Base Annual Salary “Base Annual Salary” means the greater of (1) the highest annual rate of base salary in effect for the Executive during the 12 month period immediately prior to a Change in Control or, (2) the annual rate of base salary in effect at the time Notice of Termination is given (or on the date employment is terminated if no Notice of Termination is required).
Average Annual Compensation The Executive's "Average Annual Compensation" for purposes of this Agreement shall be deemed to mean the average level of compensation paid to the Executive by the Employers or any subsidiary thereof during the most recent five taxable years preceding the Date of Termination, including Base Salary and benefits and bonuses under any employee benefit plans of the Employers.
Sick Leave Annual Cash Out Each January, employees are eligible to receive cash on a one (1) hour for four (4) hours basis for ninety-six (96) hours or less of their accrued sick leave, if: A. Their sick leave balance at the end of the previous calendar year exceeds four hundred and eighty (480) hours; B. The converted sick leave hours do not reduce their previous calendar year sick leave balance below four hundred and eighty (480) hours; and C. They notify their payroll office by January 31st that they would like to convert their sick leave hours earned during the previous calendar year, minus any sick leave hours used during the previous year, to cash. All converted hours will be deducted from the employee’s sick leave balance.
Payment for annual leave (a) Before going on annual leave, an employee will be paid the amount of wages they would have received for ordinary time worked had they not been on leave during that period. (b) At the election of the employee such payments may be paid in accordance with the usual pay day relevant to the period of leave being taken.
Payment of Annual Leave Upon resignation, retirement, or dismissal of any employee in the bargaining unit, he/she shall receive a sum equal to the number of days of annual leave remaining to his/her credit, provided that any or all amounts may be applied to offset any amounts owed the state by the employee. In the event of death of an employee while in the bargaining unit, a sum equal to the number of days annual leave remaining shall be paid to his/her estate.
Taking Annual Leave 29.3.1 The Employer and Employee shall seek to reach agreement on a mutually convenient time (having regard to overall operational and staffing requirements of the Company) for annual leave to be taken by the Employee. Where such agreement, cannot be reached, the Employer may fix a time for an Employee’s annual leave to be taken within a period of six (6) months or less from the date when the right to take annual leave has accrued, after giving at least fourteen (14) days’ notice to the Employee. 29.3.2 An Employee is required to provide at least one (1) months’ notice of a request to take annual leave however, final approval shall lie with the Company. 29.3.3 At the Company’s discretion, it may allow an Employee to take annual leave before the right to take it has accrued, but where such leave is taken, a further period of leave shall not commence to accrue until after the expiration of the twelve (12) months service that was required to accrue the right to take the annual leave. Where annual leave or part thereof has been granted before the right to take it has accrued and the Employee subsequently leaves before completing the required twelve (12) months service, and the amount paid by the Employer to the Employee for the annual leave taken exceeds the amount the Employer is required to pay to the Employee on termination, the Employer shall not be liable to make any payment to the Employee for annual leave and shall be entitled to deduct the amount of excess from any remuneration payable to the Employee upon termination of employment. 29.3.4 Where an Employee has more than eight (8) weeks annual leave entitlement accrued to them, the Company may direct the Employee to take annual leave by providing a minimum four (4) weeks’ notice in writing to the employee. Such direction shall only apply to a maximum of one quarter of the leave credits owing to the employee. 29.3.5 The Company may direct Employees to take any accrued annual leave during the Company’s annual close down (i.e., Christmas/New Year period). Employees that do not apply for leave during this period may be required to take annual leave. Where Employees have not yet accrued such annual leave, the leave taken shall be treated as Leave without Pay. The business will provide a minimum of 2 months notice about this closure each year. 29.3.6 If a public holiday (as prescribed in this Agreement) falls within an Employee's annual leave and, is on a day which would have been an nominal working day, then extra time equivalent to the public holiday shall be added to the Employee's annual leave. 29.3.7 An Employee shall not offer their Service to any other Employer during the period the Employee is on paid annual leave and, the Employer shall not engage an Employee who is on paid annual leave.
Death of the Annuitant If the Annuitant is not an Owner and dies prior to the Annuity Date, Owner 1 will become the new Annuitant unless you designate otherwise. If any Owner is not an individual, we will treat the death of the Annuitant as the death of an Owner.
Minimum Annual Royalty Beginning in the calendar year after the first occurrence of SALEs, and in each succeeding calendar year thereafter, LICENSEE will pay to REGENTS a minimum annual royalty of [Written amount] U.S. Dollars ($ Number) for the life of this AGREEMENT. This minimum annual royalty will be paid to REGENTS by February 28 of each year and will be credited against the earned royalty due and owing for the calendar year in which the minimum payment is made.
Cashing out annual leave The employee may, with the agreement of the employer, request in writing, to cash out up to two weeks of their annual leave during each 12 month period. Annual leave cannot be cashed out in advance of it being credited to the employee. Cashed out annual leave will be paid at the rate of pay that the employee receives at the time when the request is made.
Taking of Annual Leave (a) An employee is entitled to take an amount of annual leave during a particular period if: (i) at least that amount of annual leave is credited to the employee; and (ii) the employer has authorised the employee to take the annual leave during that period. (b) In the taking of leave, the employee shall make written application to the employer, giving timely notice of the desired period of such leave. (c) Annual leave shall be taken in an amount and at a time which is approved by the employer subject to the operational requirements of the workplace. The employer shall not unreasonably withhold or revoke such approval.