Severance Pay and Benefits Upon Termination by the Company without Cause or by the Executive for
Pay and Benefits The Agency shall continue to pay salary and benefits which includes pension contribution, insurance and paid leave time consistent with what they earned before their appointment. Employees appointed as a Contract Specialist shall not be eligible for reimbursement for uniforms, boots or other ancillary items while serving as a Contract Specialist the specifics which will be noted in the employee’s Contract Specialist agreement.
ADDITIONAL COMPENSATION AND BENEFITS The Executive shall receive the following additional compensation and welfare and fringe benefits:
SUPPLEMENTAL BENEFITS The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations in regard to maternity, parental and adoption leave. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Articles 17.06, 17.07 or 17.08.
Supplemental Pay 1. Percent To Be of Individual Step 2. Supplemental pay shall be computed based on step less $2,000. Head Football, Sr. High 12% High School Band Director 9.5% Ass't Football, Sr. High 8% Play (maximum of 2 plays per year) 3% Head Basketball, Sr. High 12% Musical Vocal 3% Ass't Basketball, Sr. High 8% Musical Drama 3% Head Wrstling, Sr. High 12% Musical Instrumental 1% Ass't Wrestling, Sr. High 8% Intramural Dir. & Supervisor 4% Head Track, Sr. High 10% Head Sponsor Yearbook 4% Ass't Track, Sr. High 7% Head Sponsor STUCO 2.5% Head Volleyball, Sr. High 10% Head Sponsor Senior Class 2.5% Ass't Volleyball, Sr. High 7% Head Sponsor Junior Class 2.5% Head Baseball, Sr. High 10% Dept. Chairman 2.5% Ass't Baseball, Sr. High 7% Head Sponsor Grizzly Spirit 2.5% Head Softball, Sr. High 10% Head Sponsor FBLA 2.5% Ass't Softball, Sr. High 7% Head Sponsor FFA 2.5% Boys' Tennis, Sr. High 8% Head Sponsor HOSA 2.5% Ass't Boys' Tennis, Sr. High 3.5% Head Sponsor FHA 2.5% Girls' Tennis, Sr. High 8% Head Sponsor VICA 2.5% Ass't Girls' Tennis, Sr. High 3.5% Head Scholar's Bowl, Sr. High 5% Xxxx, Xx. High 6% Director of Summer Conditioning 6% Ass't Golf, Sr. High 2.5% Debate 5% Cross Country, Sr. High 8% Forensics 5% Ass't Cross Country, Sr. High 3.5% Swim Coach 6% Ass't Swim Coach 2.5% Varsity Cheerleader Coach 7% Freshmen Cheerleader Coach 5% Dance Team Sponsor 5% 7th & 8th Football 6% 7th & 8th Head Scholar's Bowl 3% 7th & 8th B. Basketball 6% Elementary Yearbook Sponsor 3% 7th & 8th G. Basketball 6% Elementary Music/Band 1.5% 7th & 8th Volleyball 6% 7th & 8th Track 6% 7th & 8th Wrestling 6% Jr. High Cheerleader Sponsor 7th & 8th Ass't Coach 5% Supplemental pay for travel relative to multiple school assignments on the same school day shall be the prevailing state rate per mile, on August 1 of the current school year, for the predetermined district calculation of distance traveled from an assigned school to the next assigned school in the same school day. Travel payments shall be paid monthly for actual predetermined total miles driven by the teacher assigned to multiple buildings in a single school day, for the time period beginning the 1st of each month and concluding the last day of the same month prior to each district monthly payroll date. Altamont to Xxxxxxxx 14.06 Xxxxxxxx to Xxxx 9.76 Altamont to Xxxx 13.02 Xxxxxxxx to Xxxxx Xxxxxx 00.00 Xxxxxxxx to Meadow View 7.96 Xxxx to Xxxxx Xxxxxx 00.00 Xxxxxxxx to Mound Valley 7.46 Xxxxxxxx to LCHS 13.98 Meadow View to Xxxxxxxx 20.92 Xxxx to LCHS 13.22 Meadow View to Xxxx 20.72 Meadow View to LCHS 7.87 Meadow View to Xxxxx Xxxxxx 00.00 Xxxxx Xxxxxx to LCHS 7.66 Supplemental Pay for building level technology support and committee meetings that meet beyond the duty day and are assigned or approved in advance by the superintendent shall be compensated at $10 per hour. Supplemental Pay Summer Trip Sponsors: Sponsors who sponsor approved summer state and national trips shall be paid at the rate of $72 per day except that if the sponsor is on an extended contract the trip days to be sponsored may, at the discretion of the superintendent, be traded for extended contract days. Supplemental Pay In-School Suspension Supervising: Teachers who supervise, at the request of the building administrator, the in-school suspension after the close of the school day shall be paid at the rate of $6 per hour for the time, they supervise the students being detained. Supplemental Pay Summer School: Supplemental pay for summer school shall be at the Board approved daily substitute teacher amount for a workday no less than five (5) hours. Supplemental Pay for Curriculum Development: Supplemental pay for approved curriculum development outside the contract day shall be eleven ($11) dollars per hour employed. Supplemental Pay for Summer Institute: As funds are available annually and approved by the Board of Education, the superintendent and/or his/her designee, in consultation with the Professional Development Committee, shall schedule an in-district professional learning opportunity designated “Summer Institute” for certified staff