Payment Formula. The number of MSUs that may vest (the “Earned Percentage”) shall be determined after the end of the Performance Period in accordance with this Section, except as otherwise provided in Section 1.5 and Section 1.6.
(a) No MSUs will vest if the End of Performance Period Stock Price is less than 50% of the Grant Date Stock Price.
(b) No MSUs will vest if the Average Return on Invested Capital during the Performance Period is less than 14%.
(c) If the End of Performance Period Stock Price equals or exceeds 50% of the Grant Date Stock Price and the Average Return on Invested Capital during the Performance Period equals or exceeds 14%, the number of MSUs that may vest shall be calculated as follows: MSUs granted × (End of Performance Period Stock Price Grant Date Stock Price) In no event shall the number of shares of Common Stock delivered to Participant upon vesting of MSUs be more than 200% of the MSUs granted.
Payment Formula a) During the term of the Plan, a participating Member will be paid grid salary and allowances as follows: Salary and Allowances Paid During: Three Years 66.667% 33.333% + interest* Four Years 75.0% 25.0% + interest* Five Years 80.0% 20.0% + interest* Six Years 83.333% 16.667% + interest* * Note: Interest will be earned on the portion withheld and will be paid annually.
b) During the leave year, the deposits made in L16.08.6 a) above, plus any additional interest earned, shall be paid to the Bargaining Unit Member.
c) The Leave of Absence shall be taken in the last year of the term selected, subject to L16.08.5 g) and L16.08.5 h).
Payment Formula. The number of PSUs that may vest (the “Earned Percentage”) shall be determined after the end of the Performance Period in accordance with this Section, except as otherwise provided in Section 1.5 and Section 1.6. The Earned Percentage is the “EBITDA Percentage,” multiplied by the “Relative TSR Factor” multiplied by the PSUs granted pursuant to Section 1.1. Notwithstanding the result of the foregoing calculation, the Earned Percentage shall not exceed 200.0%. The EBITDA Percentage is based on achievement of the Performance Criteria with respect to EBITDA Annual Growth as determined as set forth below.
Payment Formula. 1. During the non-leave portions of the individual scheme (the X years) the participating Teacher shall be paid his/her normal grid salary and allowance less the amount set out in the individual scheme by which the participating Teacher’s normal grid salary and allowances are to be reduced.
2. During the non-leave portions of the individual scheme which precede the leave, this amount shall be deducted from each monthly payment of salary according to the salary payment schedule in the Collective Agreement, and shall be invested in an individual Deferred Salary Leave account established by the Board for the Teacher in the Board’s financial institution at the negotiated bank rate for credit interest paid. The investment will be left to accumulate for the Teacher’s use during the leave portion of the scheme. These funds shall not be withdrawn until commencement of leave year or withdrawal from the Plan. Any interest earned by the Deferred Salary Leave account during each calendar year will be paid to the Teacher and included on a T4 or T4A for the taxation year that it is earned.
3. During the leave portion of the individual scheme, the balance of the Deferred Salary Leave account, including interest earned, will be paid to the Teacher in a manner mutually agreed upon by the Board and the Teacher.
Payment Formula. (a) In each year of the plan, preceding the year of the leave, the employee will be paid a reduced percentage of applicable annual salary.
(b) The percentage of the gross annual salary will be deducted in bi-weekly installments commencing with the first pay cheque of the month specified by the employee and will continue to be deducted for a period not to exceed sixty (60) months.
(c) All deferred salaries will be held in trust in an interest-bearing account. The interest earned will accrue to the benefit of the participant.
(d) For the duration of the leave, the amount accumulated in the previous years will be paid to the employee in equal bi-weekly installments. The residual amount will continue to earn interest; any adjustment of accumulation will be paid on the final installment.
Payment Formula a) In each year of the Plan preceding the period of leave a teacher will be paid a reduced percentage of salary. This shall be a fixed percentage for the duration of the Plan. The remaining percentage which shall not exceed 33.3% of the teacher's salary will be deferred and shall be retained by the Board to finance the period of leave. While participating in the DSL Plan the amount of salary deferred by a teacher under the DSL Plan cannot exceed 33.3% in any calendar year.
b) The Board shall deposit the retained percentage of the teacher's annual salary in an interest bearing account in the name of the teacher.
c) Deposits shall be made on or before the last banking day of the month for which the salary cheque has been issued. As soon as there are sufficient funds on deposit, the Bank shall be instructed to convert the funds into a thirty (30) day renewable term deposit at the highest rate of interest available and according to standard banking practice.
d) On December 31st of each year of the Plan the Board shall pay any interest earned in that year on the deferred salary to the teacher subject to the usual withholdings and remittances. The income earned on the deferred amounts is income from employment and will be reported on a T4.
e) While a teacher is participating in the deferral period any benefits tied to salary level shall be based on the salary the teacher would have received had the teacher not been participating in the Plan.
f) During the teacher's leave of absence the Board shall continue to pay its share of the premium costs for any benefits which the teacher elects to maintain provided the teacher's share of applicable premium costs are paid to the Board by means of salary deduction.
g) During the teacher's leave of absence the teacher shall be paid in monthly installments commencing one month after the start of the leave of absence and being approximately equal to one-twelfth of the monies held by the Board for the teacher.
