Retention and Performance Bonus. After seven continuous years of employment with Rex, the Cadet is eligible to be considered for a Retention and Performance Bonus (RPB). The RPB is conditional on the recommendation of the Rex Nomination and Remuneration Board Committee (NRC) based on the following criteria: − 7 years of continuous service after Phase 3; − exemplary and loyal service; − no disciplinary matters on file; − any other criteria that the Committee chooses to rely on. The amount of the RPB is left to the discretion of the NRC but is capped at the full amount of the Scholarship Loan owing (including all the compounded interests) at the time when the RPB is decided. The Cadet can choose to have the RPB disbursed immediately or over a period of up to 5 years for the repayment of the Scholarship Loan. Should the RPB be disbursed over several years, the amount of RPB will be revised to take into account the additional interest rates payable due to the deferment of repayment of the Scholarship Loan.
Retention and Performance Bonus. On the first pay date following the first full pay period after November 1, 2015 and on the first pay date following the first full pay period of each November thereafter, Employees who are employed on the contract at the time the bonus payment is to be made will receive the following bonus payments: Effective Date Full Time Employees with more than 24 Months of Service on the Contract at time of Bonus Payment Full Time Employees with less than 24 Months of Service on the Contract at time of Bonus Payment 11/1/2015 $1,750.00 $500.00 11/1/2016 $1,750.00 $500.00 11/1/2017 $1,750.00 $500.00 Part Time Employees will receive 1/2 of Full Time Employee amount or prorated portion based on number of hours worked, whichever is greater. The performance measurements for each bonus payment will be negotiated between the Union and the Company and memorialized in a memorandum of agreement. The following provisions will be in effect:
A. Any employee beginning their employment after November 1 each year will receive a prorated bonus amount based on the number of months worked during the period. For example, an employee starting on January 1 will be considered to have worked ten twelfths (10/12) of the eligible period and be paid 10/12ths of the eligible payment based on their full or part time status.
B. Any part time employee employed during the entire twelve (12) month period will receive half of the full time bonus amount or a prorated amount based on the number of hours worked, whichever is greater.
Retention and Performance Bonus. After seven continuous years of employment with Rex, the Cadet is eligible to be considered for a Retention and Performance Bonus (RPB). The RPB is conditional on the recommendation of the Rex Nomination and Remuneration Board Committee based on the following criteria: - 7 years of continuous service after Phase 3 - exemplary and loyal service - no significant disciplinary issues - any other criteria that the Committee chooses to rely on The maximum amount of the RPB is the full amount of the Scholarship Loan owing (including all the compounded interests) at the time the eligibility to the RPB is reached. The Cadet can choose to have the RPB paid out over one or several years up to a maximum of 5 years. Where payment over several years is opted, the Retention Bonus will be revised to be equal to the new amounts of the Scholarship Loan taking into account the additional interest rates payable on the Scholarship Loan.
Retention and Performance Bonus. (40% at Target). In order to encourage and reward retention and longevity, beginning with the fiscal year ending January 3, 2020, Executive will be eligible to receive a bonus (the “Bonus”). To earn and receive the Bonus, Executive must be employed on the date of payment of the Bonus to executives, which will be between January 1 to March 15 in the following calendar year. If Executive remains employed with the Company through the payment date, the Bonus will be calculated based on three target levels: minimum, target and maximum as set forth Section 3(c)(1)-(iii). The bonus for Executive at each level will be comprised of (i) an objective component based on the achievement of Company EBITDA targets (the “Company EBITDA Bonus”) and (ii) a discretionary component based on the achievement of individual performance objectives (the “Individual Performance Rating Criteria”) established by the Chief Executive Officer (the “Rating Bonus”). The term “Executive’s Base Salary” means Executive’s actual Base Salary, exclusive of any other compensation received by Executive regardless of form, in effect as of the date the Bonus is calculated. The term “EBITDA” means the earnings before interest, taxes, depreciation and amortization of the Company on a consolidated basis, calculated in accordance with generally accepted accounting principles utilized in determining the Target EBITDA (as defined below) and applied on a consistent basis. Furthermore, non-operating income, currency translation impact, gains and losses attributable to the disposal of Company and/or its Subsidiaries’ assets, and stock compensation expenses shall be excluded from the calculation of EBITDA in accordance with generally accepted accounting principles. Additionally, from time to time the Compensation Committee, in its sole discretion, may elect to exclude other non-recurring expenses from the calculation of EBITDA. All determinations of EBITDA shall be derived from the Company’s annual audited financial statements and determined by the Compensation Committee, whose determination shall be conclusive and final. Each Bonus under this Section 3(c) shall be paid in cash, in a lump sum, within the same calendar year in which the Company receives its audited financials for such fiscal year.
