Retirement Incentive 1. For a Bargaining Unit Member to qualify for this program, he/she must be a full time (30 or more hours per week) employee in the Hononegah Community High School District #207 for a period of not less than twenty (20) years prior to the date of retirement. Any Bargaining Unit Member for whom the district must pay any additional amount as a penalty to IMRF so that such an employee may benefit from the “IMRF” Early Retirement Incentive Program” will not be eligible to receive any payment as part of this retirement incentive program. No later than thirty (30) days prior to the intended date of retirement from the school district, the Bargaining Unit Member must submit a formal letter of retirement indicating his/her intent to retire from the public school systems of Illinois under the provisions of the Illinois Municipal Retirement Fund. Upon meeting the above eligibility requirements, any Bargaining Unit Member who qualifies for this Retirement Incentive Program shall be paid a monetary incentive calculated as follows: The total amount of the incentive shall be equal to Twenty-Five Percent (25%) of the base wages plus overtime for each of the “base years.” The base years shall be the most recent complete fiscal year worked by the Bargaining Unit Member prior to providing an irrevocable letter of retirement, as described below. [Example: Employee A provides an irrevocable letter of retirement on March 1, 2014. Employee A’s incentive shall be 25% of total base wages for the 2012-2013 fiscal year including overtime because the 2012-2013 fiscal is the latest complete year worked.] The incentive will be paid in increments described below, based upon the timing of the notice. If a Bargaining Unit Member gives 30-days’ notice of retirement, the Bargaining Unit Member may receive a post-retirement bonus of 25% of his salary of the latest complete year worked. This bonus will be paid 30 days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. A Bargaining Unit Member may provide notice up to four (4) years prior to retiring. If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final work year, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in the final year of employment and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post-retirement payment and not as creditable earnings. [Example: Employee B’s base wages for the base year were $20,000.00. The total incentive is $5,000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2015. During the 2014-2015 fiscal year, the employee receives a normal pay increase equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post- retirement payment of $4,200.00.] If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final two (2) work years, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in each of the final two (2) years of employment, and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post- retirement payment and not as creditable earnings. [Example: Employee B’s Base wages for the base year were $20,000.00. Her total incentive is $5,000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2016. During the 2014-2015 and 2015-2016 fiscal years, the employee receives normal pay increases equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2015-2016 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post-retirement payment of $3,400.00] If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final three (3) work years, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in each of the final three (3) years of employment, and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post- retirement payment and not as creditable earnings. [Example: Employee B’s base wages for the base year were $20,000.00. Her total incentive is $5,000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2017. During the 2014-2015, 2015-2016, and 2016- 2017 fiscal years, the employee receives normal pay increases equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2015-2016 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2016-2017 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post-retirement payment of $2,600.00.] If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final four (4) work years, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in each of the final four (4) years of employment, and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post- retirement payment and not as creditable earnings. [Example: Employee B’s base wages for the base year were $20,000.00. The total incentive is $5000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2018. During the 2014-2015, 2015-2016, 2016-2017 and 2017-2018 fiscal years, the employee receives normal pay increases equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2015-2016 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2016-2017 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2017-2018 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post-retirement payment of $1,800.00.]
Performance Incentive 4.9.1 If the Seller delivers Coal to the Purchaser in excess of ninety percent (90%) of the ACQ in a particular Year, the Purchaser shall pay the Seller an incentive (“Performance Incentive”/ “PI”), to be determined as follows: PI = P x Additional Deliveries x Multiplier Where: PI = The Performance Incentive payable by the Purchaser to the Seller P = The Base Price of Highest Grade, as shown in Schedule II Additional Deliveries = Quantity [in tonnes] of Coal delivered by the Seller in the relevant Year in excess of 90% of the ACQ. Multiplier shall be 0.15 for Additional Deliveries between 90%-95% of ACQ and 0.30 for Additional Deliveries in excess of 95% of ACQ.
4.9.2 With respect to part of a Year in which the term of this Agreement begins or ends, the relevant quantities in Clause 4.9.1, except the Multiplier, shall apply pro-rata.
4.9.3 Within thirty (30) days of expiry of a Year, the Seller shall submit an invoice to the Purchaser with respect to the Performance Incentive payable in terms of Clause 4.9.1 and the Purchaser shall pay the amount so due within thirty (30) days of the receipt of the invoice. In the event of non-payment of PI by the due date, the Seller shall have the right to suspend Coal supplies without absolving the Purchaser of its obligations under this Agreement.
