Variable Remuneration Sample Clauses
Variable Remuneration. We also pay most Job Family Employees variable remuneration, which is a portion of your pay linked to performance. Variable remuneration is determined in accordance with rules set by us from time to time and is at our discretion. Variable remuneration is not governed by this Agreement. However, you will continue to receive your current variable remuneration after the Commencement Date – as set out in your Remuneration Summary.
Variable Remuneration. The Bank and the Borrower agree that in consideration of the Bank making the Credit available to the Borrower in accordance with this Contract, the Borrower shall pay to the Bank each year (starting with the Financial Year in which the cumulative Net Sales for that and all previous Financial Years exceed EUR 5,000,000 (five million Euros)), on the Payment Date falling after the publication of the Annual Financial Statements, an amount equal to three per cent. (3%) of any Annual Vaccine Revenues as reported in the relevant Annual Financial Statements (the “Variable Remuneration”), provided that aggregate Variable Remuneration payable hereunder in one or more Financial Years shall not exceed an amount equal to the greater of:
4.1.1 an amount enabling the Bank to realise a Cash-on-Cash Multiple of 2.8; and
4.1.2 an amount enabling the Bank to realise an internal rate of return on the Loan of twenty per cent. (20%), which is to be calculated from (and including) 1 January 2022 up to the relevant Payment Date, and provided that the obligation on the Borrower to pay Variable Remuneration to the Bank will cease to apply if:
(i) the Borrower prepays the Loan in full by payment of the Prepayment Amount together with a Prepayment Indemnity in accordance with Article 5; or
(ii) following payment of amounts due on the Maturity Date in accordance with this Contract, the Borrower pays and discharges all of its outstanding liabilities under or in connection with this Contract, together with a payment of a Prepayment Indemnity in respect of such liabilities. For the avoidance of doubt, if after a period of thirteen (13) Financial Years of the Borrower commencing with the Financial Year in which the Borrower is first required to pay Variable Remuneration to the Bank, the Variable Remuneration received by the Bank has not led to the Bank having reached a Cash-on-Cash Multiple of 2.8, the Variable Remuneration will continue to be due until the Cash-on-Cash Multiple of 2.8 has been reached.
Article 11.1 (Notices to either party) shall be deleted in its entirety and replaced with the following:
Variable Remuneration. 1 Right to variable remuneration You are entitled to variable remuneration. The following table applies to you as from 1 January 2015: Salary scale Non fee earner Management
Variable Remuneration. The Company also pays most employees Variable Remuneration, which is a portion of your pay linked to performance. Variable Remuneration is determined in accordance with rules set by us from time to time and is at our discretion. Variable Remuneration is not governed by this Agreement.
Variable Remuneration. The definition of “Net Sales” under article 1.2 (Definitions) shall be deleted in its entirety and replaced with the following:
Variable Remuneration. The agreed variable remuneration will be charged per calendar quarter. Remuneration will be due for each calendar month for each Customized Index. This remuneration shall be the product of
i. the average assets under management of a financial instrument issued on the basis of the respective Customized Index during the month and
ii. the remuneration p.a. shown in the following table in basis points divided by 12. In case a security has not been outstanding over an entire month, the remuneration is reduced respectively. Index Remuneration p.a. Solactive US Buyback Total Market Index If this table does not contain an index no variable remuneration is due. Variable remuneration will be charged to the Licensee as soon as the data has been reported and evaluated. If the regular reporting deadline has expired and the Licensee has not submitted the outstanding report to Solactive by the end of the next reporting deadline following the expired reporting deadline despite having been sent a reminder, Solactive may make a provisional estimate of the remuneration due at its due discretion using suitable criteria (such as data reported for the previous months) and charge this to the Licensee as an advance on the actual amount due. This shall have no effect on the right to terminate without notice. Solactive shall issue invoices to the Licensee.
Variable Remuneration. 1. Right to variable remuneration Salary scale Non fee earner (until 1 July 2016) Fee earner Management (until 1 July 2016) 1 5% 10% 2 5% 10% 3 5% 10% 4 5% 10% 5 5% 15% 6 5% 15% 7 7% 15% 8 7% 15% 9 7% 15% 10 10% 15% 12% 11 10% 15% 12% 12 10% 15% 12% 13 10% 15% 12% You are entitled to variable remuneration. The following table applies to you: In accordance with the timelines as set out in the procedural arrangements for variable remuneration (Appendix 20 of this Collective Agreement) you will be given information concerning your on-target percentage, and defined position (fee earner, non fee earner, or management).
