Wellness Bonus for Leave
Wellness Bonus for Leave Sample Clauses
Related to Wellness Bonus for Leave
Accrued Salary and Vacation On the Separation Date, the Company will pay you all accrued salary and all accrued and unused vacation earned through the Separation Date, subject to standard payroll deductions and withholdings. You will receive these payments regardless of whether or not you sign this Agreement.
Base Salary and Benefits (a) During the Employment Period, the Company shall pay Executive an annual base salary of $535,600 (the “Base Salary”). As used herein, references to “Base Salary” shall include all subsequent increases in annual base salary during the Employment Period. The Base Salary shall be payable in regular installments in accordance with the Company’s general payroll practices (as in effect from time to time). (b) In addition to the Base Salary, during the Employment Period, Executive will be eligible to earn an annual bonus under a bonus plan to be established by the Company, payable in accordance with the Company’s customary practices, as determined by the Board, in its sole discretion based upon the Company’s achievement of budgetary and other objectives set by the Board; provided that, in determining the amount of the annual bonus, if any, to be paid to Executive, the Board shall, in determining whether the Company has achieved the budgetary and other goals set by the Board, disregard any payments by the Company and its subsidiaries to Onex (as defined below) and affiliates. (c) During the Employment Period, Executive shall be entitled to participate in all of the Company’s employee benefit programs for which senior executives of the Company and its subsidiaries are generally eligible. Without duplication of any employee benefits provided to all senior executives of the Company and its subsidiaries, the Company shall reimburse Executive for the annual premium cost of $1 million of term life insurance coverage purchased by Executive on his life, up to a maximum of Eleven Thousand Dollars ($11,000) per year. (d) During the Employment Period, the Company shall (without duplication of any employee benefits provided to Executive pursuant to other provisions of this Agreement) reimburse Executive for all reasonable business expenses incurred by him in the course of performing his duties and responsibilities under this Agreement which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses. (e) All amounts payable or otherwise provided to Executive pursuant to this Agreement shall be subject to all applicable withholding and deduction obligations.
Sick Leave Bonus For every six (6) months of perfect sick leave attendance after July 1, 1987, the employee will receive eight (8) hours of bonus time. This bonus time will be prorated for part-time employees. Such bonus time can be used for any leave purpose covered by this Agreement. Such bonus time shall be counted as vacation leave credits for purposes of determining eligibility for carry- over and cash payments.
Salary, Bonus and Benefits For services rendered by the Employee on behalf of the Company during the Employment Term, the following salary, bonus and benefits shall be provided to the Employee by the Company: (a) The Company shall pay to the Employee, in equal installments, according to the Company’s then current practice for paying its executive officers in effect from time to time during the Employment Term, the Annual Base Salary. (b) The Employee shall participate in the Sealy Corporation Annual Bonus Plan (the “Bonus Plan”) in accordance with the provisions of that Plan as in effect as of the date of this Agreement based on the Target Annual Bonus Percentage. (c) The Employee shall be eligible for participation in such other benefit plans, including, but not limited to, the Company’s Profit Sharing Plan and Trust, Executive Severance Benefit Plan, Benefit Equalization Plan, Short-Term and Long Term Disability Plans, Group Term Life Insurance Plan, Medical Plan or PPO, Dental Plan, the 401(k) feature of the Profit Sharing Plan and the 1998 Stock Option Plan, as the Board may adopt from time to time and in which the Company’s executive officers are eligible to participate. Such participation shall be subject to the terms and conditions set forth in the applicable plan documents. As is more fully set forth in Section 6 hereof, the Employee shall not be entitled to duplicative payments under this Agreement and the Executive Severance Benefit Plan. (d) Without limiting the generality of Subsection 3(c) above, for so long as such coverage shall be available to the executive officers of the Company, the Employee shall be eligible to participate in the Company’s Group Term Life Insurance Plan with a death benefit to be provided at the level of one and one half (1 ½) times annual base salary at Company expense, plus extended coverage with a death benefit to be provided of at least the level in effect on the date of this Agreement for the Employee under such Plan at the Employee’s discretion and expense. (e) The Employee shall be entitled to take, during each calendar year period during the Employment Term, vacation time equal to four (4) weeks per year. (f) In addition, the Parties do hereby further confirm that any shares of Class A Common Stock of the Company (“Class A Shares”), and any options to purchase additional Class A Shares previously granted to Employee are in addition to, and not in lieu of, any shares or options which may be granted under any other plan or arrangement of the Company after the date of this Agreement, and (b) the various stock agreements and stock option agreements, and any related Stockholder Agreement (the “Stockholder Agreement”) between the Parties (such agreements being hereinafter referred to collectively as the “Pre-existing Agreements”), all remain in full force and effect except as otherwise provided herein. Notwithstanding the foregoing, to the extent that any provision contained herein is inconsistent with the terms of any of the Pre-existing Agreements, the terms of this Agreement shall be controlling.
