AGREEMENT MODIFICATIONS Contribution Period Sample Clauses

AGREEMENT MODIFICATIONS Contribution Period. 1.01 The parties agree to implement a Wage Reduction Program, as hereafter defined, for all Participating Groups for a period of four (4) years commencing with the second payment for wages in 1997 (i.e. January 17, 1997 for CAW represented employees of the Company and January 25, 1997 for CAW represented employees of CRAL) (the “Contribution Period”). The wage reduction calculation shall only apply to base salary and overtime. The Wage Reduction Program shall be a sliding scale such that the first $25,000 of a full or part time employee’s annual wage compensation (the “Base Salary”) shall not be subject to any reduction (the “Capped Amount”). The parties agree that 10% shall be deducted from the employees’ annual compensation in excess of the Capped Amount (collectively “the Wage Reduction Program”). For greater certainty, the following sets out examples of the effective reduction rates based on annual compensation: ANNUAL BASE SALARY NET REDUCTION RATE $25,000 0% $30,000 1.7% $35,000 2.9% $40,000 3.75% $45,000 4.4% $50,000 5.0% $60,000 5.8% $70,000 6.4% $80,000 6.9% $100,000 7.5% The Wage Reduction Program shall be implemented by determining each employee’s estimated annual salary and applying the Wage Reduction Program pro-rata for each pay period. Any reconciliation shall be completed at the end of the applicable fiscal year by the Company or CRAL. No management official shall receive any economic benefit (including raises, payments, bonus under any management bonus plan, additional shares, share options, securities, car allowances or any other benefit) for the Contribution Period for the sole purpose of avoiding the direct or indirect effect of the Wage Reduction Program. The calculation shall be based on an individual basis and not on a group or department level. Salary and wage levels will revert back to the December 31, 1996 book rates effective at the expiry of the Contribution Period.
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Related to AGREEMENT MODIFICATIONS Contribution Period

  • COMPLETE AGREEMENT; AMENDMENTS This Agreement is the complete and exclusive agreement between the parties with respect to the subject matter contemplated thereby. No modifications to this Agreement shall be made or binding unless made in writing and signed by all parties to this Agreement.

  • SERVICE REQUIREMENTS FOR REFERRED CLIENTS A. Agent agrees to respond to any communications from a Referred Client within two (2) hours after receipt if such communication is received between 9:00am to 5:00pm local time. For communications received outside of these hours, Agent agrees to respond by 10:00am the next day.

  • Termination of Agreement If this Agreement is terminated by the Representatives in accordance with the provisions of Section 5 or Section 9(a)(i) hereof, the Company shall reimburse the Underwriters for all of their out-of-pocket expenses, including the reasonable fees and disbursements of counsel for the Underwriters.

  • Termination for Convenience TIPS may, by written notice to Vendor, terminate this Agreement for convenience, in whole or in part, at any time by giving thirty (30) days’ written notice to Vendor of such termination, and specifying the effective date thereof.

  • DURATION OF AGREEMENT All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting in any such capacity at the time any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement.

  • Term of Agreement This Agreement shall continue in full force and effect until the tenth (10th) anniversary of Bank Closing; provided, that the provisions of Section 6.3 and 6.4 shall survive the expiration of the term of this Agreement; and provided further, that the receivership of the Failed Bank may be terminated prior to the expiration of the term of this Agreement, and in such event, the guaranty of the Corporation, as provided in and in accordance with the provisions of Section 12.7 shall be in effect for the remainder of the term of this Agreement. Expiration of the term of this Agreement shall not affect any claim or liability of any party with respect to any (i) amount which is owing at the time of such expiration, regardless of when such amount becomes payable, and (ii) breach of this Agreement occurring prior to such expiration, regardless of when such breach is discovered.

  • Probationary Period A new employee will be considered on probation until he has completed forty-five (45) days of work (or 337.5 hours of work for employees whose regular hours of work are other than the standard work day), within any twelve (12) calendar months. Upon completion of the probationary period he shall be credited with seniority equal to forty-five (45) working days. With the written consent of the Hospital, the probationary employee and the President of the Local Union or designate, such probationary period may be extended. Any extensions agreed to will be in writing and will specify the length of the extension. The release or discharge of an employee during the probationary period shall not be the subject of a grievance or arbitration.

  • Closing The closing of the sale of the Mortgage Loans (the “Closing”) shall be held at the offices of special counsel to the Purchaser at 10:00 a.m., New York City time, on the Closing Date. The Closing shall be subject to each of the following conditions:

  • AGREEMENT The parties agree as follows:

  • Effective Date The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):

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