Merit Compensation Program Sample Clauses

Merit Compensation Program. A merit compensation program shall be available to all Sergeants with at least six full months of service prior to July 1 of the year of awarding each year during the salary program and compensation term beginning with July 1, 2011. The program shall be administered as follows:
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Merit Compensation Program. A merit compensation program shall be available to all Lieutenants with at least six full months of service prior to July 1st of the year of awarding each year during the salary program. The program shall be administered as follows: (a) The merit pool for Lieutenants will be comprised of the composite base salary of the Lieutenant’s employed by NJIT as of June 30th of the year of evaluation of the performance standards. (i) Effective the first full pay of the Fiscal Year 2012, the merit pool for Lieutenants will be set at 1%. (ii) Effective the first full pay of the Fiscal Year 2013, the merit pool for Lieutenants will be set at 1%. (iii) Effective the first full pay of the Fiscal Year 2014, the merit pool for Lieutenants will be set at 1%. (iv) Effective the first full pay of the Fiscal Year 2015, the merit pool for Lieutenants will be set at 1%. (b) There is no minimum conferral of merit awarding mandated and all merit shall be applied to base salaries.
Sample 1
Merit Compensation Program. In each of the years of this Agreement, there shall be a Merit Compensation Program available to all employees in the bargaining unit with at least one (1) year of service as of July 1st of the year of award. The Program shall be administered, as follows:
Sample 1
Merit Compensation Program. In each of the years of this Agreement, there shall be a Merit Compensation Program available to all employees in the bargaining unit with at least one (1) year of service as of July 1 of the year of award. The Program shall be administered, as follows: 1. Each position in the bargaining unit shall consist of forty (40) equal steps from minimum to maximum salary. 2. Movement from one step to the next higher step shall occur only through the awarding of performance based compensation, consistent with an employee’s performance over the past year as regularly codified in performance evaluation. (See Article XL, Employee Performance Evaluation). 3. The merit pool shall consist of monies equivalent to 1.5% of the base 4. The maximum award to an individual shall be five (5) steps in any given year of this Program. 5. An employee at the 38 for an award in: step of his/her respective salary range is eligible a. A non-salary base, merit bonus up to the value of five (5) steps in any given year of this Program. b. Base salary merit up to the value of two (2) steps upon the recommendation of the Merit Review Committee and the concurrence by the President. 6. All monies pooled for distribution will be paid over to eligible members of the bargaining unit. a. A minimum of eighty percent (80%) of the merit pool will be distributed in Step or Step equivalent cash awards as set out above and according to the final certified performance evaluation rating. b. A maximum of twenty percent (20%) of the merit pool may be distributed, at the discretion of the Employer in cash awards less than the value of a Step or Step equivalent cash award, accompanied by a written rationale for the award to be provided to the union upon request.
Sample 1
Merit Compensation Program. In each of the years of this Agreement, there shall be a Merit Compensation Program available to all employees in the bargaining unit with at least one (1) year of service as of July 1st of the year of award. The Program shall be administered, as follows: 1. Each position in the bargaining unit shall consist of forty (40) equal steps from minimum to maximum salary. 2. Movement from one step to the next higher step shall occur only through the awarding of performance based compensation, consistent with an employee’s performance over the past year as regularly codified in performance evaluation. (See Article XL, Employee Performance Evaluation). 3. The merit pool shall consist of monies equivalent to 1.5% of the base composite salary of the bargaining unit as of June 1st of the year prior to the year of award. The merit pool shall exclude salaries of employees separated from employment as of June 30 of the year prior to the year of the award. 4. The merit pool amount will be distributed at the Executive level based upon the proportionate salary pool in the respective Executive area (excluding the employees separated from employment as of June 30.) Whether awarded on the Department(s) or Division(s) basis as determined by the appropriate Executive, within the Department(s) or Division(s), those rated ER will be awarded more steps than those rated MS. 5. The maximum award to an individual shall be three (3) steps (for MS) to five (5) steps (for ER) in any given year of this Program as set forth below.
Sample 1
Merit Compensation Program. A merit compensation program shall be available to all Lieutenants with at least six full months of service prior to July 1st of the year of awarding each year during the salary program. The program shall be administered as follows: (a) The merit pool for Lieutenants will be comprised of the composite base salary of the Lieutenant’s employed by NJIT as of June 30th of the year of evaluation of the performance standards. (i) Effective the first full pay of the Fiscal Year 2006 (July 3, 2005), the merit pool for Lieutenants will be set at 3%. (ii) Effective the first full pay of the Fiscal Year 2007 (July 2, 2006), the merit pool for Lieutenants will be set at 3.25%. (b) The merit award shall be added to the Lieutenant’s base salary unless he/she will exceed the maximum of Band 10. Should the Lieutenant’s merit award exceed the maximum of Band 10, the full or partial amount in excess of the maximum shall be in cash. (c) There is no minimum conferral of merit awarding mandated.
Sample 1

Related to Merit Compensation Program

  • Incentive Compensation Plan In addition to receipt of Basic Compensation under the Employment Agreement, you shall participate in the Incentive Compensation Plan for Executive Officers of the Company (the “Compensation Plan”) and shall be eligible to receive incentive compensation under the Compensation Plan as may be awarded in accordance with its terms.

  • 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.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Short-Term Incentive Compensation In addition to the foregoing Base Salary, the Executive shall be eligible during the Term to receive cash short-term incentive compensation, determined and payable in the discretion of the Compensation Committee of the Board. At least annually, the Compensation Committee shall consider awarding short-term incentive compensation to the Executive.

  • Compensation Plans Following any termination of the Executive's employment, the Company shall pay the Executive all unpaid amounts, if any, to which the Executive is entitled as of the Date of Termination under any compensation plan or program of the Company, at the time such payments are due.

  • Management Compensation As compensation for your services in the management of the offering, we will pay you an amount equal to the management fee specified in the Invitation in respect of the Securities to be purchased by us pursuant to the Purchase Agreement, and we authorize you to charge our account with such amount. If there is more than one Representative, such compensation shall be divided among the Representatives in such proportions as they may determine.

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • 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.

  • Equity Incentive Compensation Upon the Closing, each incentive award in respect of the common stock of Seller Parent (a “Seller Parent Equity Award”) held by a Transferred Employee shall become vested or eligible to vest (subject to the satisfaction of any applicable performance goals) in a prorated amount, determined based on the number of days in the applicable vesting period elapsed as of the Closing Date. Effective as of the Closing, Purchaser or its Affiliates shall grant to each Transferred Employee an equity- or cash-based incentive award (a “Make-Whole Award”) with a grant date fair value that is no less favorable than the value of the portion of the Seller Parent Equity Awards forfeited by the Transferred Employee in connection with the Closing (which forfeited amount shall be disclosed to Purchaser Parent no later than five (5) Business Days prior to the Closing), which Make-Whole Award shall have terms and conditions that are no less favorable than the terms and conditions (including vesting schedule and accelerated vesting terms) that were applicable to the corresponding Seller Parent Equity Award. In the event that the post-Closing transfer of a Delayed Transfer Employee results in a larger portion of the Seller Parent Equity Awards held by such Delayed Transfer Employee becoming vested upon such Delayed Transfer Employee’s transfer of employment than if the employment of such Delayed Transfer Employee had transferred upon the Closing, then the incremental cost of such additional vesting (which cost shall be measured based on the taxable income the Delayed Transfer Employee either realized or would have realized had such awards been settled or exercised upon such Delayed Transfer Employee’s transfer of employment to Purchaser or its Subsidiaries) shall be considered Purchaser Assumed Employee Liabilities.

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