Compensatory Option Sample Clauses
A Compensatory Option clause defines the right of an individual, typically an employee or contractor, to receive options to purchase company stock or other equity as part of their compensation package. This clause outlines the terms under which these options are granted, such as vesting schedules, exercise price, and conditions for exercising the options. Its core practical function is to incentivize performance and align the interests of the recipient with those of the company, while providing a clear framework for how equity compensation is awarded and managed.
Compensatory Option. (a) Subject to applicable Federal law, including federal rules and regulations, employees covered by this Agreement shall have the option of receiving overtime pay or compensatory time off. Compensatory time shall be accrued at the same rate as overtime pay and shall accumulate to a maximum of sixty (60) hours, provided that no employee may earn more than a total of one hundred and twenty (120) hours of compensatory time during any calendar year. Compensatory time off may be utilized in increments of one (1) hour or more, subject to approval by the appropriate Department Head or their designee in order to provide for the effective operation of the department.
(b) No more than one hundred and twenty (120) hours of compensatory time may be used in any calendar year. Compensatory time shall be considered “used” when it is cashed out or taken as time off. For purposes of this section, the calendar year shall be considered to be December 1 through November 30.
Compensatory Option. Subject to applicable Federal law, rules, and regulations, employees covered by this Agreement shall have the option of receiving overtime pay or compensatory time off. Compensatory time shall be accrued at the same rate as overtime pay and shall accumulate to a maximum of ninety-six (96) hours. Provided, it is expressly understood that the right to schedule compensatory time off is reserved by the Chief of the Fire Department or his/her designee in order to provide for the effective operation of the Department. Compensatory time may not be accrued for overtime that is part of the normal work cycle.
(A) The City and Union agree that if a member has more than the ninety-six (96) hour maximum accrual on City record at the time the 2007-2010 contract is initiated, he/she will be allowed to use his/her compensatory time allotment without penalty or mandatory reduction in time.
(B) The member will be allowed to reduce his/her compensatory time by departmental and/or contractual rules.
(C) Once the member reduces his/her compensatory time under the ninety-six (96) hour ceiling, the member will only be able to earn the maximum of ninety-six (96) hours of compensatory time.
Compensatory Option. Subject to applicable Federal law, rules, and regulations, employees covered by this Agreement shall have the option of receiving overtime pay or compensatory time off. Compensatory time shall be accrued at the same rate as overtime pay and shall accumulate to a maximum of ninety-six (96) hours. Provided, it is expressly understood that the right to schedule compensatory time off is reserved by the Chief of the Fire Department or the Fire Chief’s designee in order to provide for the effective operation of the Department. Compensatory time may not be accrued for overtime that is part of the normal work cycle.
Compensatory Option allows employees to accumulate up to sixty hours of compensatory time off before additional overtime must be taken in pay
Compensatory Option. Subject to Federal law, rules and regulations, employees covered by this Agreement shall have the option of receiving compensatory time off in accordance with this Agreement for all overtime except for billable details, mandatory in-service training and mandatory range. For the purpose of this section, mandatory in-service training is defined as any training that the Chief of Police designates is required for all sworn members of the police department regardless of topic, duration or location. Compensatory time shall be accrued at the same rate as overtime pay and may accumulate up to the maximums listed below. Effective July 1, 2007, compensatory time may accumulate up to a maximum of two hundred one (201) hours, provided that no employee may earn more than a total of two hundred one (201) hours of compensatory time during any calendar year. Those employees who have a balance in excess of 201 hours as of July 1, 2007 may continue to carry their balance, but those employees shall not earn any additional compensatory time until their balance is at, or below two hundred one (201) hours. At the signing of this Agreement or during the first pay period of December in any year an employee shall be permitted to sell back to the City all accrued compensatory . These compensatory hours shall be paid at the rate in effect for that employee at that time. It is expressly understood that the right to schedule compensatory time off is reserved by the Chief of the Police Department or their designee in order to provide for the effective operation of the department. It is also understood that the use of compensatory time is subject to the requirements set forth in section 16.7, Use of Benefit Time.
Compensatory Option. Subject to Federal law, rules and regulations, employees covered by this Agreement shall have the option of receiving compensatory time off in accordance with this agreement for all overtime except for billable details, mandatory training and mandatory range. For the purpose of this section, mandatory in-service training is defined as any training that the Effective July 1, 2007, compensatory time may accumulate up to a maximum of two hundred (200) hours, provided that no employee may earn more than a total of two hundred (200) hours of compensatory time during any calendar year. Those employees who have a balance in excess of 200 hours as of July 1, 2007 may continue to carry their balance, but those employees shall not earn any additional compensatory time until their balance is at, or below two hundred (200) hours. At the signing of this agreement or during the first pay period of December in any year an employee shall be permitted to sell back to the City all accrued compensatory hours that are in excess of forty (40) hours. These excess compensatory hours shall be paid at the rate in effect for that employee at that time. It is expressly understood that the right to schedule compensatory time off is reserved by the Chief of the Police Department or his/her designee in order to provide for the effective operation of the department.