Incremental Payment. In consideration of the execution and delivery of Amendment No. 4 to this Agreement, dated as of October 27, 2015, by the Seller, beginning on October 20, 2016, the Purchaser shall pay to the Seller in respect of each outstanding share of Series B Convertible Preferred Stock, an incremental amount equal to (a) $40 divided by (b) 182 (e.g., the number of days between October 20, 2016 and April 20, 2017) multiplied by (c) the result obtained by the number of days elapsed between October 20, 2016 and the Incremental Payment Date (as defined below) (the “Incremental Payment Amount”); provided, that the Incremental Payment Amount per share of Series B Convertible Preferred Stock shall not exceed $40.00. For purposes of this Section 4.11, the “Incremental Payment Date” means, for any share of Series B Convertible Preferred Stock, the earlier to occur of (i) the date on which such share of Series B Convertible Preferred Stock shall have been redeemed pursuant to Section 7 of the Certificate of Designation, (ii) the date on which such share of Series B Convertible Preferred Stock shall have been repurchased pursuant to Section 4.10 of this Agreement or (iii) the date of conversion of such outstanding share of Series B Convertible Preferred Stock pursuant to Section 6 of the Certificate of Designation. No Incremental Payment Amount shall be payable in respect of any share of Series B Convertible Preferred Stock redeemed, repurchased or converted prior to October 20, 2016.” Section 8. Addition of New Section 4.12. Article IV of the Agreement is hereby amended by inserting the following new Section 4.12 immediately following new Section 4.11: “
Incremental Payment. For the purposes of this section a stand alone “module” shall mean 40 hours of structured training, or 40 Certificate for Sugar Milling Competency points or 4 National Metal and Engineering Competency (NMEC) points. After an employee has satisfied the requirements of the level at which they are currently classified they shall receive an incremental payment for each module (or equivalent) that they hold and can apply on the job based upon the following formula. ¼ of the difference between an employee’s current classification level and the next immediately highest classification level for each stand alone module that an employee holds and can apply on the job. 1/3 of the difference between an employee’s current classification level and the next immediately highest classification level for each stand alone module that an employee holds and can apply on the job.
Incremental Payment. Employees shall be entitled to increments for service in their respective classification level following the completion of 1786 hours of work. Progression to the next applicable increment cannot occur earlier than 12 months from the date of progression to the current increment.
Incremental Payment. After an employee has satisfied the requirements of the el vel at which they are currently classified they shall receive an incremental payment for each stand alone unit of 4 NMEC points weighting that they hold and are required to apply on the job based upon the following formula - 1/3 of the difference between an employee’s current classification level and the next immediately highest classification level for each stand alone unit of 4 NMEC points weighting that an employee holds and is required to apply on the job. The sugar milling industry has two distinct and differing seasons. The crushing season involves the need to crush the crop in the minimum period of time and is focused on production and the skills of process employees predominate, although tradespersons perform an essential supporting function during this period. Conversely, during the remainder of the year the focus is on maintenance and capital works and it is the skills of tradespersons that predominate. The parties to this Agreement recognise they have a part to play in increasing the productivity and efficiency of the mill. Accordingly, multi-skilling and labour flexibility that supports the work requirements of the two distinct and different seasons has been progressively introduced into the mill’s working arrangements. As part of the ongoing process of continual improvement additional initiatives have been developed to further assist in addressing both the skills needs of employees and the skills requirements of the region. Increased flexibility in application of newly acquired or currently held skills is not envisaged to change an employee’s core role.
Incremental Payment. With respect to Purchase Price Shares issued as part of an Incremental Payment, Seller may Transfer Purchase Price Shares to its stockholders based on each stockholder's respective ownership interest in Seller, provided that:
Incremental Payment. Module: For the purposes of this appendix “stand alone module” shall mean 40 hours of structured training, or 40 Certificate of Sugar Milling competency points or 4 National Metal and Engineering Competency (NMEC) points. After an employee has satisfied the requirements of the level at which they are currently classified they shall receive an incremental payment for each stand alone module that they hold and can apply on the job based upon the following formula. ¼ of the difference between an employee’s current classification level and the next immediately highest classification level for each stand alone module that an employee holds and can apply on the job. 1/3 of the difference between an employee’s current classification level and the next immediately highest classification level for each stand alone module that an employee holds and can apply on the job. A full list of the number of modules required for each level, consistent with our current classification system are as follows. C6 36 1440 144 L9/C7 33 1320 132 L8/C8 30 1200 120 L7/ C9 27 1080 108 L6 / C10 24 960 96 L5a 20 800 80 L5 16 640 64 L4 12 480 48 L3 8 320 32 L2 4 160 16 The REBT will establish the administrative arrangements necessary to meet its own objectives. In relation to training, the principal role of the REBT, is to review the skills needs of the region, the skills held by employees and to identify and make a written recommendation to Management, justifying the acquisition of skills for an individual based upon the shortfall in skills within the Region as a whole. This REBT recommendation will also include a summary of the need for the skill within the region, how the learning outcome will be applied and an action plan for the transfer of learning within the region. The REBT will also assist management by sourcing, costing and recommending to Management suitable and applicable training to meet the skills requirements of our Region.
Incremental Payment. After an employee has satisfied the requirements of the level at which they are currently classified they shall receive an incremental payment for each stand alone unit of 4 NMEC points weighting that they hold and are required to apply on the job based upon the following formula - 1/3 of the difference between an employee’s current classification level and the next immediately highest classification level for each stand alone unit of 4 NMEC points weighting that an employee holds and is required to apply on the job. The classification/reclassification of clerical employees will be applied in accordance with the classification definitions and classification levels set out below:
