PERFORMANCE BONUS PROGRAM. A. The parties agree that Engineers represented by the Brotherhood of Locomotive Engineers and Trainmen (BLET) will be eligible for a bonus payment under the Performance Bonus Program (PBP) established in this Agreement for the periods and on the basis set forth below: 1. Effective January 1, 2007 and payable in 2008, locomotive Engineers will be eligible for a bonus up to a maximum of six percent (6%) of their locomotive Engineer earnings in 2007, calculated in accordance with paragraph B below. 2. Effective January 1, 2008 and payable in 2009, locomotive Engineers will be eligible for a bonus up to a maximum of eight percent (8%) of their locomotive Engineer earnings in 2008, calculated in accordance with paragraph B below. 3. Effective January 1, 2009 and payable in 2010, locomotive Engineers will be eligible for a bonus up to a maximum of ten percent (10%) of their locomotive Engineer earnings in 2009, calculated in accordance with paragraph B below. 4. If the BLET does not exercise its right to cancel participation in the Bonus Program under paragraph F below, all locomotive Engineers will be eligible, effective January 1, 2010 and annually thereafter, for a bonus of twelve percent (12%) in 2010 and increasing to fifteen percent (15%) at the end of the next contract of their locomotive Engineer earnings in that year, payable in the following year, calculated in accordance with paragraph B below, except that locomotive Engineers who achieve a BLET seniority date on or after January 1, 2010 will be eligible in 2010 for this bonus up to a maximum of ten percent (10%) of their locomotive Engineer earnings in 2010, calculated in accordance with paragraph B below, with a one percent (1%) increase in that level each subsequent year until they reach a maximum level negotiated for locomotive Engineers. Locomotive Engineers who achieve a BLET seniority date by December 31 of a year after 2010 will also be eligible for a bonus up to a maximum of ten percent (10%) of their locomotive earnings in that year, calculated in accordance with paragraph B below, with a one percent (1%) increase in that level each subsequent year until they reach a maximum level of fifteen percent (15%). As indicated in paragraphs A (1) - (3) above, a locomotive Engineer will not be eligible for a bonus for any year in which the locomotive engineer has not achieved a BLET seniority date by December 31 of that year. B. 1. Locomotive Engineers covered by this Agreement who are eligible to receive a bonus for a year specified in paragraph A above, payable in the following year, will receive this bonus payment only if an annual bonus is paid under CSXT’s Management Incentive Compensation Program (MICP) for that year. For such years, the amount payable to a locomotive Engineer under paragraph A above will be calculated by multiplying the employee’s locomotive Engineer earnings in that calendar year (as defined herein by the appropriate percentage in paragraph A above and then by the percentage of the bonus payout to the second decimal place), up to a maximum of one hundred percent (100%), paid under the MICP for that year. The “percentage of the bonus payout”, up to a maximum of one hundred percent (100%), paid under the MICP” for any given year is hereinafter referred to as the Performance Bonus Payment, hereinafter “PBP.” Example 1: If the PBP is 100% for MICP payments made for calendar year 2007 (payable in 2008), and the locomotive Engineer earnings in his craft in 2007 are $70,000, the following calculation applies: .06 x $70,000 x 100% = $4,200 (payable in 2008) Example 2: If the PBP is 96.78% for MICP payments made for calendar year 2008 (payable in 2009), and the locomotive Engineer earnings in his craft in 2008 are $70,000, the following calculation applies: .08 x $70,000 x 96.78 % = $5,419.68 (payable in 2009).
