Compensation Option Clause Samples

A Compensation Option clause defines the circumstances and methods by which a party may receive alternative forms of compensation, such as cash, shares, or other benefits, instead of a standard payment. This clause typically outlines the specific events that trigger the option, the process for electing the alternative compensation, and any limitations or conditions that apply. For example, an employee might be allowed to choose between a cash bonus or stock options as part of their remuneration package. The core function of this clause is to provide flexibility in how compensation is delivered, accommodating the preferences of the parties involved and potentially aligning incentives with broader business goals.
Compensation Option. An employee who is absent because of a work-connected disease or injury may elect either of the following options by advising the Superintendent in writing within a reasonable time: Option 1: Utilize the number of sick leave days he/she has accumulated and assign his/her Workers' Compensation checks to the school district, or, Option 2: Accept his/her checks from Workers' Compensation insurance for the period of time eligible and not use his/her accumulated sick leave. In no case will an employee be eligible to receive his/her salary in addition to receiving Workers' Compensation benefits.
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Compensation Option. 1. When a contracted employee acquires eight (8) hours of approved committee meeting time, they may receive $100. 2. When a contracted employee accrues another eight (8) hours of approved committee meeting time, they may receive an additional $100. 3. The maximum compensation shall be $300 for 24 total hours of approved committee meeting time.
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Compensation Option. In consideration for entering into this Agreement, Key Person shall receive special incentive compensation consisting of an option to purchase 2,500,000 shares of the Company's Common Stock, $0.00001 par value per share ("Option Shares"), exercisable at a price of $0.035 per share ("Option"). The Option shall be exercisable as to ten (10%) of the Option Shares immediately, and as to the remaining ninety (90%) of the Option Shares upon the earliest to occur of the following: (i) November 1, 2010; or (ii) the confirmation by the court of a Reorganization Plan filed with the United States Bankruptcy Court in Colorado pursuant to Chapter 11 of the United States Bankruptcy; or (iii) the dismissal from Chapter 11 Bankruptcy with approval of the court; or (iv) an event of a merger, consolidation, sale of assets or other transaction which results in the holders of the Corporation's Common Stock immediately before such transaction owning less than 50% of the stock outstanding immediately before the transaction; or (v) any other form of change of control as more fully defined in Section 4(a) herein; or (vi) a Voluntary Termination for Good Reason, as more fully set forth herein. In connection with the grant of the Option, the Company and Key Person shall enter into a written option agreement in the form attached hereto as Exhibit A.
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Compensation Option. In November of each year, employees may irrevocably elect to be compensated in the following calendar year for all accumulated hours in excess of eight hundred (800) hours at fifty percent (50%) of their regular salary rate;
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Compensation Option. Consultant shall receive the Option in lieu of all other compensation, whether cash or otherwise. Consultant affirmatively acknowledges that he will not receive cash or any other compensation in connection with the services. PTC makes no representation, warranty or covenant with respect to the Option or PTC's common stock. Consultant understands, acknowledges and agrees that he may never realize any value from the Options, which constitute the only compensation payable hereunder, and that any value that he may realize on such Options will be directly tied to performance of PTC's common stock, which performance is not guaranteed or warranted by PTC.
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Compensation Option. 7.1 CLEC may elect to receive compensation from SBC-12STATE for access to CLEC’s data in SBC-12STATE’s LIDB only as set forth in this Section, Section 7, of this Appendix. SBC-12STATE offers the terms of Section 7 as a package and such terms are contingent upon CLEC’s acceptance of market prices for Query access set forth in Sections 7.2.1 through 7.2.4, as applicable. SBC-12STATE will not provide compensation to CLEC for access of CLEC’s data in SBC-12STATE’s LIDB other than via this Compensation Option. 7.2 Until PACIFIC and SBC-SWBT have the technical ability to identify record ownership of all Line Records in LIDB, and until PACIFIC and SBC-SWBT have developed billing processes to provide compensation for access to CLECs data, PACIFIC and CLEC and/or SBC-SWBT and CLEC will mutually agree upon a method of compensation or true-up procedure. The Compensation Option prices for various Queries are set forth below, as applicable:
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Compensation Option. The employee “leaves” under Workers’ Compensation which is retroactive to day one after the seven (7) consecutive calendar day waiting period obligation is met (deductible charged against College). The employee will deal directly with Workers’ Compensation for reimbursement during the disability period. Reimbursement is approximately 67% based on the previous 12 months earnings, and the employee is deactivated from the College payroll during the period of disability.
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Compensation Option. 1. When acontracted employee acquires eight (8) hoursof approvedcommittee meeting time, they may receive $100. 2. Whenacontractedemployeeaccruesanothereight
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Related to Compensation Option

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Employment Option If the State determines that it would be in the State’s best interest to hire an employee of the Contractor, the Contractor will release the selected employee from any non-competition agreements that may be in effect. This release will be at no cost to the State or the employee.

  • Additional Compensation Notwithstanding anything in this Memorandum of Understanding to the contrary when in the judgment of the Board, it becomes necessary or desirable to utilize the services of County employees in capacities other than those for which they are regularly employed, the Board may authorize and, if appropriate, fix an additional rate of compensation for such employees.

  • Director Compensation Petitioner shall not compensate members of the Charter School’s Governing Board in excess of reasonable expenses incurred in connection with actual attendance at board meetings or with performance of duties associated therewith.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.