Incentive Payment. 11.3.1 An employer may offer and an employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts Age at Retirement % of Annual Salary at Time of Retirement 55 to 59 100% 60 80% 61 60% 62 40% 63 20% 64 0%
Incentive Payment. (a) The College may offer and an employee may accept a one-time lump sum early retirement incentive based on the age at retirement to be paid as follows: % of Annual Salary Age at Effective Date of Retirement at Time of Retirement 55-59 100% 60 80% 61 60% 62 40% 63 20% 64 0%
Incentive Payment. Incentive payment, on account of Availability being more than the Target Availability shall be payable by the Long Term Transmission Customer(s), in line with Clause 1.2.2 of Schedule 5 of this Agreement and shall be paid on an annual basis. The annual incentive amount payable to the TSP shall be shared by the Long Term Transmission Customer(s) in the ratio of the Transmission Charges paid or actually payable to the TSP by them existing at the end of the relevant Contract Year.
Incentive Payment. 1. A bargaining unit employee who works all of his/her regularly scheduled work days during a full semester shall receive a $100 incentive payment for that semester to be paid in the first pay period of February for the first semester, or the first pay period of August for the second semester.
Incentive Payment. During the period of Executive's employment under this Agreement, the Executive shall be eligible to participate in an incentive compensation program implemented by the Board (the "Annual Incentive Bonus").
Incentive Payment. In addition to his Base Salary, the Executive shall be entitled to receive an incentive payment in respect of each calendar year during the Employment Term (an “Incentive Payment”) as such may be awarded pursuant to, and in accordance with, the terms of the Company’s Executive Incentive Plan, as then in effect. For purposes of this Agreement, a payment of one hundred eighty-two percent (182%) of the Base Salary, or such higher percentage as may be approved from time to time by the Board or the Compensation Committee in its discretion, is hereinafter referred to as the “Maximum Incentive Payment.”
Incentive Payment. Rural carrier eligibility for an incentive payment and three-year waiver will be in effect over the term of this Agreement. In order to receive the manufactured vehicle $1,000 incentive payment, the rural carrier must submit a copy of the vehicle sales receipt or a receipt for the re-engineering dated within the term of the 2006 Agreement, the vehicle identification number and post- master/manager certification. In order to receive the used right-hand drive or vehicle conversion $500 incentive payment, the rural carrier must submit a copy of the vehicle or conversion kit sales receipt dated within the term of the 2006 Agreement, the vehicle identification number and postmaster/manager certification that the carrier has purchased or converted a right-hand drive vehicle for use on the route. MOU #9 Any previously-owned manufactured or converted right-hand drive vehicle on which an incentive payment has been pre- viously paid will not qualify for a second $1,000 or $500 incentive payment. No rural carrier may receive an incentive payment more than once every three years. Incentive payment requests will be submitted based on instructions issued by appro- priate district personnel. _______________________ Xxxx X. Xxxxxx Xxxxxx Xxxxx Vice President President Labor Relations National Rural Letter U.S. Postal Service Carriers’ Association #9 MEMORANDUM OF UNDERSTANDING BETWEEN THE UNITED STATES POSTAL SERVICE AND THE NATIONAL RURAL LETTER CARRIERS’ ASSOCIATION Availability of USPS Surplus Vehicles The parties recognize the value of rural carriers operating right-hand drive vehicles on rural routes and the responsibility to provide for the safety of the rural carriers while in the performance of their duties. Therefore, the following represents the revised policy as it relates to the sale of surplus postal vehicles to rural carriers. Due to the increasing age of the 1/4 ton postal-owned jeeps, they will no longer be sold. When right-hand drive vehicles, other than 1/4 ton jeeps, become surplus, the Headquarters Office of Vehicle Maintenance will determine their disposition as operable vehi- cles, parts-only vehicles or scrap. Fifteen days prior to offering surplus right-hand drive vehicles for public sale, the local Manager, Vehicle Maintenance, will notify all local offices with rural delivery in the VMF service area, that rural carriers may purchase these vehicles exclusively for two (2) business days immediately preceding the start of a general sale. The rural c...
Incentive Payment. The Executive will become entitled to an additional “Performance Unit” award under the terms and conditions of the Plan having a cash value equal to $10,000,000 (the “Incentive Payment”). The Incentive Payment shall be payable in accordance with and subject to the terms and conditions of the Performance Unit Award Agreement in substantially the form attached hereto as Appendix B (the “PU Award Agreement”); provided, however, the Incentive Payment shall also be payable in the event, on or prior to December 31, 2021, either (1) a transaction is consummated which constitutes a Change in Control, or (2) the Board approves a transaction which, if consummated, would constitute a Change in Control and such transaction is consummated on or prior to December 31, 2022. The date of occurrence, if any, of such Change in Control event is referred to hereafter as the “Incentive Achievement Date”. Notwithstanding anything to the contrary herein, the payment of the Incentive Payment to the Executive is conditioned upon the Executive remaining employed with the Company from the date hereof through December 30, 2021 (unless the Executive’s employment with the Company is terminated by the Company without Cause or by the Executive for Good Reason on or after the Incentive Achievement Date and prior to December 30, 2021). Subject to the foregoing conditions, the Incentive Payment will, if it becomes payable pursuant to the terms hereunder, be paid within 30 days following the consummation of the transaction constituting a Change in Control. The Incentive Payment, if paid to Executive pursuant to this Section 2.7 or Section 3.2(b) below, shall be in lieu of any and all other Severance Payments that may become due hereunder (other than any Accrued Amounts) and any other severance payments that may become due pursuant to this Employment Agreement or any Company policies. For the avoidance of doubt, the Executive shall not under any circumstance be entitled to receive more than one Incentive Payment and if the Executive becomes entitled to the Incentive Payment on or after the Incentive Achievement Date, the Executive shall immediately forfeit any right to payments under the PU Award Agreement. Notwithstanding anything to the contrary herein, no Incentive Payment shall be payable to the Executive pursuant to either clause (1) or (2) of this Section 2.7 or Section 3.2(b) unless the “Change in Control” constitutes a “change in control event” within the meaning of Code Section 409A.
Incentive Payment. In the event of a Change in Control during the Executive’s employment with the Company, the Executive shall be entitled to receive an “Incentive Payment.” Subject to the terms hereof, such Incentive Payment will be made in a lump-sum cash payment sixty (60) days following the date of the Change in Control or as soon as administratively practicable thereafter but in no event later than 2 1/2 months after the close of the year in which the Change in Control occurs. The Incentive Payment shall equal the Executive’s short- or long-term target cash bonus Awards otherwise payable under the terms of any Incentive Plan based on full and immediate vesting of the Awards as of the date of the Change in Control, assuming for this purpose attainment of 100% of any applicable target.
