Special Bonus. In addition to the Annual Base Salary and Annual Bonus payable as hereinabove provided, if the Executive remains employed with the Company or its affiliated companies through the first anniversary of the Effective Date, the Company shall pay to the Executive a special bonus (the "Special Bonus") in recognition of the Executive's services during the crucial one-year transition period following the Change of Control in cash equal to the sum of (A) the Executive's Annual Base Salary and (B) the Highest Annual Bonus. The Special Bonus shall be paid no later than 30 days following the first anniversary of the Effective Date.
Special Bonus. In addition to Annual Base Salary and Annual Bonus payable as hereinabove provided, if the Executive remains employed with the Company and its affiliated companies through the first anniversary of the Effective Date, the Company shall pay to the Executive a special bonus (the "Special Bonus") in recognition of the Executive's services during the crucial one-year transition period following the Change of Control in cash equal to the sum of (A) the Executive's Annual Base Salary and (B) the greater of (1) the Annual Bonus paid or payable, including by reason of any deferral, to the Executive (and annualized for any fiscal year consisting of less than twelve full months or for which the Executive has been employed for less than twelve full months) for the most recently completed fiscal year during the Employment Period, if any, and (2) the Recent Average Bonus (such greater amount shall be hereinafter referred to as the "Highest Annual Bonus"). The Special Bonus shall be paid no later than 30 days following the first anniversary of the Effective Date.
Special Bonus. Employee shall be eligible to receive additional bonuses during the Term. The Chief Executive Officer or his designee shall determine, in its discretion, the occasion for payment, and the amount, of any such bonus.
Special Bonus. In addition to Annual Base Salary and Annual Bonus payable as hereinabove provided, if the Executive remains employed with the Company and/or its affiliated companies through the first anniversary of the Effective Date, the Company shall pay to the Executive a special bonus (the “Special Bonus”) in recognition of the Executive’s services during the crucial one-year transition period following the Change of Control in cash equal to the sum of (A) the Executive’s Annual Base Salary and (B) the greater of (x) the Annual Bonus paid or payable (annualized for any fiscal year consisting of less than twelve full months or for which the Executive has been employed for less than twelve full months) to the Executive for the most recently completed fiscal year of the Company during the Employment Period, if any, and (y) the greater of (i) the Average Annual Bonus, (ii) the Annual Bonus paid for the fiscal year immediately preceding the Effective Date, or (iii) the Target Bonus (such greater amount hereafter referred to as the “Highest Annual Bonus”). Anything in this Agreement to the contrary notwithstanding, if the Executive’s employment is terminated under Section 6(d) herein prior to the first anniversary of the Effective Date, then the Company shall pay the Executive the Special Bonus as if he was employed on the first anniversary of the Effective Date. The Special Bonus shall be paid no later than 30 days following the first anniversary of the Effective Date or, if earlier, the Date of Termination.
Special Bonus. In addition to the Terminal Pay and Annual Bonus, the Employee will be eligible, based on performance, for any special bonus program which may be instituted by the Company in recognition of particular assignments, duties or responsibilities required during the crucial transition period leading up to, or following, the Change in Control.
Special Bonus. In addition to Annual Base Salary and Annual Bonus payable as hereinabove provided, if the Executive remains employed with the Company and its affiliated companies through the first anniversary of the Effective Date, the Company shall pay to the Executive a special bonus (the “Special Bonus”) in recognition of the Executive’s services during the crucial one-year transition period following the Change of Control in cash equal to the sum of (A) the Executive’s Annual Base Salary and (B) the greater of (1) the Annual Bonus paid or payable, including by reason of any deferral, to the Executive (or, if the Executive has been employed by the Company for less than three full fiscal years, then the average bonus paid or payable to the executive officer who was employed by the Company in a similar capacity as the Executive during such three full fiscal years) for the most recently completed fiscal year during the Employment Period, if any, and (2) the Recent Average Bonus (such greater amount shall be hereinafter referred to as the “Highest Annual Bonus”). The Special Bonus shall be paid no later than 30 days following the first anniversary of the Effective Date.
