Merit Bonus Pay Sample Clauses

Merit Bonus Pay. The parties understand that CalPERS has determined that the Merit Bonus Pay described in this provision is not CalPERS reportable income for classic members. The Port will not report Merit Bonus Pay unless CalPERS changes this determination. Regular full-time employees are eligible to earn Merit Bonus Pay based on the superior performance of the employee. The amount of Merit Bonus Pay that an employee is eligible to earn is based upon management’s assessment of the employee’s achievement of expected results in identified performance goals and objectives and their overall performance. Full-time employees who meet the merit bonus eligibility criteria listed below, may be eligible for Merit Bonus Pay every year. Employees are not eligible for Merit Bonus Pay based on their probationary evaluations. To be eligible for Merit Bonus Pay, an employee must have served an entire (post-probationary) year at their current step in time to receive their evaluation in either June or December. 1) Merit Bonus Pay will be based on a superior job performance (performance rating of Outstanding or Exceeds Expectations). 2) When an employee who meets the eligibility criteria for Merit Bonus Pay receives an increase in salary resulting from a salary range adjustment (Step Increase), the Merit Bonus Pay shall be determined by the difference between the awarded bonus amount and the salary step increase. OVERALL PERFORMANCE RATING MERIT BONUS OUTSTANDING 1.5-% - 8% (Eligible) EXCEEDS EXPECTATIONS 4% (Eligible) MEETS EXPECTATIONS 0% (Not Eligible) NEEDS IMPROVEMENT 0% (Not Eligible) UNSATISFACTORY 0% (Not Eligible)
Sample 1
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Merit Bonus Pay. Outstanding Performance When a regular full-time employee receives an overall annual performance evaluation of “Outstanding”, the regular full-time employee shall receive a Merit Bonus Pay equivalent to the following: Effective the first day of the pay period containing July 1 of each year, or the pay period containing January 1 of each year, whichever is applicable, all represented employees under the terms of this Program shall receive Merit Bonus Pay in the amount equal to the difference between the awarded bonus amount and the amount of their step increase. However, the Merit Bonus Pay for employees at Step B through Step E who also receive a step increase shall not exceed one and one- half percent (1.5%) of their annual base salary (after deducting the Step Increase). Represented employees who have been paid at Step E under the terms of this Program for at least one (1) full year shall receive Merit Bonus Pay in the amount of eight percent (8%) of their annual base salary upon receipt of an annual performance evaluation of “Outstanding” . Merit Bonus Pay will not be an adjustment of base salary and will be made in twenty-six (26) biweekly installments. Example 1. Employee B is at salary Step C. She is awarded Merit Bonus Pay of eight percent (8%). She also receives a salary step increase of five percent (5%). The difference between her salary step increase and merit pay bonus is three percent (3%). Merit Pay Bonus shall not exceed one and one-half percent (1.5%) of her annual base salary. Therefore, Employee B will receive her full salary step increase of five percent (5%) plus a Merit Bonus Pay of one and one-half percent (1.5%) for a total of six and one-half percent (6.5%).
Sample 1
Merit Bonus Pay. Exceeds Expectations When a regular full-time employee receives an annual performance evaluation of “Exceeds Expectations”, the regular full-time employee shall receive a Merit Bonus Pay equivalent to the following: Effective the first day of the pay period containing July 1 of each year, or the pay period containing January 1 of each year, whichever is applicable, all represented employees under the terms of this Program shall a receive Merit Bonus Pay in the amount equal to the percentage difference between four percent (4%) and the amount of their step increase.‌‌ Step increases in the wage scale progression to the next step are normally in excess of 4%, eliminating the Merit Bonus Pay for any employee who receives a Step increase in that year. Represented employees who have been paid at Step E under the terms of this Program for at least one (1) full year would normally qualify for Merit Bonus Pay of four percent (4%) of their annual base salary upon receipt of an annual performance evaluation of “Exceeds Expectations”. This Merit Bonus Pay will not be an adjustment of base salary and will be made in twenty-six (26) biweekly installments.
Sample 1

Related to Merit Bonus Pay

  • Annual Bonus Compensation Executive shall be eligible to receive a bonus each Contract Year (“Annual Bonus”) as the Compensation Committee of the Board of Directors shall determine. Executive’s Annual Bonus shall be determined in accordance with the Company’s executive compensation policies as in effect from time to time during the Term and shall be based, in part, on his achieving his individual performance goals for the year and, in part, on the Company’s achieving its performance goals for the year.

