Compensation and Fringe Benefits (a) The Company shall, during the Term of Employment, pay to the Executive as compensation for the performance of his duties and obligations a salary of $240,000 per annum. This compensation is subject to annual review and adjustment, as appropriate in the judgment of the Company. The compensation payable pursuant to this Section 5(a) shall be payable in equal semi-monthly installments on the last day of each such pay period.
(b) The Executive shall be enrolled and participate in any retirement, group insurance and other fringe benefit plans and arrangements which are applicable to the similarly situated personnel of the Company and in effect from time to time, if the Executive is eligible therefor, in each case in accordance with and subject to the provisions thereof.
Compensation/Benefit Programs During the Term of Employment, the Executive shall be entitled to participate in all medical, dental, hospitalization, accidental death and dismemberment, disability, travel and life insurance plans, and any and all other plans as are presently and hereinafter offered by the Company to its executive personnel, including savings, pension, profit-sharing and deferred compensation plans, subject to the general eligibility and participation provisions set forth in such plans.
Other Compensation and Fringe Benefits In addition to any executive bonus, pension, deferred compensation and stock option plans which the Company may from time to time make available to the employee upon mutual agreement, the Employee shall be entitled to the following:
(a) The standard Company benefits enjoyed by the Company's other top executives.
(b) Payment by the Company of the Employee's initiation and membership dues in all social and/or recreational clubs as deemed necessary and appropriate by the Employee to maintain various business relationships on behalf of the Company; provided, however, that the Company shall not be obligated to pay for any of the Employee's personal purchases and expenses at such club.
(c) Provision by the Company during the Term and any extensions thereof to the Employee and his dependents of medical and other insurance coverage under the Company's Executive Medical Plan.
(d) Provision by the Company of supplemental disability insurance sufficient to provide two-thirds of the Employee's pre-disability minimum base annual salary.
(e) An annual incentive bonus for each calendar year included in this Agreement calculated pursuant to a formula substantially similar to (and the formula of which will not yield a bonus less than) the FY 2001 Incentive Plan adopted by the Compensation Committee of the Company with a target bonus based upon 100% of base annual salary, a copy of which is attached hereto as Exhibit A ("Incentive Bonus"); provided, however, that the Employer's stockholders approve an annual incentive bonus plan containing substantially the terms of the Incentive Bonus prior to its payment in accordance with Section 162(m) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. The annual bonus shall be paid no later than March 15th of the following year and is fully vested at the end of each year in the event of a non-renewal of this Agreement by the Company. Subject to Section 7 below, the annual bonus shall be pro-rated for any partial employment year. The Company shall deduct from all compensation payable under this Agreement to the Employee any taxes or withholdings the Company is required to deduct pursuant to state and federal laws or by mutual agreement between the parties
Higher Duties Allowance (a) An employee who is appointed to perform temporarily all of the duties of a higher classified position and who performs all such duties required to be performed during the appointment will be paid an allowance equal to the difference between their substantive salary and the minimum salary of the higher classified position for all the time during which the employee performs such duties. Where it is specified at the commencement of the higher duties allowance that the employee is to undertake part of the duties of the higher position only, a lesser amount, which will normally be a percentage of the full amount, will be paid.
(b) No allowance will be payable pursuant to subclause 12.1(a) unless the employee performs the duties of the higher classified position for a period in excess of one
(1) week or in excess of two (2) consecutive working days for trades staff.
(c) No allowance will be payable pursuant to subclause 12.1(a) to an employee whose position is designated as a “deputy” or equivalent of a more senior employee, whose normal duties as specified by their job description include deputising for that more senior employee and who is deputising while the senior employee is absent on duty or for periods of leave for up to four (4) weeks.
(d) An employee who has been in receipt of a higher duties allowance for more than one (1) month will be paid such allowance for all paid leave taken during that period.
(e) An employee who has been relieving continuously in a position for a period in excess of 12 months who retires, resigns or is retrenched by the University will receive payment for accrued leave entitlements at the higher rate of pay on termination of employment.
(f) Where an employee in receipt of a higher duties allowance works on a public holiday, the relevant shift loading or overtime rate will be applied to the higher duties allowance for time worked on that day.
Educational Allowance Special Preparation Bonuses Per Month Per Shift (Full-time) (Part-time)
(1) A.C.L.S. Course
(2) Special Courses or Introduction to Nursing Management or 6 months post-graduate O.R. $10.00 0.06 course $15.00 0.09 (3) One year University Diploma $40.00 0.25 (4) Bachelor's Degree $80.00 0.49 (5) Master's Degree $120.00 0.74 These bonuses shall be paid only when, in the judgement of the Hospital, the position of the nurse requires the educational qualifications set out above.