Annual Salary Rate definition

Annual Salary Rate means, with respect to each Plan Year: (i) if the Salary Measurement Date is December 1 of the year preceding such Plan Year, the Salary payable to an Employee during or in respect of the month of December of the year preceding such Plan Year multiplied by twelve (12), or (ii) if the Salary Measurement Date is an Eligibility Date, the Salary payable to an Employee during or in respect of such person’s first full month of Employment multiplied by twelve.

Annual Salary Rate shall, in respect of each member of the bargaining unit, mean the annual salary rate payable to such member of the bargaining unit on July 1, 2017, or on the date of the unit member’s first employment as such (whichever shall be the later), and as it is adjusted from time to time thereafter in accordance with the provisions of this Article. For each FLSA non-exempt unit member, “annual salary rate” shall mean the member’s hourly rate, annualized over a year based on the member’s scheduled hours and annual weeks of service. Except as is provided in the next paragraph, the provisions of this Article V shall be of no application to any person except insofar as such person is a member of the bargaining unit on and/or after the date of execution of this Agreement; for these purposes a person shall not cease to be a member of the bargaining unit merely by reason of the unit member being on a leave of absence, whether with or without pay. In the event that a unit member who shall have been employed as a member of the bargaining unit on or after January 1, 2012, shall have died after said date but prior to the execution of this Agreement, the unit member’s estate shall be entitled to receive all of the salary adjustments for which the unit member would have been eligible in accordance with the provisions of this Article V to and including the date of the unit member’s death. Payments to the estate of such salary adjustments shall be made on a pro rata basis commencing with the effective date of the salary adjustment and ending on the date of death.

Annual Salary Rate means the member’s hourly rate, annualized over a year based on the member’s scheduled hours and annual weeks of service. Except as is provided in the next paragraph, the provisions of this Article V shall be of no application to any person except insofar as such person is a member of the bargaining unit on and/or after the date of execution of this Agreement; for these purposes a person shall not cease to be a member of the bargaining unit merely by reason of the unit member being on a leave of absence, whether with or without pay. In the event that a unit member who shall have been employed as a member of the bargaining unit on or after January 1, 2012, shall have died after said date but prior to the execution of this Agreement, the unit member’s estate shall be entitled to receive all of the salary adjustments for which the unit member would have been eligible in accordance with the provisions of this Article V to and including the date of the unit member’s death. Payments to the estate of such salary adjustments shall be made on a pro rata basis commencing with the effective date of the salary adjustment and ending on the date of death.

Examples of Annual Salary Rate in a sentence

• However, an Officer who is eligible to participate in an incentive compensation plan for a business or service unit under his control may participate in this Plan for that portion of his Annual Salary Rate not included in the calculation of his business or service unit incentive compensation payment.

• Annual Salary Rate for any year means (i) in the case of a Participant who is a management employee, his monthly salary rate as of December 31 of that year (or his last day on the management payroll during that year if earlier) multiplied by 12; or (ii) in the case of a Participant who is a salaried employee, his weekly salary rate as of December 31 of that year (or his last day on the salaried payroll during that year if earlier) multiplied by 52.

• His Annual Salary Rate shall be the rate in effect when he ceased full-time employment.

• The amount payable to a Participant at Salary Grade 24 and above (as of December 31 of that year) shall be determined by multiplying his Annual Salary Rate times the Team Award percentage (determined from Exhibit 1 for non-Officer Participants in Salary Grades 24 and above, and from Exhibit 2 for Officers), for his salary grade as of December 31, times the applicable Corporate Performance Factor, plus the amount of his Individual Award, if any.

• If Executive executes this Agreement on or after March 17, 2017 and makes it effective in accordance with Section 12 of this Agreement, the Executive shall be paid a severance payment equal to the sum of: (a) the Annual Salary Rate, plus (b) 100% of the Target Bonus, for a total payment of $343,750 (collectively, the “Severance Payment”), less applicable withholdings and deductions, paid in a lump sum on the Company’s first regular payroll date after the Release Date (as defined below).

More Definitions of Annual Salary Rate

Annual Salary Rate shall, in respect of each member of the bargaining unit, mean the annual salary rate payable to such member of the bargaining unit on January 1, 2012, or on the date of his/her first employment as such (whichever shall be the later), and as it is adjusted from time to time thereafter in accordance with the provisions of this Article. Except as is provided in the next paragraph, the provisions of this Article V shall be of no application to any person except insofar as such person is a member of the bargaining unit on and/or after the date of execution of this Agreement; for these purposes a person shall not cease to be a member of the bargaining unit merely by reason of his/her being on a leave of absence, whether with or without pay. In the event that a unit member who shall have been employed as a member of the bargaining unit on or after January 1, 2012, shall have died after said date but prior to the execution of this Agreement, his or her estate shall be entitled to receive all of the salary adjustments for which the unit member would have been eligible in accordance with the provisions of this Article V to and including the date of his or her death. Payments to the estate of such salary adjustments shall be made on a pro rata basis commencing with the effective date of the salary adjustment and ending on the date of death.

Annual Salary Rate means the Participant's base salary rate in effect on the earlier of the date of the Participant's Separation from Service, death or Disability.

Annual Salary Rate means the monetary compensation authorized to be paid a position on an annualized basis. The term does not include moneys author- ized for benefits associated with the position.

Annual Salary Rate means the monetary com- pensation authorized to be paid a position on an annualized basis. The term does not include moneys authorized for benefits associated with the position.

Annual Salary Rate or (Rate) means the monetary compensation authorized to be paid a position on an annualized basis.

Annual Salary Rate means the monetary compensation authorized salary estimated to be paid or actually paid a position or positions on an annualized basis. The term does not include moneys authorized for benefits associated with the position. In calculating salary rate, a vacant position shall be calculated at the minimum of the pay grade for that position.

Annual Salary Rate means the Participant's base salary rate in effect on the earlier of (i) or (ii) where (i) is the earlier of the Participant's Separation from Service, date of death, or Disability Date and (ii) is June 30, 2013.