Calculation of Individual Bonus Payments Clause Samples

Calculation of Individual Bonus Payments. For Titan Tire Corporation of ▇▇▇▇▇, the total number of Working Hours, in the aggregate, for all Eligible Employees shall be determined separately for each year for the second, third, fourth and fifth years of the five-year duration of the Collective Bargaining Agreement. In addition, the total number of Working Hours actually worked by each Eligible Employee shall be determined for each year for the second, third, fourth and fifth years of the five-year duration of the Collective Bargaining Agreement. The amount of the individual yearly bonus award for an Eligible Employee shall be the dollar value obtained after multiplying the amount of the Profit Sharing Bonus Pool for Titan Tire Corporation of ▇▇▇▇▇ by a fraction, the numerator of which is the number of Working Hours for the Eligible Employee in that plant in the bonus year, and the denominator of which is the total number of Working Hours for all Eligible Employees in the plant for that year. For the third, fourth and fifth years of the five-year duration of the Collective Bargaining Agreement, the agreed upon percentage increase to the employees’ wage rates of one and one-half percent example, an employee who works ten hours in a day will receive credit for this Profit Sharing Bonus in the amount of ten hours, notwithstanding that certain of the overtime hours would be compensated at time and one half.