Common use of Bonus Cash Payment Clause in Contracts

Bonus Cash Payment. (Default if employee declines to make choice) • One month of salary (168 hours) paid in cash over three installments at the highest step or top of band of the classification held by the employee at each vesting date. • Minimum amount of each payment will be $1,666.67 and a maximum payment of $3,333.37 (base hourly rate of pay for the classification multiplied by 56). The amount on each payment date may change depending upon an employee’s individual circumstance. • Total minimum amount received will be $5,000.01 and maximum will be $10,000.02 paid over three installments. • Applicable taxes will be applied and withheld. • The Bonus Cash Payment is non-pensionable.