Longevity Bonus definition

Longevity Bonus means the amount set forth in Part A of Schedule 2 attached hereto opposite the calendar year in which termination occurs, which amount is designed to reward Executive for his cumulative years of service as Chief Executive Officer of the Company, as reflected in Part B of Schedule 2; provided, that, if Executive’s employment is terminated on any date other than January 1 of any given calendar year, the Longevity Bonus shall include a pro rata amount for the year of termination based on service from commencement of such year through the date of termination. In addition, the vesting of stock options and other equity-based compensation awards not covered under Section 6.1 above (other than LTIP Awards) will be treated in accordance with the equity incentive plan under which the relevant grant was made and any applicable grant documents; provided, however, that Executive shall be considered for such purpose to have been employed at the end of the calendar year in which the termination occurred. Any LTIP Awards not covered by Section 6.1 above will be treated in accordance with the LTIP as then in effect. The entitlement of Executive to benefits under any benefit plan described in Section 5.1 or 5.2 hereof shall be determined in accordance with the provisions of such plan; provided, however, that, subject to the last sentence of this Section 6.5, the Company shall provide, at its expense, continued participation in any medical insurance and dental insurance plans in which Executive or his dependents participated as of the effective date of termination for two (2) years following the effective date of termination at the same coverage level as in effect as of the effective date of termination, but subject to such modifications as shall be established for senior executives of the Company. As a condition to receiving such continued coverage, Executive may be required to elect continuation coverage under “COBRA” under the terms of the applicable plans, in which case the Company shall reimburse Executive for the cost of such continued coverage at the same coverage level as in effect as of the date of termination subject to such modifications as shall be established for senior executives of the Company.
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Longevity Bonus is the salary increment paid to qualifying unit members after completion of ten 44 years of continuous service, or the salary increment paid to qualifying unit members after 45 completion of each five years of continuous service, following the initial ten year period.
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Examples of Longevity Bonus in a sentence

  • Add Longevity Bonus of 4% per year to reward and retain highly experienced educators.

  • Not later than three months after the date of this Agreement each employee who qualifies under subsection (b) shall be paid a Longevity Bonus of $1,200.

  • On December 15, 2017 this employee qualifies for Longevity Bonus payment of 10 days wages (5 years total continuous service multiplied by 2 days for each year) at their current daily rate, up to a maximum of $5,000.

  • Such Longevity Bonus shall be paid no later than on the payroll for the pay period following the pay period in which the employee’s anniversary date falls.

  • Any such Special Longevity Bonus shall be paid to Employee, or if he is deceased, to the person or persons designated by Employee pursuant to Section 9.19 of this Agreement (or, if no such written designation has been made, Employee’s estate).

  • However, Members of the Bargaining Unit who submit letters of retirement or become eligible for the Longevity Bonus under Article 6 Section B on or after the date that this Agreement has been ratified and adopted shall not have their insurance premiums “frozen” as set forth in this subsection.

  • To recognize the past and future contribution made by the long-term professional employee to the district, a professional employee will be provided a Longevity Bonus.

  • System Seniority determines Vacation and Longevity Bonus as per Article 22.

  • Longevity payments granted from November 1, 2021 through October 31, 2024 are under the same terms and conditions as set forth in the Longevity Bonus article of this Agreement.

  • For the 2012-13 school year, all Members of the Bargaining Unit effectively beyond Step Credit Year 23 (Longevity Bonus) shall receive a 0.75% increase to his/her Appendix A salary.

Related to Longevity Bonus

  • Density bonus means a floor area ratio bonus over the otherwise maximum allowable density permitted under the applicable zoning ordinance and land use elements of the general plan of a city, including a charter city, city and county, or county of:

  • Performance Bonus means the performance bonus in respect of each Class payable to the General Partner by the Partnership which will be equal to 20% of the product of: (a) the number of Units of that Class outstanding on the Performance Bonus Date; and (b) the amount by which the Net Asset Value per Unit of that Class on the Performance Bonus Date (prior to giving effect to the Performance Bonus) plus the aggregate value of any distributions per Unit of that Class during the Performance Bonus Term exceeds $28.00.

  • Annual Bonus shall have the meaning set forth in Section 4(b) hereof.

  • Cash Bonus means an award of a bonus payable in cash pursuant to Section 10 hereof.

  • Annual Cash Compensation means the sum of (a) the highest annual Base Salary in effect for the Executive and (b) the greater of (i) the Executive’s bonus for the most recently-completed year (excluding any special bonuses awarded for performance after the conclusion of the performance period), if any, or (ii) the annualized amount of the Executive’s target bonus for the then current year.