Compensation Reduction definition
Examples of Compensation Reduction in a sentence
The Employer shall make Before-Tax Contributions for each payroll period in an amount equal to the amount by which a Participant's Compensation has been reduced with respect to such period under his Compensation Reduction Agreement.
Executive understands and agrees that by executing this Amendment, Executive will be surrendering and forfeiting more RSUs than previously agreed pursuant to the Compensation Reduction Agreement.
The action may include the modification of Participants’ Compensation Reduction elections, with or without the consent of the Participants.
Effective as of the Effective Date, the Existing Agreement (but not the Existing Compensation Reduction Agreement) shall automatically terminate and no longer be of any force or effect, and neither party shall have any rights or obligations thereunder; provided, however, that the provisions of the Existing Agreement relating to the provision of Flight Benefits shall survive through December 31, 2007.
The Existing Compensation Reduction Agreement shall continue to apply after the Effective Date.
Notwithstanding Section 2 of the Compensation Reduction Agreement, Executive hereby agrees to surrender and forfeit all RSUs subject to the RSU Award for the Performance Period of April 1, 2004 to June 30, 2005 in lieu of the RSU surrender set forth in Section 2 of the Compensation Reduction Agreement.
Notwithstanding anything in this Section 5(e) to the contrary, this Section 5(e) shall only be applicable if the Executive provides notice to the Company of the Compensation Reduction within 30 days following the initial existence of the condition claimed by the Executive to be a Compensation Reduction, the Company fails to cure such condition, and the Executive, in fact, terminates employment with the Company within 90 days of the initial existence of such condition.
Such form shall include, but not be limited to, a Compensation Reduction Agreement, a designation of Beneficiary, and an investment direction as described in Section 6.1. By completing and filing such form, the Eligible Employee authorizes the Employer to make the applicable payroll deductions from Compensation, commencing on the first applicable payday coincident with or next following the effective date of the Eligible Employee's election to participate.
Deferred Salary Contributions and/or ▇▇▇▇ Contributions for an Employee shall be made at the end of each Contribution Period as specified in the Compensation Reduction Agreement.
Employees will sign a Compensation Reduction Agreement annually as part of open enrollment to qualify for pre-tax payments of health premiums above the Board-paid amount.