Management Incentive Plan “Management Incentive Plan” shall mean the Company’s bonus program, as implemented by the Company’s board of directors from time to time and pursuant to which the Executive may receive incentive-based compensation at fiscal year end.
Retirement Incentive 1. For a Bargaining Unit Member to qualify for this program, he/she must be a full time (30 or more hours per week) employee in the Hononegah Community High School District #207 for a period of not less than twenty (20) years prior to the date of retirement. Any Bargaining Unit Member for whom the district must pay any additional amount as a penalty to IMRF so that such an employee may benefit from the “IMRF” Early Retirement Incentive Program” will not be eligible to receive any payment as part of this retirement incentive program. No later than thirty (30) days prior to the intended date of retirement from the school district, the Bargaining Unit Member must submit a formal letter of retirement indicating his/her intent to retire from the public school systems of Illinois under the provisions of the Illinois Municipal Retirement Fund. Upon meeting the above eligibility requirements, any Bargaining Unit Member who qualifies for this Retirement Incentive Program shall be paid a monetary incentive calculated as follows: The total amount of the incentive shall be equal to Twenty-Five Percent (25%) of the base wages plus overtime for each of the “base years.” The base years shall be the most recent complete fiscal year worked by the Bargaining Unit Member prior to providing an irrevocable letter of retirement, as described below. [Example: Employee A provides an irrevocable letter of retirement on March 1, 2014. Employee A’s incentive shall be 25% of total base wages for the 2012-2013 fiscal year including overtime because the 2012-2013 fiscal is the latest complete year worked.] The incentive will be paid in increments described below, based upon the timing of the notice. If a Bargaining Unit Member gives 30-days’ notice of retirement, the Bargaining Unit Member may receive a post-retirement bonus of 25% of his salary of the latest complete year worked. This bonus will be paid 30 days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. A Bargaining Unit Member may provide notice up to four (4) years prior to retiring. If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final work year, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in the final year of employment and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post-retirement payment and not as creditable earnings. [Example: Employee B’s base wages for the base year were $20,000.00. The total incentive is $5,000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2015. During the 2014-2015 fiscal year, the employee receives a normal pay increase equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post- retirement payment of $4,200.00.] If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final two (2) work years, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in each of the final two (2) years of employment, and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post- retirement payment and not as creditable earnings. [Example: Employee B’s Base wages for the base year were $20,000.00. Her total incentive is $5,000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2016. During the 2014-2015 and 2015-2016 fiscal years, the employee receives normal pay increases equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2015-2016 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post-retirement payment of $3,400.00] If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final three (3) work years, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in each of the final three (3) years of employment, and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post- retirement payment and not as creditable earnings. [Example: Employee B’s base wages for the base year were $20,000.00. Her total incentive is $5,000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2017. During the 2014-2015, 2015-2016, and 2016- 2017 fiscal years, the employee receives normal pay increases equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2015-2016 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2016-2017 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post-retirement payment of $2,600.00.] If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final four (4) work years, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in each of the final four (4) years of employment, and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post- retirement payment and not as creditable earnings. [Example: Employee B’s base wages for the base year were $20,000.00. The total incentive is $5000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2018. During the 2014-2015, 2015-2016, 2016-2017 and 2017-2018 fiscal years, the employee receives normal pay increases equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2015-2016 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2016-2017 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2017-2018 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post-retirement payment of $1,800.00.]