Appears in 3 contracts
Samples: System Agreement, System Agreement, System Agreement
PERFORMANCE BONUS PROGRAM. A. The parties agree that Engineers represented by the Brotherhood of Locomotive Engineers and Trainmen (BLET) will be eligible for a bonus payment under the Performance Bonus Program (PBP) established in this Agreement for the periods and on the basis set forth below:
1. Effective January 1, 2007 2015 and payable in 20082016, locomotive Engineers will be eligible for a bonus up to a maximum of six twelve percent (612%) of their locomotive Engineer earnings in 20072015, calculated in accordance with paragraph B below.;
2. Effective January 1, 2008 2016 and payable in 20092017, locomotive Engineers will be eligible for a bonus up to a maximum of eight twelve percent (812%) of their locomotive Engineer earnings in 20082016, calculated in accordance with paragraph B below.;
3. Effective January 1, 2009 2017 and payable in 20102018, locomotive Engineers will be eligible for a bonus up to a maximum of ten twelve percent (1012%) of their locomotive Engineer earnings in 20092017, calculated in accordance with paragraph B below.;
4. If the BLET does not exercise its right to cancel participation Effective January 1, 2018 and payable in the Bonus Program under paragraph F below2019, all locomotive Engineers will be eligible, effective January 1, 2010 and annually thereafter, for a bonus of twelve percent (12%) in 2010 and increasing to fifteen percent (15%) at the end of the next contract of their locomotive Engineer earnings in that year, payable in the following year, calculated in accordance with paragraph B below, except that locomotive Engineers who achieve a BLET seniority date on or after January 1, 2010 will be eligible in 2010 for this bonus up to a maximum of ten percent (10%) of their locomotive Engineer earnings in 2010, calculated in accordance with paragraph B below, with a one percent (1%) increase in that level each subsequent year until they reach a maximum level negotiated for locomotive Engineers. Locomotive Engineers who achieve a BLET seniority date by December 31 of a year after 2010 will also be eligible for a bonus up to a maximum of ten twelve percent (1012%) of their locomotive Engineer earnings in that year2018, calculated in accordance with paragraph B below;
5. Effective January 1, with 2019 and payable in 2020, locomotive Engineers will be eligible for a one bonus up to a maximum of twelve percent (112%) increase of their locomotive Engineer earnings in that level each subsequent year until they reach a maximum level of fifteen percent (15%). 2019, calculated in accordance with paragraph B below; As indicated in paragraphs A (1) - (35) above, a locomotive Engineer will not be eligible for a bonus for any year in which the locomotive engineer Engineer has not achieved a BLET seniority date by December 31 31st of that year.
B. 1. Locomotive Engineers covered by this Agreement who are eligible to receive a bonus for a year specified in paragraph A above, payable in the following year, will receive this bonus payment only if an annual bonus is paid under CSXT’s 's Management Incentive Compensation Program (MICP) for that year. For such years, the amount payable to a locomotive Engineer under paragraph A above will be calculated by multiplying the employee’s 's locomotive Engineer earnings in that calendar year (as defined herein by the appropriate percentage in paragraph A above and then by the percentage of the bonus payout to the second decimal place), up to a maximum of one hundred percent (100%), paid under the MICP for that year. The “"percentage of the bonus payout”", up to a maximum of one hundred percent (100I00%), paid under the MICP” MICP for any given year is hereinafter referred to as the Performance Bonus Payment, hereinafter “"PBP.”"
Example 1: If the PBP is 100% for MICP payments made for calendar year 2007 2015 (payable in 20082016), and the locomotive Engineer earnings in his craft in 2007 2015 are $70,000, the following calculation applies: .06 .12 x $70,000 x 100% = $4,200 8,400.00 (payable in 20082016) Example 2: If the PBP is 96.78% for MICP payments made for calendar year 2008 2015 (payable in 20092016), and the locomotive Engineer earnings in his craft in 2008 2015 are $70,000, the following calculation applies: .08 .12 x $70,000 x 96.78 96.78% = $5,419.68 8,129.52 (payable in 20092016)
2. For the purposes of this Article, BLET earnings consist of all payments made by agreement between CSXT and BLET during the applicable calendar year. The following payments shall be excluded from BLET earnings:
(i) Bonus payments.
(ii) Expense reimbursements and allowances, including, but not limited to those required by any protective conditions.
(iii) Any payment, other than for back pay, made pursuant to a jury verdict, court order, settlement, or other resolution of a legal dispute.
(iv) Earnings from another craft.
3. Employees may make an irrevocable election prior to the beginning of the calendar year in which the bonus will be paid to defer all or a portion of their bonus into the CSX Corporation Capital Builder Plan, or BLET Merrill Xxxxx Program, up to the limits of and in accordance with the provisions of the respective Plan.
C. CSXT will advise the BLET of the PBP for each calendar year for which the Company pays a bonus under the MICP. The determination of the percentage of bonus payment under the MICP, including but not limited to the methodology employed and the determination of any data utilized in the calculation of the percentage of bonus payment under the MICP, shall be at management's sole discretion, and shall not be a subject for review, negotiation or dispute. Bonus payments payable under this Bonus Program will be made no later than March 1 of the year in which the payment is due.
D. Bonus payments shall be included in vacation calculation payments.
E. Any provision of Article 6 of CSXT Labor Agreement No. 1-023-07 not brought forward into this Article III is eliminated, i.e., Subpart Article 6 A. 4. Nothing in this Article will eliminate the payment of the bonus provided in Article III A5 of CSXT Labor Agreement 1- 030-09 earned in 2014 and payable in 2015.
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Samples: System Agreement