members. Participation shall be voluntary; however, those certified staff members choosing to voluntarily participate in Summer Institute, may be required by the superintendent to participate in all or a majority of the scheduled professional learning opportunities as a condition of being allowed to participate in Summer Institute. Certified staff members choosing to participate in Summer Institute shall be compensated at a rate of no less than eleven ($11) dollars per hour. Based upon an annual review of available funding, the superintendent may recommend to the Board, a Summer Institute hourly payment, which may exceed eleven ($11) dollars per hour. Said payment, as recommended by the superintendent and Board approved, shall not obligate the Board to similar payments in future years. The Board approved payment amount for Summer Institute shall be made only to those certified staff members participating in the designated Summer Institute professional learning opportunity. Certified staff members shall not substitute other professional learning opportunities for Summer Institute payment. Supplemental Pay for Summer Driver Education: Driver’s Education instructors will be paid $150.00 per student. Supplemental Pay for National Board-Certified Teachers: The Board shall pay a $1000 annual stipend for National Board for Professional Teaching Standards, National Board-Certified Teachers during the life of the NBPTS license. This stipend shall be in addition to any state stipend for same. Professional Learning Communities: The district will provide transportation to teachers required to attend Professional Learning Community meetings in any town that is not their home school.
Payment and Benefits In consideration of the promises made in this Release, Employer has agreed to pay Executive the benefits as provided in that certain employment agreement made and entered into as of _________________________, by and between the Parties (the “Employment Agreement”). Executive understands and acknowledges that the benefits described in this Section 2 constitute benefits in excess of those to which Executive would be entitled without entering into this Release. Executive acknowledges that such benefits are being provided by Employer as consideration for Executive entering into this Release, including the release of claims and waiver of rights provided in Section 3 of this Release.
Severance Payments and Benefits (a) If a Change in Control occurs and within a period of twenty-four (24) months thereafter, Executive incurs a Separation from Service on account of (i) an involuntary termination by the Company for reasons other than death, Disability or Cause, or (ii) a voluntary termination elected by the Executive for Good Reason, then subject to (A) Executive signing and not revoking a separation and general release agreement (the “Release”) in a form provided by the Company as may be in use from time to time, and (B) Section 4 below, Executive shall (and the Company (or any successor thereto) shall pay, award and/or provide): (1) receive a lump-sum cash severance payment in an amount equal to the sum of (a) two times (2x) Executive’s Annual Compensation; (b) the product of (x) Executive’s Long-term Incentive Award Value, multiplied by (y) a fraction, the numerator of which is the number of full and partial calendar months between January 1 of the year of Separation from Service and the date of the Executive’s Separation from Service (provided, however, that such numerator shall not exceed six (6)) and the denominator of which is twelve (12); and (c) the product of (x) the greater of (A) Executive’s target annual bonus amount for the year in which the Separation from Service occurs, or (B) the highest annual bonus paid to the Executive out of the three (3) prior bonuses paid to the Executive prior to the Executive’s Separation from Service, multiplied by (y) a fraction, the numerator of which is the number of full and partial calendar months between January 1 of the year of Separation from Service and the date of the Executive’s Separation from Service and the denominator of which is twelve (12); and (2) receive eighteen (18) months of continued coverage under the Company’s group health plans (based on the level of the Executive’s coverage in effect on the date of the Executive’s Separation from Service), at the Company’s expense, subject to the Executive’s timely election of continuation coverage under the COBRA, it being understood that (a) in the event that the Executive becomes eligible to receive substantially similar or improved medical, dental or vision benefits from a subsequent employer (whether or not the Executive accepts such benefits), the Company’s obligations under this Section 3(a)(2) shall immediately cease, (b) the Executive will notify the Company of his eligibility for such benefits from a subsequent employer within thirty (30) days of such eligibility and (c) in the event that the Company’s making payments under this Section 3(a)(2) would violate