Salary Protection Plan Sample Clauses

Salary Protection Plan. The Board of Education will make available to each full-time employee a Salary Protection (Long Term Disability) insurance program to enhance the present sick leave provisions with the following conditions:
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Salary Protection Plan. On behalf of all Unit Members, the Employer shall pay premiums for a salary protection plan.
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Salary Protection Plan. You will be eligible for death and disability benefits under the Salary Protection Plan in the event that you experience a disability or die while employed by the Company. The Salary Protection Plan provides for a monthly death benefit payable over no more than a ten year period that is equal to an executive’s monthly base salary at the time of death for the first twelve months and half of the executive’s monthly base salary at the time of death for the next 108 months. The number of monthly benefits after the first twelve months may be reduced based on the executive’s age at death, but to no less than 18 months. The Salary Protection Plan provides for a monthly disability benefit equal to an executive’s monthly base salary at the time of disability for the first twelve months and sixty percent of the executive’s monthly base salary at the time of disability until the executive attains age 65. The number of monthly benefits after the first twelve months may be reduced based on the executive’s age at disability. Disability benefits also are reduced by the amount of benefits payable to the executive under the Company’s long-term disability plan, social security disability benefits and, upon attainment of age 62, the amount of any retirement benefits provided under a Company retirement plan. You must meet all of the terms and conditions of the Salary Protection Plan to be eligible for these benefits. Change in Control Agreement You will be eligible for severance benefits under the Change in Control Agreement in the event that there is a change in control of the Company and either you resign for good reason or your employment is terminated involuntarily for reasons other than cause as defined in the Change in Control Agreement. At your current level, the Change in Control Agreement provides for a single lump sum payment equal to three times the sum of your annual base salary plus your target bonus as of your employment termination date as well as payment of a pro-rated bonus for the fiscal year in which your employment termination date occurs. In addition to these cash payments, you would be eligible for continuation of medical, dental and vision benefits at the rate you would pay as an active employee for up to twenty four (24) months after your employment termination date. You must meet all of the terms and conditions of the Change in Control Agreement to be eligible for these benefits. Executive Physical You will be eligible for an annual physical performed...
Sample 1

Related to Salary Protection Plan

  • Salary Protection A regular employee who fills a regular vacancy or displaces a regular employee at a lower classification shall receive salary protection in accordance with Article 27.7.

  • Income Protection Plan 7.2.1 (a) All employees w ho are unable to perform their duties due to an illness or injury, other than one for w hich Workplace Safety and Insurance benefits are payable, shall be entitled to income protection in accordance w ith the follow ing schedule: Length of Service Full Salary 2/3' s Salary (Weeks) (Weeks) 3 months but less than 6 months 1 1 6 months but less than 12 months1 16 1 year but less than 2 years 2 15 2 years but less than 3 years 3 14 3 years but less than 4 years 4 13 4 years but less than 5 years 5 12 5 years but less than 6 years 7 10 6 years but less than 7 years 9 8 7 years but less than 8 years 11 6 8 years but less than 9 years 13 4 9 years but less than 10 years 15 2

  • – DISABILITY INCOME PROTECTION PLAN 14.01 Income protection is payable when a full-time employee is absent from work due to legitimate personal illness or injury which is not compensable under the Workplace Safety and Insurance Act. It is understood that payment of income protection is for the sole and only purpose of protecting employees against the loss of income during time of such illness. Seniority and service will accrue and the Employer shall continue to pay its share of the premium for the benefit plans during the period of the income protection noted in this provision.

  • Salary Progression 1. For the purposes of determining annual progression from one step to the next, each teacher’s performance will be assessed annually against the appropriate professional standards.

  • Rights Protection Mechanisms and Abuse Mitigation ­‐ Registry Operator commits to implementing and performing the following protections for the TLD:

  • Compensation Program Amendments Each of the Company’s compensation, bonus, incentive and other benefit plans, arrangements and agreements (including golden parachute, severance and employment agreements) (collectively, “Benefit Plans”) with respect to you is hereby amended to the extent necessary to give effect to provisions (1) and (2). For reference, certain affected Benefit Plans are set forth in Appendix A to this letter. In addition, the Company is required to review its Benefit Plans to ensure that they do not encourage senior executive officers to take unnecessary and excessive risks that threaten the value of the Company. To the extent any such review requires revisions to any Benefit Plan with respect to you, you and the Company agree to negotiate such changes promptly and in good faith.

  • Salary Provisions A. Employees shall be compensated in accordance with the provisions of this Agreement for all hours worked.

  • Compensation Recovery Policy Executive acknowledges and agrees that, to the extent the Company adopts any claw-back or similar policy pursuant to the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act or otherwise, and any rules and regulations promulgated thereunder, he or she shall take all action necessary or appropriate to comply with such policy (including, without limitation, entering into any further agreements, amendments or policies necessary or appropriate to implement and/or enforce such policy with respect to past, present and future compensation, as appropriate).

  • Salary Sacrifice to Superannuation (a) An employee can elect to sacrifice a portion of salary to superannuation. Such election must be made prior to the commencement of the period of service to which the earnings relate and be in accordance with relevant legislation.

  • Compensation Plans Following any termination of the Executive's employment, the Company shall pay the Executive all unpaid amounts, if any, to which the Executive is entitled as of the Date of Termination under any compensation plan or program of the Company, at the time such payments are due.

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