Compensatory Option Sample Clauses

A Compensatory Option clause defines the right of an individual, typically an employee or contractor, to receive options to purchase company stock or other equity as part of their compensation package. This clause outlines the terms under which these options are granted, such as vesting schedules, exercise price, and conditions for exercising the options. Its core practical function is to incentivize performance and align the interests of the recipient with those of the company, while providing a clear framework for how equity compensation is awarded and managed.
Compensatory Option. (a) Subject to applicable Federal law, including federal rules and regulations, employees covered by this Agreement shall have the option of receiving overtime pay or compensatory time off. Compensatory time shall be accrued at the same rate as overtime pay and shall accumulate to a maximum of sixty (60) hours, provided that no employee may earn more than a total of one hundred and twenty (120) hours of compensatory time during any calendar year. Compensatory time off may be utilized in increments of one (1) hour or more, subject to approval by the appropriate Department Head or their designee in order to provide for the effective operation of the department. (b) No more than one hundred and twenty (120) hours of compensatory time may be used in any calendar year. Compensatory time shall be considered “used” when it is cashed out or taken as time off. For purposes of this section, the calendar year shall be considered to be December 1 through November 30.
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Compensatory Option. ‌ Subject to applicable Federal law, rules, and regulations, employees covered by this Agreement shall have the option of receiving overtime pay or compensatory time off. Compensatory time shall be accrued at the same rate as overtime pay and shall accumulate to a maximum of ninety-six (96) hours. Provided, it is expressly understood that the right to schedule compensatory time off is reserved by the Chief of the Fire Department or his/her designee in order to provide for the effective operation of the Department. Compensatory time may not be accrued for overtime that is part of the normal work cycle. (A) The City and Union agree that if a member has more than the ninety-six (96) hour maximum accrual on City record at the time the 2007-2010 contract is initiated, he/she will be allowed to use his/her compensatory time allotment without penalty or mandatory reduction in time. (B) The member will be allowed to reduce his/her compensatory time by departmental and/or contractual rules. (C) Once the member reduces his/her compensatory time under the ninety-six (96) hour ceiling, the member will only be able to earn the maximum of ninety-six (96) hours of compensatory time.
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Compensatory Option. Subject to applicable Federal law, rules, and regulations, employees covered by this Agreement shall have the option of receiving overtime pay or compensatory time off. Compensatory time shall be accrued at the same rate as overtime pay and shall accumulate to a maximum of ninety-six (96) hours. Provided, it is expressly understood that the right to schedule compensatory time off is reserved by the Chief of the Fire Department or the Fire Chief’s designee in order to provide for the effective operation of the Department. Compensatory time may not be accrued for overtime that is part of the normal work cycle.
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Compensatory Option allows employees to accumulate up to sixty hours of compensatory time off before additional overtime must be taken in pay
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Compensatory Option. Subject to Federal law, rules and regulations, employees covered by this Agreement shall have the option of receiving compensatory time off in accordance with this Agreement for all overtime except for billable details, mandatory in-service training and mandatory range. For the purpose of this section, mandatory in-service training is defined as any training that the Chief of Police designates is required for all sworn members of the police department regardless of topic, duration or location. Compensatory time shall be accrued at the same rate as overtime pay and may accumulate up to the maximums listed below. Effective July 1, 2007, compensatory time may accumulate up to a maximum of two hundred one (201) hours, provided that no employee may earn more than a total of two hundred one (201) hours of compensatory time during any calendar year. Those employees who have a balance in excess of 201 hours as of July 1, 2007 may continue to carry their balance, but those employees shall not earn any additional compensatory time until their balance is at, or below two hundred one (201) hours. At the signing of this Agreement or during the first pay period of December in any year an employee shall be permitted to sell back to the City all accrued compensatory . These compensatory hours shall be paid at the rate in effect for that employee at that time. It is expressly understood that the right to schedule compensatory time off is reserved by the Chief of the Police Department or their designee in order to provide for the effective operation of the department. It is also understood that the use of compensatory time is subject to the requirements set forth in section 16.7, Use of Benefit Time.
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Compensatory Option. Subject to Federal law, rules and regulations, employees covered by this Agreement shall have the option of receiving compensatory time off in accordance with this agreement for all overtime except for billable details, mandatory training and mandatory range. For the purpose of this section, mandatory in-service training is defined as any training that the Effective July 1, 2007, compensatory time may accumulate up to a maximum of two hundred (200) hours, provided that no employee may earn more than a total of two hundred (200) hours of compensatory time during any calendar year. Those employees who have a balance in excess of 200 hours as of July 1, 2007 may continue to carry their balance, but those employees shall not earn any additional compensatory time until their balance is at, or below two hundred (200) hours. At the signing of this agreement or during the first pay period of December in any year an employee shall be permitted to sell back to the City all accrued compensatory hours that are in excess of forty (40) hours. These excess compensatory hours shall be paid at the rate in effect for that employee at that time. It is expressly understood that the right to schedule compensatory time off is reserved by the Chief of the Police Department or his/her designee in order to provide for the effective operation of the department.
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Related to Compensatory Option

