Overtime Compensation 1. Except as provided in this section, Grantee will be responsible for any obligations of premium overtime pay due employees. Premium overtime pay is defined as any compensation paid to an individual in addition to the employee’s normal rate of pay for hours worked in excess of normal working hours. 2. Funds provided under this Contract may be used to pay the premium portion of overtime only under the following conditions: i. With the prior written approval of System Agency; ii. Temporarily, in the case of an emergency or an occasional operational bottleneck; iii. When employees are performing indirect functions, such as administration, maintenance, or accounting; iv. In performance of tests, laboratory procedures, or similar operations that are continuous in nature and cannot reasonably be interrupted or otherwise completed; or v. When lower overall cost to System Agency will result.
Base Compensation The Bank agrees to pay the Employee during the term of this Agreement a salary at the rate of at least $ per annum, payable in cash not less frequently than monthly; provided, that the rate of such salary shall be reviewed by the Board of Directors not less often than annually, and Employee shall be entitled to receive annually an increase at such percentage or in such an amount as the Board of Directors in its sole discretion may decide at such time.
HOLIDAY COMPENSATION FOR TIME WORKED Employees required by their respective City representative to work on any of the above- specified or to substitute holidays excepting Fridays observed as holidays in lieu of holidays falling on Saturday, shall be paid for the legal holiday plus extra compensation of one (1) additional day’s pay at time and one-half (1-1/2) the usual rate in the amount of twelve (12) hours’ pay for eight (8) hours worked or a proportionate amount of less than eight (8) hours worked; provided, however, that at an employee’s request and with the approval of the appointing officer, an employee may be granted compensatory time off in lieu of paid overtime.
Total Compensation Contractor shall include Total Compensation in XXX for each of its five most highly compensated Executives for the preceding fiscal year if: 4.1. The total Federal funding authorized to date under the Award is $25,000 or more; and 4.2. In the preceding fiscal year, Contractor received:
