Salary Benefit Sample Clauses

Salary Benefit. An amount, payable at the times and in the manner set forth in Section 6.3 below, equal to one (1) times Executive’s Annual Salary under this Employment Agreement as in effect as of the date of such Section 6 Termination.
Sample 1Sample 2See All (6)
Salary Benefit. An eligible teacher who submits a timely letter of resignation (prior to March 1st) will be paid a salary increase in each of his/her last year(s) of service not to exceed five percent (5%) of the amount the previous year’s TRS creditable earnings. TRS creditable earnings is defined as all compensation paid to the teacher, including payment of extracurricular activities and stipends for a maximum of four (4) years prior to retirement if the teacher performs the identical extracurricular duties and stipend duties for each of the years. In the event the teacher does not perform identical duties, the pay increase will be limited to the previous year’s placement on the salary schedule up to 5% maximum. No new stipends, overloads or extra class periods (subbing) will be assigned to a teacher that would put them over the 6% from previous fiscal year’s earnings. Should the teacher revoke the retirement, and the Board of Education approves, the teacher will be responsible in reimbursing the district for all additional funds paid above the salary schedule that was part of the retirement program. The repayment would be done in a salary reduction in the next fiscal year of all funds that were paid as part of the retirement program, plus the teacher will be placed back on the salary schedule that they would have been placed on if they did not participate in the retirement program. Moreover, the teacher shall no longer be eligible to participate in the Retirement Program under this Section and will be subject to salary reduction for any fines, fees, taxes or penalties incurred by the District as a result of revoking the retirement.
Sample 1Sample 2Sample 3
Salary Benefit. An eligible teacher who submits a timely letter of resignation (prior to March 1st) will be paid a salary increase in each of his/her last year(s) of service not to exceed five percent (5%) of the amount the previous year’s TRS creditable earnings. TRS creditable earnings is defined as all compensation paid to the teacher, including payment of extracurricular activities and stipends for a maximum of four (4) years prior to retirement if the teacher performs the identical extracurricular duties and stipend duties for each of the years. In the event the teacher does not perform identical duties, the pay increase will be limited to the previous year’s placement on the salary schedule up to 5% maximum. The district will be responsible for applying for exemptions under Public Law 94-1057. Therefore, exemptions identified in Public Law 94-1057 will not affect the calculation of the 5% salary benefit. Should the teacher revoke the retirement prior to the District hiring a replacement the teacher’s compensation shall be based on the salary schedule beginning with the school year immediately following revocation. In addition, the teacher shall receive a salary reduction equal to each year of participation in the retirement program. Moreover, the teacher shall no longer be eligible to participate in the Retirement Program under this Section and will be subject to salary reduction for any fines, fees, taxes or penalties incurred by the District as a result of revoking the retirement.
Sample 1Sample 2
Salary Benefit. The Company shall pay to Executive an amount equal to five (5) times the Base Salary in effect on the Date of Termination, such payment to be made as follows: (1) in a lump-sum payment within ninety (90) days of the Date of Termination in the event of a termination upon death; (2) in a lump-sum payment within thirty (30) days of the Date of Termination in the event of a termination without cause; and (3) in equal monthly installments commencing within thirty (30) days of the Date of Termination and continuing for the Term in the event of a termination upon disability; provided, however, that if Executive's death occurs during a period of disability, the remaining unpaid monthly installments shall be payable in a lump-sum within ninety (90) days of Executive's death.
Sample 1
Salary Benefit. The Company shall pay to Executive (or to the Executive's spouse or the Executive's estate in the event the Executive should die without a spouse) in a lump sum not later than 3o days after the effective date of the notice of termination for any reason other than the death, termination with cause or disability of the Executive an amount equal to 500 percent (500%) of the annual base salary of the Executive, determined according to Section 5(a) of this Agreement, that was in effect as of the effective date of the termination of the Executive's employment hereunder, plus the value of all of the Executive's accrued and unused vacation leave.
Sample 1

Related to Salary Benefit

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Retirement Benefit (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder. (ii) From time to time, the Company shall make such contributions to the trust established under the Trust Agreement dated as of December 18, 1986 (the "1986 Trust") between the Company, as grantor, and Wixxxxx X. Xxxxxxxx, as successor trustee, to provide a sufficient reserve for the discharge of its obligation to pay the retirement benefit to the Executive as provided in clause (i) of this Section 3(c) and clauses (ii) and (iii) of Section 5(a) hereof.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Basic Salary For all your services rendered under this Agreement, UO shall pay you a salary at an annual rate of no less than $450,000, or at such higher salary as may be determined by your performance review and the Executive Vice President, Human Resources, Legal & Business Affairs, UPR. Such higher salary shall subsequently be deemed the annual rate, commencing on such date as the Executive Vice President, Human Resources, Legal & Business Affairs, UPR may determine, for purposes of this Agreement.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • Salary and Bonus Awards of stock, stock options, and stock appreciation rights. Use the dollar amount recognized for financial statement reporting purposes with respect to the fiscal year in accordance with the Statement of Financial Accounting Standards No. 123 (Revised 2004) (FAS 123R), Shared Based Payments.