Employment Period Compensation In consideration of the other provisions of this Agreement, and the Executive’s agreement to execute a Release Agreement, substantially in the form attached hereto as Exhibit B, in the event of his termination under relevant circumstances pursuant to which he would be paid severance benefits, ESC shall provide the Executive with the following payments and benefits, both those set forth in this section and elsewhere in this Agreement:
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.
Annual Vacation Leave 33.01 An Employee shall not take vacation leave without prior authorization from the Employer. 33.02 Vacation entitlements with pay, shall be as follows: (a) an Employee who has completed less than twelve (12) full months' service as of December 31st, shall receive one and one-quarter (1 1/4) work days' vacation for each calendar month worked from the commencement of service, provided that when employment has commenced on or before the fifteenth (15th) day of any month, vacation entitlements shall be earned from the first (1st) day of that month, and when employment has commenced on or after the sixteenth (16th) day of any month vacation entitlements shall be earned from the first day of the following month; (b) an Employee who has completed twelve (12) full calendar months' service as of December 31st, shall receive fifteen (15) work days' vacation; (c) an Employee who has completed five (5) years' service as of December 31st shall in the subsequent year(s) receive twenty (20) work days' vacation; (d) an Employee who has completed thirteen (13) years' service as of December 31st shall in the subsequent year(s) receive twenty-five (25) work days' vacation; (e) an Employee who has completed twenty-one (21) years' service as of December 31st shall in the subsequent year(s) receive thirty (30) work days' vacation; (f) an Employee who has completed thirty (30) years' service as of December 31st shall in the subsequent year(s) receive thirty-five (35) work days vacation. 33.03 All calculations which result in one quarter (1/4) or three quarters (3/4) work day fractions shall be rounded out to the next one half (1/2) or full day, whichever applies; except when vacation pay is paid out upon termination pursuant to Clause 33.11. 33.04 If a paid holiday falls during an Employee's annual vacation period, the Employee shall be granted an equivalent day of vacation credit. 33.05 An Employee shall earn vacation leave pursuant to Clause 33.02 when authorized the following absences: (a) financially assisted Education Leave; (b) sick leave or Workers' Compensation for the first forty-four (44) consecutive work days; (c) any other authorized leave of absence with pay for the first twenty-two (22) work days. 33.06 Vacation leave may be taken in one continuous period or in separate periods. 33.07 Except as is otherwise provided herein, vacation leave in respect of each year of service shall be taken: (a) within twelve (12) months after the end of that year; and (b) at such time or times as may be approved by the Employer; or with the approval of the Employer, before the end of that year. 33.08 Notwithstanding the: (a) other provisions of this Article, and subject to operational requirements, an Employee who so requests may be authorized to take vacation leave which has been earned at a specified time within the year in which it was earned, and the vacation leave to be taken by the Employee in the following year shall be correspondingly reduced. (b) where a terminated Employee has taken more vacation than they are entitled, the Employer is authorized to recover the monies from the Employee’s final pay cheque. 33.09 Where an Employee is allowed to take any leave of absence, other than sick leave, in conjunction with a period of vacation leave, the vacation leave shall be deemed to precede the additional leave of absence, except in the case of maternity leave which may be authorized before or after vacation leave. 33.10 Once vacations are authorized they shall not be changed, other than in cases of emergency, except by mutual agreement. 33.11 An Employee shall not be paid cash in lieu of vacation earned but not taken, except upon termination, when the Employee shall be paid in cash for the total vacation entitlement standing to the Employee's credit at the termination date. 33.12 The Employer shall, subject to operational requirements make every reasonable effort to grant an Employee, upon request, at least two (2) weeks of annual vacation entitlement during the summer months.
Annual Bonus Compensation Executive shall be eligible to receive a bonus each Contract Year (“Annual Bonus”) as the Compensation Committee of the Board of Directors shall determine. Executive’s Annual Bonus shall be determined in accordance with the Company’s executive compensation policies as in effect from time to time during the Term and shall be based, in part, on his achieving his individual performance goals for the year and, in part, on the Company’s achieving its performance goals for the year.
Deferred Salary Leave Each employer ratifying this Agreement will establish or, as necessary, review and update a deferred salary leave plan consistent with Regulations issued by Canada Revenue Agency under the Income Tax Act. The parties may use the Application, Agreement, and Approval Form as a template (see Appendix H) for the deferred salary leave plan.
’ Compensation Leave If such determination cannot readily be made and all healthcare leave or annual leave subject to 100% payoff has been applied to the absence, the employee shall be placed on Official Leave until a final determination is made.