Long-Term Incentive Compensation Subject to the Executive’s continued employment hereunder, the Executive shall be eligible to participate in any equity incentive plan for executives of the Firm as may be in effect from time to time, in accordance with the terms of any such plan.
Annual Incentive The Employee shall be entitled to receive a percentage of the Employee's Target Incentive for the calendar year in which such termination occurs. Such percentage shall equal a fraction, the numerator of which shall be the number of days in such calendar year up to and including the date of such termination and the denominator of which shall be the number of days in such calendar year. Such amount shall be payable according to the normal practice of the Company with respect to the payment of bonuses.
Sick Leave Incentive The City will institute a sick leave incentive based on the usage of the bargaining unit; further, the City will pay each person who qualifies during January of each year. The incentive will be calculated and monitored by the Personnel Department and will be based on the pay periods during a calendar year. The incentive shall be awarded only when the bargaining unit's average sick leave usage is less than the City average and the following conditions are met: When the bargaining unit's sick leave usage is greater than forty (40) hours but less than the City average, the City will pay each member using between zero (0) and sixteen (16) hours of sick leave, eight (8) hours pay and any member using more than sixteen (16) but equal to or less than twenty-four (24) hours, four (4) hours pay. When the bargaining unit's average sick leave usage is equal to or less than forty (40) hours, the City will pay each member who used between zero (0) and sixteen (16) hours, sixteen (16) hours of pay at their current hourly rate. Those members who used more than sixteen (16) but equal to or less than twenty-four (24) hours, will receive eight (8) hours of pay.
Equity Incentive Compensation Executive shall be eligible to receive annual equity awards based on the Company’s and Executive’s actual performance, as determined by the Board or the Compensation Committee. Each such equity award granted to Executive hereunder shall be subject to the terms and conditions of the incentive plan pursuant to which it is granted and such other terms and conditions as are established by the Board or Compensation Committee and set forth in an award agreement evidencing the grant of such equity award.
Long-Term Incentive Award During the Term, Executive shall be eligible to participate in the Company’s long-term incentive plan, on terms and conditions as determined by the Committee in its sole discretion taking into account Company and individual performance objectives.
Annual Incentive Compensation Executive shall be eligible to receive an annual bonus (“Annual Bonus”) with respect to each fiscal year ending during the Employment Period. The Annual Bonus shall be determined under the 2006 Omnibus Incentive Plan (the “Omnibus Plan”) or such other annual incentive plan maintained by the Company for similarly situated employees that the Company designates, in its sole discretion (any such plan, the “Bonus Plan”), in accordance with the terms of such plan as in effect from time to time. For each such fiscal year, Executive shall be eligible to earn a target Annual Bonus equal to seventy percent (70%) of Executive’s Base Salary for such fiscal year, if the Company achieves the target performance goals established by the Board for such fiscal year in accordance with the terms of the Bonus Plan. If the Company does not achieve the threshold performance goals established by the Board for a fiscal year, Executive shall not be entitled to receive an Annual Bonus for such fiscal year. If the Company exceeds the target performance goals established by the Board for a fiscal year, Executive may be entitled to earn an additional Annual Bonus for such year in accordance with the terms of the applicable Bonus Plan. The Annual Bonus for each year shall be payable at the same time as bonuses are paid to other senior executives of the Company in accordance with the terms of the applicable Bonus Plan, but in no event later than two and a half (21/2) months following the end of the applicable fiscal year in which such Annual Bonus was earned. Executive shall be entitled to receive any Annual Bonus that becomes payable in a lump-sum cash payment, or, at his election, (A) up to fifty percent (50%) of the Annual Bonus in the form of a grant of restricted stock units of Common Stock (as defined below) or (B) in any form that the Board generally makes available to the Company’s executive management team, provided that any such election is made by Executive in compliance with Section 409A of the Code and the regulations promulgated thereunder.
Management Incentive Plan “Management Incentive Plan” shall mean the Company’s bonus program, as implemented by the Company’s board of directors from time to time and pursuant to which the Executive may receive incentive-based compensation at fiscal year end.
Annual Incentive Awards The Executive shall participate in the Company's annual incentive compensation plan with a target annual incentive award opportunity of no less than 40% of Base Salary and a maximum annual incentive award opportunity of 80% of Base Salary. Payment of annual incentive awards shall be made at the same time that other senior-level executives receive their incentive awards.
