Tenure Payment Clause Samples
The Tenure Payment clause defines the schedule and conditions under which payments are made over the duration of a contract or lease. Typically, it outlines the frequency (such as monthly or annually), the amount due at each interval, and any adjustments or penalties for late payments. This clause ensures that both parties have a clear understanding of financial obligations throughout the agreement, thereby reducing the risk of disputes related to payment timing or amounts.
Tenure Payment. Upon granting of tenure, a regular faculty member will receive a one-time payment equal to three percent (3%) of their base pay. The payment will be included in the first payroll cycle of the academic year in which the award of tenure takes effect.
Tenure Payment. Only teachers employed during the 1974-75 school year who were presently tenured or who were tenured the 1975-76 and 1976-77 school year shall receive the sum of $200.00 in addition to the stated salary guide attached hereto as designated "Exhibit A", "Exhibit B" and "Exhibit C".
Tenure Payment. If (A) ▇▇▇▇▇▇▇ remains in the employment of ISG until September 30, 2004 with substantially the same level of responsibility held by ▇▇▇▇▇▇▇ to ISG as of the Effective Date; and (B) the average Nasdaq stock price for Headwaters stock for any calendar quarter between October 1, 2002 and September 30, 2004 is greater than $20 per share (a "Qualifying Quarter Price"), then Headwaters shall pay ▇▇▇▇▇▇▇ the product of (Y) $500,000 multiplied times (Z) the difference between the highest Qualifying Quarter Price and $20 per share. In no event shall the tenure payment exceed $2.5 million. ▇▇▇▇▇▇▇ shall not be entitled to a tenure payment in the event of a Change in Control.
Tenure Payment. If (A) Everest remains in the employment of ISG until September 30, 2004 with substantially the same level of responsibility held by Everest to ISG as of the Effective Date; and (B) the average Nasdaq stock price for Headwaters stock for any calendar quarter between October 1, 2002 and September 30, 2004 is greater than $20 per share (a "Qualifying Quarter Price"), then Headwaters shall pay Everest the product of (Y) $200,000 multiplied times (Z) the difference between the highest Qualifying Quarter Price and $20 per share. In no event shall the tenure payment exceed $1 million. Everest shall not be entitled to a tenure payment in the event of a Change in Control.