Discretionary Sales The Borrower shall be permitted to sell Loans (each, a “Discretionary Sale”) subject to the following conditions:
(i) no Collateral Manager Default or Event of Default has occurred and is continuing and, immediately after giving effect to such Discretionary Sale, no Collateral Manager Default, Default or Event of Default shall have occurred;
(ii) immediately after giving effect to such Discretionary Sale, the Required Advance Reduction Amount shall be (x) zero or (y) subject to the prior consent of the Administrative Agent (in its sole discretion), an amount less than the Required Advance Reduction Amount immediately prior to giving effect to such Discretionary Sale;
(iii) the Borrower shall have delivered a Borrowing Base Certificate to the Administrative Agent;
(iv) such Discretionary Sale shall be made by the Collateral Manager, on behalf of the Borrower, to an unaffiliated third party purchaser in a transaction (i) reflecting arms-length market terms and (ii) in which the Borrower makes no representations, warranties or covenants and provides no indemnification for the benefit of any other party to the Discretionary Sale (other than that the Borrower has good title thereto, free and clear of all Liens and has the right to sell the related Loan), provided that the Borrower may make a Discretionary Sale to (A) an Affiliate of the Borrower with the prior written consent of the Administrative Agent in its sole discretion or (B) to the Seller pursuant to any exercise of the Seller’s mandatory repurchase obligation under Section 7.1 of the Sale Agreement;
(v) on the related Discretionary Sale Date, the Administrative Agent, each Lender and the Collateral Custodian, as applicable, shall have received, as applicable, in immediately available funds, an amount equal to the sum of (a) an amount sufficient to reduce the Advances Outstanding such that, after giving effect to the transfer of the Loans that are the subject of such Discretionary Sale, the Required Advance Reduction Amount will be equal to zero plus (b) an amount equal to all unpaid Interest then due and owing to the extent reasonably determined by the Administrative Agent and the Lenders to be attributable to that portion of the Advances Outstanding to be repaid in connection with the Discretionary Sale plus (c) an aggregate amount equal to the sum of all other Obligations then due and owing to the Administrative Agent, each applicable Lender, the Affected Parties and the Indemnified Parties, as applicable, under this Agreement and the other Transaction Documents (or such lesser amount as consented to by the Administrative Agent pursuant to clause (ii) above);
(vi) on the related Discretionary Sale Date, the proceeds (net of (x) amounts payable pursuant to Section 2.14(v) and (y) transactional expenses) from such Discretionary Sale shall be sent directly to the Collection Account; and
(vii) the aggregate OLB of all Loans which are sold by the Borrower in connection with a Discretionary Sale during any 12-month rolling period shall not exceed 30% of the highest Aggregate OLB at any point during such 12-month period (or such lesser number of months as shall have elapsed from the Closing Date as of such date); provided that, (a) any Discretionary Sale may be excluded from such 30% limitation with the prior written consent of the Administrative Agent and (b) any Discretionary Sale made pursuant to clause (B) or (C) of Section 2.14(iv) shall be excluded from such 30% limitation; provided, further, that the Borrower may make Discretionary Sales of Loans exceeding such 30% limitation if (x) all proceeds from such Discretionary Sales are applied pursuant to Section 2.3(b) to reduce Advances Outstanding and (y) the Facility Amount is concurrently reduced pursuant to Section 2.3(a) by an amount equal to the proceeds of such Discretionary Sales.
Payment for Unused Sick Leave (a) An employee with less than ten (10) years of FIU service who separates from FIU shall not be paid for any unused sick leave.
(b) An employee who has completed ten (10) or more years of FIU service, has not been found guilty or has not admitted to being guilty of committing, aiding, or abetting any embezzlement, theft, or bribery in connection with State government, or has not been found guilty by a court of competent jurisdiction of having violated any State law against or prohibiting strikes by public employees, and separates from FIU because of retirement for other than disability reasons, termination, or death, shall be compensated at the employee's current regular hourly rate of pay for one-eighth of all unused sick leave accrued prior to October 1, 1973, plus one- fourth of all unused sick leave accrued on or after October 1, 1973; provided that one-fourth of the unused sick leave since 1973 does not exceed 480 hours. The compensation in this paragraph 8(4)(b) shall not be given to an employee who starts employment at FIU on or after July 1, 2006.
(c) Upon layoff, an employee with ten (10) or more years of FIU service shall be paid for unused sick leave as described in paragraph b., above, unless the employee requests in writing that unused sick leave be retained pending re-employment. For an employee who is re-employed by the University within twelve (12) calendar months following layoff, all unused sick leave shall be restored to the employee, provided the employee requests such action in writing and repays the full amount of any lump sum leave payments received at the time of layoff. An employee who is not re- employed within twelve (12) calendar months following layoff shall be paid for sick leave in accordance with this Policy.
(d) All payments for unused sick leave shall be made in lump sum and shall not be used in determining the average final compensation of an employee in any State administered retirement system. An employee shall not be carried on the payroll beyond the last official day of employment, except that an employee who is unable to perform duties because of a disability may be continued on the payroll until all sick leave is exhausted.
