whether or not such Imposition is imposed before or after such termination, and Lessee’s obligation to pay its prorated share thereof after termination shall survive such termination.

  • Adjustment of the Contract Sum shall include profit. No adjustment shall be made to the extent: (a) that performance is, was or would have been so suspended, delayed or interrupted by another cause for which the Contractor is responsible; or (b) that an equitable adjustment is made or denied under another provision of this Contract.

  • Payment and Year-End Adjustment Amounts accrued pursuant to this Agreement shall be payable to the Adviser as of the last day of each month. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.

  • Adjustment Provisions This Option, including the number of shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of Section 3.4 of the Plan.

  • Adjustment of Fees Trust acknowledges that from time to time after the first anniversary of the Effective Date, Administrator may increase all non-asset based Fees upon sixty days written notice to the Trust, in an amount equal to the greater of: (a) five percent; or (b) the percentage increase in the CPI since the Effective Date of the first such increase and since the date of the immediately preceding increase with respect to all subsequent increases; provided, however, that Administrator may not increase the Fees more than one time during any twelve-month period. Notwithstanding the above, in the event of an increase to Administrator’s costs for Special Third Party Services, Administrator may at any time upon thirty days written notice increase the Fees applicable to such Special Third Party Services, provided, that such fee increase will not exceed the applicable percentage increase in costs incurred by Administrator with respect to such Special Third Party Services.

  • Statement of Grievance The grievance shall contain a statement of: 1. Specific situation, act or acts complained of as violation of this Agreement, or written rules, regulations or policies; 2. The damage suffered by the employee; and 3. The relief sought.

  • Settlement of Grievances The applicable procedures of this Agreement shall be followed for the settlement of all grievances. All grievances shall be considered carefully and processed promptly.

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