Special Bonus. Optionee shall become entitled to receive a cash bonus from the Company (the “Special Bonus”) in the gross dollar amount indicated as his or her Total Special Bonus on attached Schedule I. Payment shall be made on the Company’s first regularly scheduled payroll date after January 1, 2008, which is scheduled to be January 10, 2008. However, the Special Bonus shall be subject to the Company’s collection of all applicable federal, state and local income and employment withholding taxes, and Optionee shall be paid only the net amount of such bonus remaining after such taxes have been collected. Optionee need not remain in the Company’s employ to receive the Special Bonus.
Special Bonus. Special Pay Bonus will be made as a lump sum distribution at the time of normal retirement* or at the time of enrollment in DROP at the employee’s first opportunity for normal retirement*, based on the procedures and requirements below.
1. A professional employee who will be eligible to retire under the Florida Retirement System (FRS) after having worked for the St. Xxxxx County School System for a minimum of ten (10) continuous years to include the year in which they reach their first opportunity for normal retirement shall receive $10,000, or thirty percent (30%) of their current salary whichever is greater as a special retirement benefit provided he/she retires at his first opportunity for Normal* Retirement with FRS per FRS pension plan normal retirement rules and:
a. continuous years shall be defined as
i. uninterrupted service within the district and
ii. serving in a full time benefits eligible position.
b. completes the necessary procedures for retirement with the St. Xxxxx County School District and FRS through the Superintendent or designee, and
c. retirement is effective no later than the end of the school year of that individual’s first opportunity.
d. A professional employee who meets the above requirements regarding years of service and qualifies for disability/medical retirement through the Florida Retirement System is eligible for the special bonus.
2. This lump sum payment will not be paid to any professional employee if he/she continues his employment beyond the time he/she first becomes eligible for normal* retirement benefits, unless the professional employee is participating in the Deferred Retirement Option Program (DROP).
3. It shall be the specific responsibility of each professional employee to determine his first opportunity for eligibility for normal* retirement and to meet the requirements set forth for the one-time, lump-sum payment. The Board is held harmless for failure of an employee to follow this procedure, regardless of the reason. *Normal retirement is defined as retirement of an individual under the FRS Pension Plan as soon as (or at the first opportunity) an individual is eligible for normal FRS retirement (defined by FRS as the time you are first eligible to receive an unreduced retirement benefit based on your age or years of service), excluding medical retirement, as follows:
a. If initially enrolled in the FRS before July 1, 2011, you qualify for the normal retirement when: you are vested and age 62 or the age after...
Special Bonus. In addition to Annual Base Salary and Annual Bonus payable as hereinabove provided, if the Executive remains employed with the Company and its affiliated companies through the first anniversary of the Effective Date, the Company shall pay to the Executive a special bonus (the “Special Bonus”) in recognition of the Executive’s services during the critical one-year transition period following the Change of Control in cash equal to the sum of (A) the Executive’s Annual Base Salary and (B) the greater of (1) the Annual Bonus paid or payable, which for this purpose shall include any portion of the Annual Bonus with a deferred payment date, to the Executive for the most recently completed fiscal year during the Employment Period, if any, and (2) the Recent Average Bonus (or, if the Executive has been employed by the Company for less than three full fiscal years, then the average bonus paid or payable to the executive officer who was employed by the Company in a similar capacity as the Executive during such three full fiscal years) (such greater amount shall be hereinafter referred to as the “Highest Annual Bonus”). The Special Bonus shall be paid no later than 30 days following the first anniversary of the Effective Date.
Special Bonus. The Executive shall be eligible to participate in any special bonus program that the Board may implement to reward senior management for extraordinary performance on terms and conditions established by the Board.
