Payout Options Clause Samples
The PAYOUT OPTIONS clause defines the methods and terms by which payments or disbursements are made under an agreement. It typically outlines the available forms of payment, such as lump sum, installments, or alternative arrangements, and may specify timing, conditions, or procedures for selecting a payout method. This clause ensures that both parties have a clear understanding of how and when funds will be distributed, reducing the risk of disputes and providing flexibility to accommodate different financial needs or preferences.
Payout Options. Each Payout Option, except for Payout Options which are exercisable with respect to fewer than 50,000 shares of Common Stock, shall have been cancelled for the cash payment contemplated by SECTION 2.4.
Payout Options. When a Firefighter retires, he/she shall have the following options for payment of his/her accumulated sick leave: (However, once the option is exercised by the Firefighter, the choice is irrevocable) He/She may elect:
(A) To have the monetary value of his/her accumulated sick leave, up to a maximum of one hundred eighty (180) days, applied to the payments of his/her family health insurance until such accumulated sick time is exhausted and for the payment of health insurance on behalf of his/her spouse and/or dependents if he/she dies before exhaustion of this benefit, provided this is allowable with the insurance carrier, but if it is not allowable, one hundred percent (100%) of the balance remaining unspent shall be paid in cash to said spouse or to his/her estate.
(B) To be paid in cash for one hundred percent (100%) of the monetary value of his/her accumulated sick leave up to a maximum of one hundred eighty (180) days, over a three (3) year period. Payment to be made in three (3) equal yearly installments after his/her retirement on or before June 30, of each year.
(C) The provisions of Section 10.05 of this Agreement are not available to all employees hired after June 1, 2001.
Payout Options. Each Payout Option, except for Payout Options -------------- which are exercisable with respect to fewer than 50,000 shares of Common Stock, shall have been cancelled for the cash payment contemplated by Section 2.4. -----------
Payout Options. At the end of a PTO Program year, Employees may choose from three options for unused PTO hours allocated in that year.
(1) The Employee may choose to receive cash payout equal to unused PTO hours times his/her regular rate of pay, including any applicable shift differential. Such a cash payout shall be subject to all applicable payroll taxes. The cash payout will be delivered in the first paycheck in January.
(2) The Employee may choose to have a contribution equal to unused PTO hours times his/her regular rate of pay, including any applicable shift differentials, made into his/her retirement account, provided that the Employee is already making voluntary contributions in the account at the time of the PTO payout. The retirement contribution shall be subject to IRS regulations, limits and FICA taxes.
(3) The Employee may choose to add unused PTO hours to his/her sick leave supplemental bank. Once PTO hours are placed in the sick leave supplemental bank, they may not be used for any future cash payout. Employees who do not notify the Medical Center Human Resources Office of their choice of option by December 1 each year, on a form provided shall be considered to have chosen option one (1) above.
Payout Options