(e) If an employee has received a lump sum payment for accrued sick leave, the employee may elect in writing, upon re-employment within 100 days, to restore the employee's accrued sick leave. Restoration will be effective upon the repayment of the full lump sum leave payment.
(f) In the event of the death of an employee, payment for unused sick leave at the time of death shall be made to the employee's beneficiary, estate, or as provided by law.
Cash and Incentive Compensation (a) All payments referenced in this Agreement are subject to applicable tax withholdings and authorized or required deductions.
Determination of Gross-Up Payment Subject to sub-paragraph (c) below, all determinations required to be made under this Section 6, including whether a Gross-Up Payment is required and the amount of the Gross-Up Payment, shall be made by the firm of independent public accountants selected by the Company to audit its financial statements for the year immediately preceding the Change in Control (the "Accounting Firm") which shall provide detailed supporting calculations to the Company and the Executive within 30 days after the date of the Executive's termination of employment. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group affecting the Change of Control, the Executive may appoint another nationally recognized accounting firm to make the determinations required under this Section 6 (which accounting firm shall then be referred to as the "Accounting Firm"). All fees and expenses of the Accounting Firm in connection with the work it performs pursuant to this Section 6 shall be promptly paid by the Company. Any Gross-Up Payment shall be paid by the Company to the Executive within 5 days of the receipt of the Accounting Firm's determination. If the Accounting Firm determines that no Excise Tax is payable by the Executive, it shall furnish the Executive with a written opinion that failure to report the Excise Tax on the Executive's applicable federal income tax return would not result in the imposition of a penalty. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm, it is possible that Gross-Up Payments which will not have been made by the Company should have been made ("Underpayment"). In the event that the Company exhausts its remedies pursuant to sub-paragraph (c) below, and the Executive is thereafter required to make a payment of Excise Tax, the Accounting Firm shall promptly determine the amount of the Underpayment that has occurred and any such Underpayment shall be paid by the Company to the Executive within 5 days after such determination. Amended and Restated Change in Control Agreement
Determination of Net Asset Value, Net Income and Distributions Subject to applicable federal law including the 1940 Act and Section 3.6 hereof, the Trustees, in their sole discretion, may prescribe (and delegate to any officer of the Trust or any other Person or Persons the right and obligation to prescribe) such bases and time (including any methodology or plan) for determining the per Share or net asset value of the Shares of the Trust or any Series or Class or net income attributable to the Shares of the Trust or any Series or Class, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or Class and the method of determining the Shareholders to whom dividends and distributions are payable, as they may deem necessary or desirable. Without limiting the generality of the foregoing, but subject to applicable federal law including the 1940 Act, any dividend or distribution may be paid in cash and/or securities or other property, and the composition of any such distribution shall be determined by the Trustees (or by any officer of the Trust or any other Person or Persons to whom such authority has been delegated by the Trustees) and may be different among Shareholders including differences among Shareholders of the same Series or Class.
Bonus and Incentive Compensation Executive shall be entitled to equitable participation in incentive compensation and bonuses in any plan or arrangement of the Bank or the Company in which Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement.
Maximum Total Compensation Subsection 10.1 is amended to Increase Decrease the Maximum Total Compensation from $ to $ .
Incentive Pay (1) For any calendar year: in which twenty-five percent (25%) of the number of members employed as of January 1 of each year are rated as either Level II or Level III in every phase of the PFT then
(a) Members who are rated at Level II in all phases of the PFT will receive three hundred dollars ($300.00) in a one-time lump sum payment.
(b) Members who are rated at Level III in all phases of the PFT will receive six hundred dollars ($600.00) in a one-time lump sum payment.
(2) For any calendar year in which fifty percent (50%) of the number of members employed as of January 1 of each year are rated as either Level II or Level III in every phase of the PFT then:
(a) Members who are rated at Level II in all phases of the PFT will receive six hundred dollars ($600.00) in a one-time lump sum payment.
(b) Members who are rated at Level III in all phases of the PFT will receive nine hundred dollars ($900.00) in a one-time lump sum payment.
(3) All lump sum payments referenced herein will be paid in February of the following year.
