Grandfathered Tier 1 Associates – Lump Sum Payments Sample Clauses

Grandfathered Tier 1 Associates – Lump Sum Payments. Beginning year 2 – April 2025, lump sums will be paid out semi-annually, less deductions required by law, on the first Sunday of the corresponding month to the following associates, if they remain actively employed by the Company at the time of payout: • Xxxx Xxxxxx • Xxxxxxx Xxxxx • Xxx Xxxxxxxxxxx • Xxxxx Xxxxxxxx • Xxxxxx Xxxxxx • Xxxxxx Demetrioff • Xxxxx Xxxxx • Xxxx Xxxxxx • Xxxxxxx Xxxxxx • Xxxxxxxx Xxxxx • Xxxxxxx Xxxxx Year 2 (April 2025) - $1,000 per annum paid semi-annually (April, October) Year 3 (April 2026) - $1,000 per annum paid semi-annually (April, October) Year 4 (April 2027) - $1,000 per annum paid semi-annually (April, October) Year 5 (April 2028) - $1,000 per annum paid semi-annually (April, October) Year 6 (April 2029) - $1,000 per annum paid semi-annually (April, October) If an associate retires in years 2025-2029 and before the remaining Year lump sum is paid out the remaining amount will be paid out on their last cheque. For example: If an associate listed above retires May 1, 2026 they would receive the October 2026 $500 lump sum payment on their last cheque.
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