Fixed Salary definition

Fixed Salary means the amount of compensation paid any member, officer, agent, or employee of a bona fide private club as may be fixed for him by its members at a prior annual meeting or by the governing body out of the general revenue of the club and shall not include a commission on any profits from the sale of alcoholic beverages. For the purpose of this definition, tips or gratuities which are added to the bills under club regulation shall not be considered as profits from the sale of alcoholic beverages.

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Fixed Salary the annual amount of fixed compensation to be determined as part of the Total Compensation, including holiday allowance and 13th month, if any. ▇▇▇▇▇(s): the conditional grant of Variable Compensation to a Participant in relation to the Plan Year, as set out in section 2 of the Plan Rules.

Fixed Salary means the gross amount of earnings received for base salary, lump sum merit, Personal Time Off, shift differential, on-call pay, holiday pay, overtime and short-term disability coverage during the Plan Year. Fixed Salary does not include the award earned under this Plan or any other bonus, incentive or commission and paid in the current Plan Year.

Examples of Fixed Salary in a sentence

• Any changes in the Fixed Salary during the Plan Year may have an impact on the Variable Compensation, to be determined by the Company in its sole discretion.

• In addition to the Fixed Salary provided in Section 2.1 Fixed Salary, Bank may pay to Employee from time to time such bonus or other incentive compensation, in cash or other forms, as the Board of Directors of the Bank in its judgment may determine; the Employee shall be eligible to participate in incentive programs for senior management.

• In no event shall the Fixed Salary for any twelve-month period be less than the Fixed Salary during the preceding twelve-month period.

• Such amendment of position and/or duties shall be commensurate with that of a Senior Executive Vice President with no reduction in Fixed Salary, benefits or incentives.

• In the event of Executive's death or Disability, the Fixed Salary shall immediately cease.

• In the event of Employee's death, Company shall continue to pay Employee's Fixed Salary for the balance of the term of this Agreement, provided, however, that, if Company is the beneficiary of life insurance on Employee's life, it shall use the proceeds of such insurance promptly upon receipt thereof to prepay (in inverse order of maturity), the Fixed Salary remaining it be paid discounted to present value using an assumed interest rate of 8% per annum.

• Any changes in the Fixed Salary shall be determined by the Board of Directors of the Bank and shall be effective for the twelve month period beginning on the first day of January each year.

• If this Agreement has been terminated in this manner, then the Employee shall receive a Severance Payment in an amount equal to his then existing, annual Fixed Salary payable in twelve (12) equal monthly installments.

• The Employee then shall receive the adjusted Fixed Salary for the twelve month period beginning on the anniversary date.

• Any adjustments in that Fixed Salary shall be effective as of the Employee’s anniversary date.

More Definitions of Fixed Salary

Fixed Salary means the contractually agreed monthly salary paid out in arrears and with a review frequency of no less than every 12 months.

Fixed Salary means a single point on a scale applicable to a classification

Fixed Salary effective 1 October 2002, which shall be paid in twelve equal monthly instalments at the end of each month in arrears to a bank account indicated to the Company by the Registered Director. The shareholder(s) of the Company will review from time to time the Fixed Salary payable to the Registered Director hereunder and may, in their discretion, increase the Registered Director's Fixed Salary.