Performance Incentive Payment definition

Performance Incentive Payment. The Superintendent shall establish annual performance goals at the commencement of each school year to be submitted to the Committee for their review and approval, pursuant to the terms of this Agreement. The Committee may award a merit bonus based on performance. VACATION CLAUSE
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Performance Incentive Payment means the amount to be paid by the Primary Contractor to the Province in respect of each Performance Period determined in accordance with Section 2.2 [Calculation of Performance Incentive Payments] of Schedule 9 [Performance Mechanism].
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Performance Incentive Payment. The Performance Incentive Payment shall be paid by the EDA directly to the financial institution from which the Company acquired its Gap Financing. The EDA will not pay the Public Contribution to the financial institution unless and until it receives the Access Fee from the Company. The Performance Incentive Payment shall not be provided to the Company directly. The Performance Incentive Payment may only pay principal and interest due upon the Gap Financing and shall not be directed to pay any other fees or charges of any kind. The Performance Incentive Payment will be subject to any restrictions or limitation set forth in the Code Section, but so long as the requirements of the Code Section and the terms of this Agreement are met the Performance Incentive Payments shall continue to be made by the EDA.
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Examples of Performance Incentive Payment in a sentence

  • Employer shall further be obligated to pay Executive any vested, but unpaid, Annual Incentive Payment and/or Annual Performance Incentive Payment.

  • Each Annual Performance Incentive Payment shall vest in three (3) installments, the first installment of which will vest on the last day of the calendar year to which it pertains and the second and third installments of which will vest on the last day of the two (2) successive calendar years immediately following the calendar year to which the Annual Performance Incentive Payment pertains (each a “Vesting Date”), provided that Executive is employed on the Vesting Date.

  • In the event of any such termination for Cause by Employer, Employer shall be obligated to pay Executive (i) the Base Salary due Executive under this Agreement up to Executive’s termination date; and (ii) any vested, but unpaid, Annual Incentive Payment and/or Annual Performance Incentive Payment.

  • In the event of any such termination by Employer, Employer shall be obligated to pay Executive (i) the Base Salary due Executive under this Agreement up to Executive’s termination date; (ii) any vested, but unpaid, Annual Incentive Payment and/or Annual Performance Incentive Payment; (iii) a prorated amount of the Annual Bonus and the Annual Performance Incentive Payment for the calendar year in which the termination occurred; and (iv) Severance as defined below.

  • Each Annual Performance Incentive Payment shall be paid over a three (3) year period beginning on January 30 of the three (3) successive calendar years immediately following the calendar to which the Annual Performance Incentive Payment pertains.

  • All payments of the Annual Performance Incentive Payment shall be less such amounts as are required to be withheld by law.

  • In the event Executive’s employment is terminated by reason of Executive’s death, Employer shall pay to Executive’s estate (i) the Base Salary due Executive under this Agreement up to Executive’s termination date; (ii) any vested, but unpaid, Annual Incentive Payment and/or Annual Performance Incentive Payment; and (iii) a prorated amount of the Annual Bonus and the Annual Performance Incentive Payment for the calendar year in which the termination occurred.

  • In no event shall Employer be obligated to pay Executive the Annual Performance Incentive Payment if minimum performance goals are not met.

  • In the event of a termination of employment by reason of Executive’s disability, Employer shall pay to Executive (i) the Base Salary due Executive under this Agreement up to Executive’s termination date; (ii) any vested, but unpaid, Annual Incentive Payment and/or Annual Performance Incentive Payment; and (iii) a prorated amount of the Annual Bonus and the Annual Performance Incentive Payment for the calendar year in which the termination occurred.

  • In the event of any such termination by Employer without Cause, Employer shall be obligated to pay Executive (i) the Base Salary due Executive under this Agreement up to Executive’s termination date; (ii) any vested, but unpaid, Annual Incentive Payment and/or Annual Performance Incentive Payment; (iii) a prorated amount of the Annual Bonus and the Annual Performance Incentive Payment for the calendar year in which the termination occurred; and (iv) Severance as defined below.