PERFORMANCE LUMP SUM PAY definition

PERFORMANCE LUMP SUM PAY means the compensation received as a one-time payment in recognition of an Employee's merit in lieu of receiving an increase in the Employee's base rate of pay. The Compensation of each Employee that may be taken into account under the Plan for a Plan Year will not exceed $160,000 (as adjusted by the Secretary of the Treasury pursuant to Code paragraph 401(a)(17)).
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PERFORMANCE LUMP SUM PAY means, with respect to an Exempt Employee or a Non-Exempt Employee, the compensation received as remuneration based upon the Employee’s performance when the Employer’s applicable merit pay policy would otherwise preclude a performance based increase.
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PERFORMANCE LUMP SUM PAY means the compensation received as a one-time payment in recognition of an Employee's merit in lieu of receiving an increase in the Employee's base rate of pay.
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Related to PERFORMANCE LUMP SUM PAY

  • Performance Compensation Award means any Award designated by the Committee as a Performance Compensation Award pursuant to Section 11 of the Plan.

  • Lump Sum Payment means a single payment that is not anticipated to continue.

  • Performance Bonus means the performance bonus in respect of each Class payable to the General Partner by the Partnership which will be equal to 20% of the product of: (a) the number of Units of that Class outstanding on the Performance Bonus Date; and (b) the amount by which the Net Asset Value per Unit of that Class on the Performance Bonus Date (prior to giving effect to the Performance Bonus) plus the aggregate value of any distributions per Unit of that Class during the Performance Bonus Term exceeds $28.00.

  • Bonus Compensation shall have the meaning set forth in Section 3(b).

  • Performance Year means the calendar year prior to the year in which an Annual Award is made by the Committee.