nondiscrimination rules or result in the imposition of penalties under the PPACA, the parties agree to reform this Section 3(a)(2) in such manner as is necessary to comply with tax laws and the PPACA, as applicable. (3) become fully vested in all Company equity and long-term incentive awards granted to Executive (including, but not limited to, and all stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, and all other stock and cash-based long-term incentive awards) to the extent that such vesting is based on service with the Company. With respect to any performance shares and performance unit awards, (a) the final number of units and/or shares payable under such awards shall only be determined in accordance with the terms and conditions of the respective grant agreement governing such award, and accordingly, (b) distribution of such awards can only take place following such share and/or unit amount determination. Notwithstanding the foregoing, the full and immediate vesting of any restricted stock units, performance shares, performance units, shall not change the payment date thereof or otherwise apply to the extent it would result in adverse tax consequences under Section 409A of the Code; and (4) notwithstanding anything to the contrary in the respective award agreement(s), be entitled to exercise any stock options or stock appreciation rights until the expiration of twenty-four (24) months following Executive’s Separation from Service (or until such later date as may be applicable under the terms of the award agreement governing the stock option or stock appreciation right upon termination of employment), subject to the maximum full term of the stock option or stock appreciation right; provided, however, that, if any stock option or stock appreciation right is terminated or cashed-out in connection with a Change in Control, the Executive shall receive a lump-sum cash payment equal to the time value (i.e., under the Black Scholes option pricing model) of such stock options or stock appreciation rights inclusive of the economic value for the period of twenty-four (24) months following Executive’s Separation from Service (or until such later date as may be applicable under the terms of the award agreement governing the stock option or stock appreciation right upon termination of employment), subject to the maximum full term of the stock option or stock appreciation right. (b) If Executive is not a Specified Employee, all payments made to Executive under Section 3(a) immediately above shall be made on the sixtieth (60th) calendar day following Executive’s Separation from Service, provided that Executive’s Release must be effective and not revocable on the date payment is to be made in order to receive such payments. If Executive is a Specified Employee, to the extent required to comply with Section 409A of the Code, payments made under Section 3(a) immediately above shall be made within ten (10) calendar days following the date following the first (1st) day of the seventh (7th) month after the date of Executive’s Separation from Service, provided that no such payment shall be made to Executive if the Release has not become effective as of the six (6)-month anniversary of the date of Executive’s Separation from Service.
Accrued Compensation and Benefits Notwithstanding anything to the contrary in Section 2 and 3 above, in connection with any termination of employment upon or following a Change in Control (whether or not a Qualifying Termination or CIC Qualifying Termination), the Company or its subsidiary shall pay Executive’s earned but unpaid base salary and other vested but unpaid cash entitlements for the period through and including the termination of employment, including unused earned vacation pay and unreimbursed documented business expenses incurred by Executive prior to the date of termination (collectively “Accrued Compensation and Expenses”), as required by law and the applicable Company or its subsidiary, as applicable, plan or policy. In addition, Executive shall be entitled to any other vested benefits earned by Executive for the period through and including the termination date of Executive’s employment under any other employee benefit plans and arrangements maintained by the Company or its subsidiary, as applicable, in accordance with the terms of such plans and arrangements, except as modified herein (collectively “Accrued Benefits”). Any Accrued Compensation and Expenses to which the Executive is entitled shall be paid to the Executive in cash as soon as administratively practicable after the termination, and, in any event, no later than two and one-half (2-1/2) months after the end of the taxable year of the Executive in which the termination occurs or at such earlier time as may be required by applicable law or Section 10 below, and to such lesser extent as may be mandated by Section 9 below. Any Accrued Benefits to which the Executive is entitled shall be paid to the Executive as provided in the relevant plans and arrangements.
