FLAT FEE INCENTIVE PROGRAM Sample Clauses

The Flat Fee Incentive Program clause establishes a fixed payment structure that rewards a party for achieving specific goals or milestones, rather than compensating based on time or materials. In practice, this clause outlines the criteria for earning the incentive, such as completing a project ahead of schedule or meeting certain performance benchmarks, and specifies the flat amount to be paid upon fulfillment. Its core function is to motivate efficient and high-quality performance by providing a clear, predetermined financial reward, thereby aligning the interests of both parties and reducing disputes over compensation.
FLAT FEE INCENTIVE PROGRAM. General Guidelines
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FLAT FEE INCENTIVE PROGRAM. 1. This Flat Fee Incentive Program (FFIP) is limited to Fowlerville Education Association members who are employed by Fowlerville Community Schools and who meet the eligibility requirements set forth below. 2. To be eligible for the FFIP an employee must: A. Be an employee with at least five (5) years of service in this school district. B. Be actively employed by the Fowlerville Community Schools in good standing and cannot be on layoff or on leave .of absence. 3. The employee must submit his/her written notification of intention to resign at the end of the current school year, and a fully executed ▇▇▇▇▇▇ and Release of Claim, a copy of which is attached, to the Superintendent's office by 4:00 p .m., sixty (60) days prior to the effective date of the resignation. 4. The School Board shall not take action to accept the resignation until the next regular School Board meeting. Employees who apply for the FFIP may withdraw their resignation by providing a written notice to the superintendent's office, at any time prior to formal Board approval. If the employee does not withdraw his/her resignation by the date of Board action, such resignation shall become irrevocable. 5. In consideration of the Employee's resignation, the Fowlerville Community Schools Board shall provide the following: Twelve (12) equal monthly payments of the total due will be made on or about the first day of each month beginning on September 1, of the year the employee resigns thereafter until paid in full. These payments are in addition to any other benefits provided under the collective bargaining agreement between the Fowlerville Community schools and the Michigan Education MEA/NEA, Support Personnel Association. 6. It is expressly understood that the payments are subject to applicable state and federal withholding taxes. Therefore, it is strongly recommended that the employee consult with an attorney or other tax advisor to determine the tax consequences. It is further understood that the Fowlerville Community Schools and the Support Personnel Association makes no representations as to the tax consequences or liabilities that may occur as a result of an employee selecting the flat fee incentive program. FLAT FEE INCENTIVE SCHEDULE Secretaries will receive credit for each year of service according to the following schedule: Fowlerville. $436.00 for every year employed as a secretary in another school district. Total Incentive payment shall not exceed $8,400.00 •.‌ Assistants will receive ...
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FLAT FEE INCENTIVE PROGRAM 
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Related to FLAT FEE INCENTIVE PROGRAM

  • Incentive Program Members who are rated as either Level I, Level II or Level III in every phase of the Physical Fitness Test are eligible to participate in the Incentive Program.

  • Attendance Incentive Program In January of the year following any year in which a minimum of sixty (60) days of leave for illness or injury is accrued, and each January thereafter, any eligible employee may exercise an option to receive remuneration for unused leave for illness or injury accumulated in the previous year at a rate equal to one (1) day of monetary compensation of the employee for each four (4) full days of accrued leave for illness or injury in excess of sixty (60) days. Leave for illness or injury for which compensation has been received shall be deducted from accrued leave for illness or injury at the rate of four (4) days for every one (1) day of monetary compensation; provided, however, no employee shall receive compensation under this section for any portion of leave for illness or injury accumulated at a rate in excess of one (1) day per month. At the time of separation from school district employment due to retirement or death an eligible employee or the employee's estate shall receive remuneration at a rate equal to one (1) day of current monetary compensation of the employee for each four (4) full days accrued leave for illness or injury. The provisions of this section shall be administered in accordance with state law and applicable state rules and regulations. Should the legislature revoke any benefits granted under this section, no affected employee shall be entitled thereafter to receive such benefits as matter of contractual right.

  • Long-Term Incentive Program During the Term, the Employee shall participate in all long-term incentive plans and programs of the Group that are applicable to its senior executives in accordance with their terms and in a manner consistent with his position with the Company.

  • Annual Incentive Plan Executive shall be entitled to participate fully in the Company's 1996 Management Incentive Compensation Plan, as amended (the "MICP"), and as may be further amended, modified, or replaced, from time to time, in accordance with the terms and conditions set forth herein and therein.

  • Performance Incentive 4.10.1 If the Seller delivers Coal to the Purchaser in excess of ninety percent (90%) of the ACQ in a particular Year, the Purchaser shall pay the Seller an incentive (“Performance Incentive”/ “PI”), to be determined as follows: PI = P x Additional Deliveries x Multiplier Where: PI = The Performance Incentive payable by the Purchaser to the Seller P = The Base Price of Highest Grade, as shown in Schedule II Additional Deliveries = Quantity [in tonnes] of Coal delivered by the Seller in the relevant Year in excess of 90% of the ACQ. Multiplier shall be 0.15 for Additional Deliveries between 90%-95% of ACQ and 0.30 for Additional Deliveries in excess of 95% of ACQ. 4.10.2 With respect to part of a Year in which the term of this Agreement begins or ends, the relevant quantities in Clause 4.10.1, except the Multiplier, shall apply pro-rata. 4.10.3 Within thirty (30) days of expiry of a Year, the Seller shall submit an invoice to the Purchaser with respect to the PI payable in terms of Clause 4.10.1 and the Purchaser shall pay the amount so due within thirty (30) days of the receipt of the invoice. In the event of non-payment of PI by the due date, the Seller shall have the right to suspend Coal supplies without absolving the Purchaser of its obligations under this Agreement.