SALARY RATES Section 12.1 The following shall apply to full-time employees:
Salary Rate The annual salary for regular faculty will be prorated according to the established workload for the academic year.
Annual Salary Executive's compensation shall consist of an annual base salary (the "Annual Salary") of one hundred fifty thousand dollars ($150,000), before all customary payroll deductions. The Annual Salary shall be reviewed, and shall be subject to change, by the Board of Directors of Employer (or the Compensation Committee thereof) at least annually while Executive is employed hereunder.
Salary Increases During the period of employment as provided in Paragraph 1(b) hereof, the base salary of the Executive shall be reviewed no less frequently than annually by the Board or the Compensation Committee of the Board to determine whether or not the same should be increased in light of the duties and responsibilities of the Executive and the performance thereof, and if it is determined that an increase is merited, such increase shall be promptly put into effect and the base salary of the Executive as so increased shall constitute the base salary of the Executive for purposes of Paragraph 3(a).
General Salary Increase 1. Effective with the start of the pay week commencing closest to September 1, 2013, employees shall be provided an across-the-board salary increase of one percent (1%). Salary schedules shall be increased accordingly.
SALARY STEP INCREASES a. Increases to steps above the entry step shall be based on performance and length of service. The employee must have earned the equivalent of at least twenty-six
Current Salary Level An employee who accepts another position with his or her current salary range will retain his or her current salary.
Protected Salary Rates A. The Employer shall continue the current salary rate protection program for the duration of this Agreement.
Salary Ranges A. The salary ranges for classifications covered by this Agreement shall be those contained in Appendix D.
Lower Salary Level An employee who accepts another position with a lower salary range will be paid an amount equal to his or her current salary, provided it is within the salary range of the new position. In those cases where the employee’s current salary exceeds the maximum amount of the salary range for the new position, the employee will be compensated at the maximum salary of the new salary range.