  • Target Bonus Executive will be eligible to receive an annual bonus of up to forty percent (40%) of Executive’s Base Salary, less applicable withholdings, upon achievement of performance objectives to be determined by the Board in its sole discretion (the “Target Bonus”). The Target Bonus, or any portion thereof, will be paid as soon as practicable after the Board determines that the Target Bonus has been earned, but in no event shall the Target Bonus be paid after the later of (i) the fifteenth (15th) day of the third (3rd) month following the close of the Company’s fiscal year in which the Target Bonus is earned or (ii) March 15 following the calendar year in which the Target Bonus is earned.

  • Bonus Payment Executive will receive a lump-sum payment equal to one hundred fifty percent (150%) of the higher of (A) the greater of (x) Executive’s target bonus for the fiscal year in which the Change of Control occurs (as in effect immediately prior to the Change of Control) or (y) Executive’s target bonus as in effect for the fiscal year in which Executive’s termination of employment occurs, or (B) Executive’s actual bonus for performance during the calendar year prior to the calendar year during which the termination of employment occurs. For avoidance of doubt, the amount paid to Executive pursuant to this Section 3(b)(iii) will not be prorated based on the actual amount of time Executive is employed by the Company during the fiscal year (or the relevant performance period if something different than a fiscal year) during which the termination occurs.

  • Annual Bonus In addition to Annual Base Salary, Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual bonus (the “Annual Bonus”) in cash at least equal to Executive’s highest annual bonus for the last three full fiscal years prior to the Effective Date (annualized in the event that Executive was not employed by the Company for the whole of such fiscal year). Each such Annual Bonus shall be paid no later than the end of the third month of the fiscal year next following the fiscal year for which the Annual Bonus is awarded, unless Executive shall elect to defer the receipt of such Annual Bonus.

  • Bonus Payments No employee shall be required or requested to make any written or verbal agreement that will conflict with the terms of this Agreement. All employees must be paid weekly for all hours worked as provided in this Agreement. Any bonuses, commissions or other methods of payments over and above the requirements of this Agreement shall be in addition to the requirements of this Agreement and may not be used to offset such contractual requirements and shall not be subject to negotiations.

  • Cash Bonus Executive shall be entitled to a fraction of any Cash Bonus for the fiscal year of the Company within which Executive’s termination of employment occurs which, based upon the criteria established for such Cash Bonus, would have been payable to Executive had he remained employed through the date of payment, the numerator of which is the number of days of such fiscal year prior to his termination of employment and the denominator of which is three hundred and sixty-five (365); and

  • 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.

  • Annual Incentive Compensation Executive shall be eligible to receive an annual bonus (“Annual Bonus”) with respect to each fiscal year ending during the Employment Period. The Annual Bonus shall be determined under the 2006 Omnibus Incentive Plan (the “Omnibus Plan”) or such other annual incentive plan maintained by the Company for similarly situated employees that the Company designates, in its sole discretion (any such plan, the “Bonus Plan”), in accordance with the terms of such plan as in effect from time to time. For each such fiscal year, Executive shall be eligible to earn a target Annual Bonus equal to seventy percent (70%) of Executive’s Base Salary for such fiscal year, if the Company achieves the target performance goals established by the Board for such fiscal year in accordance with the terms of the Bonus Plan. If the Company does not achieve the threshold performance goals established by the Board for a fiscal year, Executive shall not be entitled to receive an Annual Bonus for such fiscal year. If the Company exceeds the target performance goals established by the Board for a fiscal year, Executive may be entitled to earn an additional Annual Bonus for such year in accordance with the terms of the applicable Bonus Plan. The Annual Bonus for each year shall be payable at the same time as bonuses are paid to other senior executives of the Company in accordance with the terms of the applicable Bonus Plan, but in no event later than two and a half (21/2) months following the end of the applicable fiscal year in which such Annual Bonus was earned. Executive shall be entitled to receive any Annual Bonus that becomes payable in a lump-sum cash payment, or, at his election, (A) up to fifty percent (50%) of the Annual Bonus in the form of a grant of restricted stock units of Common Stock (as defined below) or (B) in any form that the Board generally makes available to the Company’s executive management team, provided that any such election is made by Executive in compliance with Section 409A of the Code and the regulations promulgated thereunder.

  • 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.

  • Long-Term Incentive Compensation Subject to the Executive’s continued employment hereunder, the Executive shall be eligible to participate in any equity incentive plan for executives of the Firm as may be in effect from time to time, in accordance with the terms of any such plan.

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