Sick Leave Annual Cash Out Each January, employees are eligible to receive cash on a one (1) hour for four (4) hours basis for ninety-six (96) hours or less of their accrued sick leave, if: A. Their sick leave balance at the end of the previous calendar year exceeds four hundred and eighty (480) hours; B. The converted sick leave hours do not reduce their previous calendar year sick leave balance below four hundred and eighty (480) hours; and C. They notify their payroll office by January 31st that they would like to convert their sick leave hours earned during the previous calendar year, minus any sick leave hours used during the previous year, to cash. All converted hours will be deducted from the employee’s sick leave balance.
Minimum Annual Rent Tenant agrees to pay to Landlord the Minimum Annual Rent in equal monthly installments in the amount set forth in Section 1(d) (as increased at the beginning of each lease year as set forth in Section 1(d)), in advance, on the first day of each calendar month during the Term, without notice, demand or setoff, at Landlord's address designated at the beginning of this lease unless Landlord designates otherwise; provided that rent for the first full month shall be paid at the signing of this lease. If the Commencement Date falls on a day other than the first day of a calendar month, the rent shall be apportioned pro rata on a per diem basis for the period from the Commencement Date until the first day of the following calendar month and shall be paid on or before the Commencement Date. As used in this lease, the term "LEASE YEAR" means the period from the Commencement Date through the succeeding 12 full calendar months (including for the first lease year any partial month from the Commencement Date until the first day of the first full calendar month) and each successive 12 month period thereafter during the Term.
Additional Training Should the introduction of new methods of operation create a need for the perfection or acquisition of skills requiring a training period longer than one (1) year, the additional training time shall be a subject for discussion between the Board and the Union.
Base Annual Salary “Base Annual Salary” means the greater of (1) the highest annual rate of base salary in effect for the Executive during the 12 month period immediately prior to a Change in Control or, (2) the annual rate of base salary in effect at the time Notice of Termination is given (or on the date employment is terminated if no Notice of Termination is required).
Average Annual Compensation The Executive's "Average Annual Compensation" for purposes of this Agreement shall be deemed to mean the average level of compensation paid to the Executive by the Employers or any subsidiary thereof during the most recent five taxable years preceding the Date of Termination, including Base Salary and benefits and bonuses under any employee benefit plans of the Employers.
Taking annual leave (a) Any employee may take paid annual leave if sufficient annual leave has been credited to that employee and the employer has authorised the leave being taken.
Minimum Annual Royalty Beginning in the calendar year after the first occurrence of SALEs, and in each succeeding calendar year thereafter, LICENSEE will pay to REGENTS a minimum annual royalty of [Written amount] U.S. Dollars ($ Number) for the life of this AGREEMENT. This minimum annual royalty will be paid to REGENTS by February 28 of each year and will be credited against the earned royalty due and owing for the calendar year in which the minimum payment is made.
Basic Annual Rent Commencing on the earlier of (i) sixty (60) days after the Commencement Date (which 60-day period is hereinafter referred to as the “Fit-Up Period”) or (ii) the date Tenant commences operating its business in the Building (such earlier date being herein the “Rent Commencement Date”), Tenant shall pay to Landlord during the Lease Term “Basic Annual Rent” payable in equal monthly installments as set forth below without any deductions, recoupments, or set-offs, and without demand, in advance on the first day of each and every calendar month in each lease year during the Lease Term; provided, however, that if the Lease Term shall commence on a day other than the first day of a month, Tenant shall pay on the Rent Commencement Date for the fractional part of a month at the beginning of the term, a prorated amount of one month’s rent. Notwithstanding the foregoing, in the event that Tenant occupies only a portion of the Building during the Fit-Up Period, then Tenant shall pay to Landlord, for the balance of the Fit-Up Period only, a percentage of the Basic Annual Rent and Additional Rent otherwise payable by Tenant during such period, which percentage shall be equal to the percentage of the Building occupied by Tenant during such period. In any event, upon the expiration of the Fit-Up Period, Tenant shall be obligated to commence payment of Basic Annual Rent and Additional Rent in their full amounts. Subject to adjustment pursuant to Sections 1(d) and 1(e) above and Rider No. 4 below, the Basic Annual Rent for each year of the original term shall be determined by multiplying the Rentable Area of Leased Premises, as hereinafter defined, by the following amounts: 1st lease year $11.50 2nd lease year $11.50 3rd lease year $11.50 4th lease year $12.34 5th lease year $12.34 6th lease year $12.34 7th lease year $13.25 8th lease year $13.25 9th lease year $13.25 10th lease year $13.25 The Basic Annual Rent shall be confirmed in the Lease Commencement Agreement.
Death of the Annuitant If the Annuitant is not an Owner and dies prior to the Annuity Date, Owner 1 will become the new Annuitant unless you designate otherwise. If any Owner is not an individual, we will treat the death of the Annuitant as the death of an Owner.
Term and Annual Renewal The term of this Agreement shall be from the date of its approval by the vote of a majority of the Board of each Issuer, and it shall continue in effect from year to year thereafter only so long as such continuance is specifically approved at least annually by the vote of a majority of its Board, and the vote of a majority of those members of the Board who are neither parties to the Agreement nor interested persons of any such party, cast at a meeting called for the purpose of voting on such approval. “Approved at least annually” shall mean approval occurring, with respect to the first continuance of the Agreement, during the 90 days prior to and including the date of its termination in the absence of such approval, and with respect to any subsequent continuance, during the 90 days prior to and including the first anniversary of the date upon which the most recent previous annual continuance of the Agreement became effective. The effective date of the Agreement with respect to each Fund is identified in the Schedule A of this Agreement.
