Monthly Pay Rate definition

Monthly Pay Rate means one twelfth of the greater of (i) the Participant’s annual salary rate in effect on the date of termination, or (ii) the Participant’s actual regular salary paid for the twelve months immediately preceding his or her date of termination of employment for all services rendered to the Company.
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Monthly Pay Rate means one twelfth of the participant’s actual regular salary paid for the twelve months immediately preceding his or her date of termination of employment for all services as an employee rendered to the Company.
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Monthly Pay Rate means one-twelfth (1/12th) of the sum of the Participant's actual regular salary and bonus paid for the twelve months immediately preceding his or her date of termination of employment for all services rendered to the Company. For Participants who are listed on Schedule 1, "Monthly Pay Rate" shall mean one-twelfth (1/12th) of the "Stay Pay Amount" shown on that Schedule, as the same may be adjusted for future changes in salary.
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Examples of Monthly Pay Rate in a sentence

  • Each participant whose employment with the Company is terminated by the Company without Cause or by the participant for Good Reason prior to payment of the full amount of the participant’s retention bonus award shall be entitled to receive the entire unpaid balance of such bonus, payable at the participant’s Monthly Pay Rate in accordance with the company’s normal payroll practices unless otherwise provided in the participant’s Participation Letter.

  • For example: • February 2019 had 24 workdays o 20 Workdays X 8 Hours a day = 160 Hours o Monthly Pay Rate of $2,600 / 160 Hours = $16.25 Hourly Rate Because February has less hours in the month, your pay rate appears in Workday as more than $15 an hour.

  • Monthly Pay Rate for: (i) Period - 1 _________% (ii) Period - 2 _________% (iii) Period - 3 _________% (iv) Period - 4 _________% (v) Period - 5 _________% (vi) Period - 6 _________% (vii) 6 mo.