2. Basis for variable remuneration The basis for your variable remuneration is your fixed annual income (fixed gross monthly salary less any supplements, x 12.96). Other components are excluded for this basis.
3. Payment threshold If you come within the categories of Management or Non fee earners, your variable remuneration will only be paid to you if at least 80% of the targets (results) stipulated for the relevant group of employees, as well as your personal targets, are met overall. If you are a Fee earner, then the payment threshold is linked to the billability levels fixed for the relevant calendar year within the organisational unit within which you work. The calculation methods may differ per unit, with the proviso that all Fee earners are subject to a payment threshold. The method that applies to you also applies to all other Fee earners within your organisational unit.
4. Payments scale The following payments scale applies: Payment is made if you achieve results of 80% or more. Payment is made gross. From 0% to 80% 0% From 80% to 85% - 12.5% From 85% to 90% - 15% 90% 60% From 91% to 95% 4% 80% From 96% to 100% 4% 100% From 101% to 110% 2.5% 125% From 111% to 120% 2.5% 150% 121% and above 3%
5. Maximum payment Your maximum annual income is 150% of the total of your fixed annual salary (fixed gross monthly salary x 12.96) and the on-target variable remuneration. Given that the fixed annual salary is included in this calculation, the maximum payment of variable salary is also calculated.
6. Consultation structure Appendix 20 sets out the procedural arrangements for the application of parameters and the respective weighting of these parameters, the timeline for announcement of the targets and parameters, and an evaluation.
7. Variable remuneration of Non Fee-earners/Management as from 1 July 2016 As from 1 July 2016, if you are or become a N...
Variable Remuneration. 5.1 The Employee may, at the Company's sole discretion, be eligible to participate in bonus arrangements established by the Company from time to time. Any bonus, if awarded, will primarily be based on individual, business unit and Company performance. The maximum amount of any bonus in any year shall be 30 per cent of the annual Base Salary and is paid on an annual basis two months trailing.
5.2 If the Employment has been terminated during the year for which bonus is calculated, any bonus entitlement shall be reduced to a pro-rated amount based on days worked up to the date of the termination of the Employment.
5.3 The employee is eligible to participate in the LTI program decided by the terms and conditions approved by the board each year starting 2023.
5.4 The employee is entitled to a sign on RSU allocation of 15 714 RSUs on start date.
Variable Remuneration. Mr Xxx Xxxxxx’s variable remuneration consists of an annual short-term bonus and a long-term performance share plan. The short-term bonus depends on the realisation of predetermined measurable objectives and targets. Two thirds of the short-term bonus is based on financial criteria, the remaining one third on non-financial performance conditions. Payment increases in line with performance, starting with a payment of 35 per cent of the fixed annual remuneration at the threshold performance and potentially rising to a payment of 75 per cent of the fixed annual remuneration at maximum performance for each individual target. No payment will be made below the threshold performance. To further strengthen the relationship with the interests of the shareholders, a long-term performance share plan applies to Mr Xxx Xxxxxx. Conditional shares are allocated annually. The allocation value is 60 per cent of Mr Xxx Xxxxxx’s fixed annual remuneration. After three years, an assessment will be made whether three predetermined performance criteria, each decisive for one third of the conditionally allocated shares, have been realised. In accordance with the Dutch corporate governance code, the performance period of three years is followed by a two year lock-up period. Mr Xxx Xxxxxx may not dispose of shares until the two year lock-up period has expired and the minimum requirement for the shareholding, being 75 per cent of the fixed annual remuneration, has been met. For more information, please see BAM’s annual report. Mr Xxx Xxxxxx takes care of making his personal pension arrangements. Mr Xxx Xxxxxx receives an annual allowance equal to the employer’s contribution to XXX’s pension scheme for a pensionable salary of €450,000.-.
Variable Remuneration. (concerns all) Note to the minutes
1. For employees who, according to the decision of the Swedish Social Insurance Office, are entitled to sick pay of 80% on the first day of illness, a deduction is made for this according to what applies from the second day of the period of illness.
2. The annual working period for full-time employees is deemed to be 260 days.
3. For part-time employees with varying working hours over the week, the annual working period is calculated from their employment contract.
4. For employees receiving a substantial part of their pay via variable elements, an agreement should be made concerning the amount of pay from which the sick pay deduction will be made.
5. Any allowances for free use of a car or home, or subsistence, travel and other similar allowances, are not included in the basis for calculation.