Profit-Sharing Commission Sample Clauses

Profit-Sharing Commission. If the loss ratio of the Reinsured Contracts subject to this Retrocession Agreement for the 2002 accident year, net of any Reinsurance Recoverables under the Third Party Retrocession Contracts, is less than forty-five percent (45%) for the relevant period in the 2002 accident year measured after the Effective Date, the Retrocessionaire shall make a one-time payment to the Retrocedent on or before April 1, 2003, of an amount equal to fifty percent (50%) of the underwriting profits generated by the difference between the ultimate net loss ratio and a net loss ratio of forty-five percent (45%) multiplied by the net premiums earned by the Retrocessionaire on such Reinsured Contracts for the 2002 accident year ("Profit-Sharing Commission").
Sample 1Sample 2
AutoNDA by SimpleDocs
Profit-Sharing Commission. A. Following the close of the year, the Company shall compute Agent Profit or Loss for that year and report to the Agent. If there is an Agent Profit, the Profit- Sharing Commission is determined by applying (as a percentage) the Profit-Sharing Factor from the Table in Section D to the Agent Profit. The Profit-Sharing Factor is determined from three elements: (1) The Agent Annual Written Premium; (2) the Agent Annual Growth Rate; and (3) the Agent Percentage of Profit. The Profit-Sharing Factor is the percentage shown in the appropriate column of the Table corresponding to the Agent Percentage of Profit on the line corresponding to the Agent Annual Growth Rate as shown in the appropriate column for the Agent Annual Written Premium. If an Agent Loss existed in the prior year and (1) such Agent Loss is less than 50% for the Initial Profit-Sharing Figure, the prior year Agent Loss shall be subtracted from the Initial Profit-Sharing Figure and the resulting amount is the Profit-Sharing Commission, or (2) such Agent Loss is 50% or more of the Initial Profit-Sharing Figure, the Profit-Sharing Commission shall be 50% of the Initial Profit-Sharing Figure.
Sample 1
Profit-Sharing Commission. In addition to the Provisional Commission, the Company shall pay the General Agent a commission ("Profit Sharing Commission") equal to one hundred percent(100%) percent of the profit sharing remittance, if any, which would be due the Company from its reinsurers if the Company had reinsured 100% of the insured risk under the Policies under a quota share reinsurance agreement having the same terms and conditions (except for the Company's risk retention) as the actual quota share reinsurance agreement ("Quota Share Treaty") reinsuring the insured risk under the Policies. The General Agent will receive profit sharing commission with respect to 100% of Net Written Premium. The Company shall remit any Profit Sharing Commission to the General Agent within thirty (30) days after the Company's actual receipt of its profit sharing remittance from its reinsurers pursuant to the terms of the Quota Share Treaty. If the Company determines that (i) the Profit Sharing Commission it paid to the General Agent exceeded the actual amount of Profit Sharing Commission to which the General Agent was entitled, the General Agent shall pay the excess amount to the Company within five (5) business days after demand. If the ceding commission under the Quota Share Treaty is modified after the date here of the General Agency shall continue to receive one hundred percent (100%) of the modified ceding commission, as modified above.
Sample 1
Profit-Sharing Commission. The Retrocessionaire shall pay a profit sharing commission, subject to full and final commutation as provided in this Agreement, equal to the Experience Account balance, if the balance of such account is positive. The Experience Account shall be calculated as follows: INCOME 1. Total reinsurance premium 2. Plus cumulative interest credit 3. Plus reinsurance premium adjustment
Sample 1
Profit-Sharing Commission. A. Following the close of the year, the Company shall compute Agent Profit or Loss for that year and report to the Agent. If there is an Agent Profit, the Profit-Sharing Commission is determined by applying (as a percentage) the Profit-Sharing Factor from the Table in Section D to the Agent Profit. The Profit- Sharing Factor is determined from three elements: (1) The Agent Annual Written Premium; (2) the Agent Annual Growth Rate; and (3) the Agent Percentage of Profit.
Sample 1

Related to Profit-Sharing Commission

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • Employer Profit Sharing Contributions An Employee will be eligible to become a Participant in the Plan for purposes of receiving an allocation of any Employer Profit Sharing Contribution made pursuant to Section 10 of the Adoption Agreement after completing ________ (enter 0, 1, 2 or any fraction less than 2)

  • Profit Sharing 10.1 The Publisher shall pay the Developer the following share of profits as follows:

  • Pension and Profit Sharing Plans Executive shall be entitled to participate in any pension or profit sharing plan or other type of plan adopted by Company for the benefit of its officers and/or regular employees.

  • Compensation/Benefit Programs During the Term of Employment, the Executive shall be entitled to participate in all medical, dental, hospitalization, accidental death and dismemberment, disability, travel and life insurance plans, and any and all other plans as are presently and hereinafter offered by the Company to its executive personnel, including savings, pension, profit-sharing and deferred compensation plans, subject to the general eligibility and participation provisions set forth in such plans.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Pension You are eligible to join the Company’s group personal pension scheme. Membership of and benefits under the scheme are strictly subject to the rules of the scheme as amended from time to time. The Company expressly reserves the right in its discretion to amend or terminate the pension scheme. The Company shall contribute to the Company’s pension scheme an amount equal to 10% of your Salary provided that you contribute 4% or more to that scheme, subject to the annual allowance set by HM Revenue & Customs from time to time not being exceeded. In the event that you exceed the annual allowance set by HM Revenue & Customs in any fiscal year or maximum lifetime allowance, the Company may, at your request, pay a pro-rata amount equal to 10% of your basic salary in lieu of a pension contribution to you as an allowance, subject to deduction of income tax and national insurance contributions, you certifying and, at the request of the Company, providing evidence satisfactory to the Company that you have exceeded such annual allowance for the applicable fiscal year or the maximum lifetime allowance and, if necessary, you opting out of auto enrolment. Any pension contribution or allowance shall be paid in equal monthly instalments in arrears.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • Savings Plans Employee shall be entitled to participate in Employer’s 401(k) plan, or other retirement or savings plans as are made available to Employer’s other executives and officers and on the same terms which are available to Employer’s other executives and officers.

  • Incentive Compensation Plans The occurrence of any of the following: (i) a material reduction by the Corporation in the Executive’s (A) annual incentive compensation target or maximum opportunity, or (B) long-term incentive compensation target or maximum opportunity (measured based on grant date fair value of any equity-based awards), in each case, as in effect immediately prior to the Change in Control, or (ii) a change in the performance conditions, vesting, or other material terms and conditions applicable to annual and/or long-term incentive compensation awards granted to Executive after the Change in Control which would have the effect of materially reducing the Executive’s aggregate potential incentive compensation from the level in effect immediately prior to the Change in Control; or

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!