Payment Formula a) In each year of the plan preceding the year of the leave, a teacher shall be paid a reduced percentage of his/her proper grid salary and the applicable allowances. The remaining percentage of annual salary and allowance which shall not exceed 33.3% shall be deferred and this accumulated amount shall be retained for the teacher by the Board to finance the year of leave.
b) The deferred salary shall be deposited in an individual trust account to be administered by the Board in consultation with the teacher. This trust account shall be established in a certified Canadian Bank regularly used by the Board and will be restricted to savings accounts and/or term deposits.
c) Deposits shall be made on end of month pay dates as defined in Clause 5.06 for total monthly pay.
d) The Board shall be entitled to withdraw annually four per cent (4%) of the interest earned on money deposited in that year, in nominal recognition of administrative expenses.
e) On December 31st of each year of the Plan, the Board shall pay any net interest earned in that year on the deferred salary to the teacher. The net income earned on the deferred amounts is income from employment and will be reported on a T4.
f) While a teacher is enrolled in the plan and not on leave, any benefits tied to salary level shall be structured according to the salary, the teacher would have received had she/he not been enrolled in the plan.
Payment Formula. During the term of the plan, a participating Member will be paid grid salary and allowances as follows: Xxxxxx and Allowances Paid During
Payment Formula. The number of PSUs that may vest (the “Earned Percentage”) shall be determined after the end of the Performance Period in accordance with this Section, except as otherwise provided in Section 1.5 and Section 1.6. The Earned Percentage is the “EBITDA Percentage,” multiplied by the “Relative TSR Factor” multiplied by the PSUs granted pursuant to Section 1.1. The EBITDA Percentage is based on achievement of the Performance Criteria with respect to Three-Year Cumulative EBITDA from Continuing Operations as determined under the following table: EBITDA Percentage 0.0% 100.0% 200.0% For Three-Year Cumulative EBITDA from Continuing Operations below Threshold Performance, the EBITDA Percentage shall be zero percent (0%). For Three-Year Cumulative EBITDA from Continuing Operations between Threshold and Target, the EBITDA Percentage shall be interpolated between zero percent (0%) and one hundred percent (100%). For levels of Three-Year Cumulative EBITDA from Continuing Operations between Target and Maximum, the EBITDA Percentage shall be interpolated between one hundred percent (100%) and two hundred percent (200%). For Three-Year Cumulative EBITDA from Continuing Operations in excess of Maximum, the EBITDA Percentage shall be two hundred percent (200%). The Relative TSR Factor will be 75% if Relative TSR is at or below the 20th percentile. The Relative TSR Factor will be 125% if the Relative TSR is at or above the 80th percentile. Relative TSR between the 20th and 80th percentiles results in a Relative TSR Factor between 75% and 125%, based on straight line interpolation between the 20th and 80th percentiles.
Payment Formula. The number of PSUs that may vest (the “Earned Percentage”) shall be determined after the end of the Performance Period in accordance with this Section, except as otherwise provided in Section 1.5 and Section 1.6. The Earned Percentage is the “EBITDA Percentage,” multiplied by the “Relative TSR Factor” multiplied by the PSUs granted pursuant to Section 1.1. Notwithstanding the result of the foregoing calculation, the Earned Percentage shall not exceed 200.0%. The EBITDA Percentage is based on achievement of the Performance Criteria with respect to Three-Year Cumulative EBITDA from Continuing Operations, as determined under the following table: EBITDA Percentage 50.0% 100.0% 200.0% Three-Year Cumulative EBITDA from Continuing Operations ($ millions) [$XXXX] [$XXXX] [$XXXX] For Three-Year Cumulative EBITDA from Continuing Operations below Threshold Performance, the EBITDA Percentage shall be zero percent (0%). For Three-Year Cumulative EBITDA from Continuing Operations in excess of Maximum Performance, the EBITDA Percentage shall be two hundred percent (200%). For Three-Year Cumulative EBITDA from Continuing Operations between any two successive points illustrated in the table above, the EBITDA Percentage shall be interpolated on a straight-line basis. The EBITDA Percentage shall be determined and certified by the Committee after the end of the Performance Period, but prior to payment to Participant. The “Relative TSR Factor” will be 75% if Relative TSR is at or below the 20th percentile. The Relative TSR Factor will be 125% if the Relative TSR is at or above the 80th percentile. Relative TSR between the 20th and 80th percentiles results in a Relative TSR Factor between 75% and 125%, based on straight line interpolation between the 20th and 80th percentiles.
