Service Bonuses Sample Clauses

Service Bonuses. Following approval of an eligible teacher’s retirement notification application by the Board, the retiring teacher shall receive a service bonus as follows for each year of teaching service to District 202 providing that the retiring teacher does not participate in any TRS retirement plan which requires a Board payment or contribution: 12 through 14 years of service - $450 per year 15 through 19 years of service - $550 per year 20 through 24 years of service - $650 per year 25 or more years of service - $800 per year To receive the service bonus, in addition to the service requirement, the retiring teacher must provide to the District a copy of his/her customized benefit statement prepared by TRS that reflects that the teacher is not participating in any other TRS retirement plan which requires a Board payment or contribution. Service bonuses will be distributed on the last pay period in the year of retirement providing that the service bonus does not cause the retiring teacher’s annual increase in creditable earnings to exceed six percent (6%) for that year over the prior year. Any amount of the service bonus that causes the creditable earnings to exceed the six percent (6%) increase for that year over the prior year shall not be paid as creditable earnings but will be paid as a post- retirement severance payment in a lump sum within thirty (30) days after the date of the last regular paycheck of the year in which the teacher retires. A teacher may elect to have a service bonus distributed in two (2) equal installments, one (1) during each of the last two (2) years prior to retirement on the last pay period of each year, providing that a copy of his/her customized benefit statement prepared by TRS is submitted to the District at least three months prior to retirement that reflects that the service bonus does not cause the retiring teacher’s annual increase in creditable earnings to exceed six percent (6%) for that year over the prior year. Any amount of the service bonus that causes the creditable earnings to exceed the six percent (6%) increase for that year over the prior year shall not be paid as creditable earnings but will be paid as a post-retirement severance payment in a lump sum within thirty (30) days after the date of the last regular paycheck of the year in which the teacher retires. In the event that TRS cannot supply the customized benefit statement at least three months prior to retirement, a teacher shall document proof of trying to secure...
Sample 1
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Service Bonuses. Subject to your continued employment with the Company, as provided below (i) through June 30, 2012, you shall be paid a supplemental bonus in the amount of $1,101,475; (ii) through June 29, 2013, you shall be paid a supplemental bonus in the amount of $1,101,475; (iii) through June 28, 2014, you shall be paid a supplemental bonus in the amount of $3,202,950. Such amounts shall be paid within 45 days following each of the specified dates. Notwithstanding the above, if your employment with the Company is terminated by the Company without Cause or you resign your employment for Good Reason (including, without limitation, separation from employment due to a Change in Control) prior to June 28, 2014, the Company shall pay you the full amount of each Service Bonus set forth in this paragraph (to the extent not already paid) at the time such bonus would have been paid.
Sample 1

Related to Service Bonuses

  • Performance Bonuses The Executive will be eligible to receive an annual cash bonus at an annualized rate of up to 40% of his base salary, based on the achievement of reasonable individual and Company performance targets to be established by the Company and Parent.

  • Annual Bonuses For each fiscal year during the term of employment, the Executive shall be eligible to receive a bonus in the amount, if any, as may be determined from time to time by the Board in its discretion.

  • Cash Bonuses (i) Employee shall be entitled to continue to participate in the Company’s Cash Bonus Plan as set forth on Schedule 1 for the period from January 1, 2011 through December 31, 2011 and from January 1, 2012 through December 31, 2012. Employee’s participation in such Plan will be pursuant to the terms and conditions thereof. The performance standards applicable to such cash bonus will be consistent with those applicable to other employees at Employee’s level, taking into account Employee’s position and duties.

  • Bonuses Executive shall be entitled to participate in discretionary bonuses or other incentive compensation programs that the Company and the Bank may award from time to time to senior management employees pursuant to bonus plans or otherwise.

  • Incentive Bonuses The Employee shall be eligible to be considered for an annual incentive bonus with a target amount equal to 50% of his Base Compensation. Such bonus (if any) shall be awarded based on objective or subjective criteria established in advance by the Company's Board of Directors (the "Board") or its Compensation Committee. The determinations of the Board or such Committee with respect to such bonus shall be final and binding.

  • Annual Bonus Compensation In addition to your Salary, during the Employment Term you shall be eligible to earn an annual bonus for each whole or partial calendar year during the Employment Term, determined and payable as follows (the “Bonus”):

  • Retention Bonuses Provided Executive becomes and remains an active employee of Mercantile, Mercantile will pay Executive retention bonuses in accordance with the following schedule:

  • Compensation of Employees Compensate its employees for services rendered at an hourly rate at least equal to the minimum hourly rate prescribed by any applicable federal or state law or regulation.

  • Performance Bonus If Employee's employment is terminated by Employee with cause, or by Bank without cause, Employee shall be paid, in addition to the amounts payable under Sections 3.5 and 3.6 of the Agreement: (i) all non-forfeitable deferred compensation, if any; and (ii) unpaid performance bonus payments, if any, payable under Section 4.2 of the Agreement, which shall be declared earned and payable based upon performance up to, and shall be pro-rated as of, the date of termination. Employee shall not be entitled to such unpaid performance bonus payments if Employee's employment is terminated by Bank with cause, or by Employee without cause.

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