Compensation and Benefits (a) For all services rendered by Employee the Company shall pay Employee during the term of this Agreement an annual salary (“Base Salary”) as set forth herein, payable semi-monthly in arrears. Employee’s initial Base Salary shall be $350,000.00. During the term of this Agreement, the amount of Employee’s Base Salary shall be subject to periodic reviews and adjustments as determined by the Company in its sole discretion. (b) The Employee shall be eligible to receive an annual performance-based cash bonus in respect of each calendar year, beginning with the 2015 calendar year, to the extent earned based on the achievement of personal and financial performance objectives established by the Company’s Board of Directors no later than 45 days after the commencement of the relevant bonus period. The target annual bonus that the Employee may earn is equal to 30 percent (30%) of the Employee’s Base Salary at the rate in effect at the end of the relevant calendar year, pro-rated to properly reflect any partial year of employment. If applicable performance goals are not attained at least at the minimum level, no annual performance bonus is payable. The amount of such annual bonus awarded for a calendar year shall be determined by the Board or a committee thereof after the end of the calendar year to which such bonus relates, and shall be paid to the Employee when annual bonuses are paid to other senior executives of the Company generally, but in no event later than April 30 of the calendar year following the year for which the bonus is earned. To be eligible for any such annual bonus under this Section 3(b), the Employee must be actively employed by the Company at the time the Company pays bonuses for the relevant year. (c) The Company shall pay to the Employee a lump sum sign-on bonus in the amount of $70,000, less all applicable withholdings, no later than 15 days after the Employee’s employment commencement date. (d) The Company shall provide Employee, during the term of this Agreement, with the benefits of such insurance plans, hospitalization plans and other employee fringe benefit plans as shall be generally provided to employees of the Company and for which Employee may be eligible under the terms and conditions thereof. Nothing herein contained shall require the Company to adopt or maintain any such employee benefit plans. (e) During the term of this Agreement, except as otherwise provided in Section 5(b), Employee shall be entitled to sick leave and annual vacation consistent with the Company’s customary paid time off policies. (f) During the term of this Agreement, the Company shall reimburse Employee for all reasonable out-of-pocket expenses incurred by Employee in connection with the business of the Company and in the performance of his duties under this Agreement to the extent consistent with applicable Company policy in effect from time to time and upon presentation to the Company of an itemized accounting of such expenses with reasonable supporting data. (g) In consideration of the Employee’s entering into this Agreement and as an inducement to join the Company, the Employee shall be granted under the Company’s option incentive plan as in effect from time to time (the “Option Plan”), a stock option to purchase 600,000 shares of the Company’s common stock (the “Option”), subject to approval of the Board of Directors. The exercise price per share of the Option shall be the fair market value of the Company’s common stock (as determined by the Board of Directors) on the Option grant date. Subject to terms of the Option Plan and the Option award agreement, twenty-five percent (25%) of the shares subject to the Option shall vest on the first anniversary of Employee’s employment start date which is anticipated to be February 4, 2015, and 1/48th of the shares subject to the Option shall vest monthly thereafter so that one hundred percent (100%) of the shares subject to the Option are vested on the fourth anniversary of the employment start date, so long as the Employee remains employed at each such vesting date. Notwithstanding the foregoing vesting schedule, upon the effective date of a Change in Control (as defined in Section 5(g)), fifty percent (50%) of the shares subject to the Option which are not then vested will automatically become vested so long as the Employee remains employed on the effective date of such Change in Control. In the event of any conflict or ambiguity between this Agreement and the Option Plan or the Option award agreement, the Option Plan and the Option award agreement shall govern.
Termination Benefits (a) Upon the occurrence of a Change in Control, followed at any time during the term of this Agreement by the involuntary termination of the Executive’s employment (other than for Termination for Cause or death), or by the Executive for Good Reason, the Employers shall: (i) pay the Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a lump sum payment within thirty (30) days of the Date of Termination an amount equal to three (3) times the Executive’s average annual compensation for the five most recent taxable years that the Executive has been employed by the Employers or such lesser number of years in the event that the Executive shall have been employed by the Employers for less than five years. For this purpose, annual compensation shall include base salary and any other taxable income, including, but not limited to, amounts related to the granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses, pension and profit sharing plan contributions or benefits (whether or not taxable), severance payments, retirement benefits, and fringe benefits paid or to be paid to the Executive or paid for the Executive’s benefit during any such year; and (ii) cause to be continued life insurance and non-taxable medical, dental and disability coverage substantially identical to the coverage maintained by the Employers for the Executive prior to his Date of Termination, except to the extent such coverage may be changed in its application to all employees on a nondiscriminatory basis. Such coverage and payments shall cease upon the expiration of thirty-six (36) full calendar months from the Date of Termination. (b) Notwithstanding the foregoing, to the extent required to avoid penalties under Section 409A of the Code, the cash severance payable under Section 3 of this Agreement shall be delayed until the first day of the seventh month following the Executive’s Date of Termination. (c) For purposes of this Agreement, a “termination of employment” shall mean a “Separation from Service” as defined in Section 409A of the Code and the regulations promulgated thereunder, such that the Employers and the Executive reasonably anticipate that the level of bona fide services the Executive would perform after a termination of employment would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or as an independent contractor) over the immediately preceding thirty-six (36) month period.
