Compensation Floor definition

Compensation Floor means, with respect to full-time employees, a level of Compensation equal to or greater than 120% of the average wage paid to full-time employees in a similar position within an occupational group in the county where the Project is located, as determined by the Department.
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Examples of Compensation Floor in a sentence

  • The initial Compensation Floor for New Employees will be established as of the Effective Date.

  • For example, the Company will use the Compensation Floor as of the Effective Date for a New Employee hired on January 1, 2025.

  • To the extent a Full-time Employee position is created that does not correspond to any positions on the Compensation Floor schedule in effect at the time of the employee’s hire (or promotion or change in duties), the Company may propose a SOC code for that position and the Compensation Floor will be determined using the applicable county-level wage data for the corresponding SOC code and remain in effect until the next quadrennial update.

  • Beginning on January 1, 2028, and continuing every four years thereafter, the Company shall ensure that the Compensation Floor is in fact 120% of the average wage paid to a full-time employee in a similar position within the same detailed occupation by SOC code in the county where the Project is located.

  • For a Full-time Employee to be considered a New Employee, that employee’s Compensation must be equal to or greater than the Compensation Floor.

  • On January 1, 2028, the Company shall ensure that employee’s Compensation Floor is adjusted to comply with the current county wage at that time.

Related to Compensation Floor

  • Compensation Period has the meaning specified in Section 2.12(c)(ii).

  • Compensation Year means a period of 12 months expiring 31 March in any year;

  • Final compensation of a member means:

  • Total Compensation means the cash and noncash dollar value earned by the executive during the Subcontractor’s preceding fiscal year and includes the following (for more information see 17 CFR 229.402(c)(2)):

  • Compensation Payment means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of an insurer to a complainant to compensate the complainant for a proven or estimated financial loss incurred as a result of the insurer’s contravention, non-compliance, action, failure to act, or unfair treatment forming the basis of the complaint, where the insurer accepts liability for having caused the loss concerned, but excludes any –

  • Annual Compensation means an amount equal to the greater of:

  • Final Average Compensation means the aggregate amount of a member's compensation earned within the averaging period in which the aggregate amount of compensation was highest divided by the member's number of years, including any fraction of a year, of credited service during the averaging period. The averaging period shall be 36 consecutive calendar months if the member contributes to the member investment plan except for a member who contributes to the member investment plan and first became a member on or after July 1, 2010; otherwise, the averaging period shall be 60 consecutive calendar months. A member who contributes to the member investment plan and first became a member on or after July 1, 2010 shall also have an averaging period of 60 consecutive calendar months. If the member has less than 1 year of credited service in the averaging period, the number of consecutive calendar months in the averaging period shall be increased to the lowest number of consecutive calendar months that contains 1 year of credited service.

  • Recoverable Incentive Compensation means Incentive Compensation received by a Covered Officer during the Lookback Period that exceeds the amount of Incentive Compensation that would have been received had such amount been determined based on the Accounting Restatement, computed without regard to any taxes paid (i.e., on a gross basis without regard to tax withholdings and other deductions). For any compensation plans or programs that take into account Incentive Compensation, the amount of Recoverable Incentive Compensation for purposes of this Policy shall include, without limitation, the amount contributed to any notional account based on Recoverable Incentive Compensation and any earnings to date on that notional amount. For any Incentive Compensation that is based on stock price or TSR, where the Recoverable Incentive Compensation is not subject to mathematical recalculation directly from the information in an Accounting Restatement, the Administrator will determine the amount of Recoverable Incentive Compensation based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or TSR upon which the Incentive Compensation was received. The Company shall maintain documentation of the determination of that reasonable estimate and provide such documentation to the Exchange in accordance with the Listing Standards.

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.