  • Compensatory Time A Bargaining Unit member may choose to take compensatory time in lieu of overtime compensation if such choice is indicated during the tour of duty in which the overtime is worked. Compensatory time shall be credited to the Bargaining Unit member and accumulated at the rate of one and one-half (1 ½) hours for each overtime hour worked. Each Bargaining Unit member’s compensatory time bank shall be limited in accumulation to a maximum number of two hundred forty (240) hours. Once a Bargaining Unit member has reached the maximum hours of compensatory time as compensation for overtime hours worked, all additional overtime will be paid. The Bargaining Unit member may choose to carry over any balance into the following year. Any balance of compensatory time carried over into the following year shall count towards the two hundred forty (240) hour cap in that year. Compensatory time off must be taken at a time agreeable to the Department and the Bargaining Unit member. Approval for compensatory time off shall not be unreasonably withheld. Compensatory time off should be requested as far in advance as possible but no later than forty eight (48) hours in advance. When Bargaining Unit members request compensatory time off at least 45 calendar days in advance, the employer will, within five (5) working days of the request being made, notify the member whether or not his/her request has been approved. Approval for compensatory time shall not be unreasonably withheld. As soon as the employer notifies the member that his/her request has been approved, and if the employer determines that the shift will be filled, the employer will post the overtime assignment to cover the member’s request. If there are no volunteers to cover this need for overtime, and if the employer determines that the shift will be filled, a mandate to cover the shift will occur no less than seven (7) calendar days in advance of the beginning of the shift that needs to be covered. The employee being mandated will have the lowest number of overtime hours worked and will be notified by a supervisor. In the event the employee being mandated is on an approved leave and cannot be provided seven

  • Share Option Plans Each share option granted by the Company under the Company’s share option plan was granted (i) in accordance with the terms of the Company’s share option plan and (ii) with an exercise price at least equal to the fair market value of the Ordinary Shares on the date such share option would be considered granted under GAAP and applicable law. No share option granted under the Company’s share option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, share options prior to, or otherwise knowingly coordinate the grant of share options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

  • Share Options With respect to the share options (the “Share Options”) granted pursuant to the share-based compensation plans of the Company and its subsidiaries (the “Company Share Plans”), (i) each Share Option intended to qualify as an “incentive stock option” under Section 422 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), so qualifies, (ii) each grant of a Share Option was duly authorized no later than the date on which the grant of such Share Option was by its terms to be effective (the “Grant Date”) by all necessary corporate action, including, as applicable, approval by the board of directors of the Company (or a duly constituted and authorized committee thereof) and any required shareholder approval by the necessary number of votes or written consents, and the award agreement governing such grant (if any) was duly executed and delivered by each party thereto, (iii) each such grant was made in accordance with the terms of the Company Share Plans, the Exchange Act, and all other applicable laws and regulatory rules or requirements, including the rules of the New York Stock Exchange (the “Exchange”), and (iv) each such grant was properly accounted for in accordance with IFRS in the financial statements (including the related notes) of the Company. The Company has not knowingly granted, and there is no and has been no policy or practice of the Company of granting, Share Options prior to, or otherwise coordinating the grant of Share Options with, the release or other public announcement of material information regarding the Company or its subsidiaries or their results of operations or prospects.

  • Compensatory Time Use An employee must use compensatory time prior to using vacation leave, unless this would result in the loss of their vacation leave or the employee is using vacation leave for domestic violence leave. Compensatory time must be used and scheduled in the same manner as vacation leave, as in Article 11, Vacation Leave. Employees may use compensatory time for leave as required by the Domestic Violence Leave Act, RCW 49.76. The Employer may schedule an employee to use their compensatory time with seven (7) calendar days’ notice.

  • Stock-Based Awards The vesting of any stock-based compensation awards which constitute Section 409A Deferred Compensation and are held by the Executive, if the Executive is a Specified Employee, shall be accelerated in accordance with this Agreement to the extent applicable; provided, however, that the payment in settlement of any such awards shall occur on the Delayed Payment Date. Any stock based compensation which vests and becomes payable upon a Change in Control in accordance with Section 8(e)(i) shall not be subject to this Section 22(d).