Parity Compensation Clause Samples

A Parity Compensation clause ensures that parties to an agreement receive equivalent or fair compensation, typically when there are changes in circumstances or discrepancies in benefits. This clause may require one party to make additional payments or adjustments if the other party receives more favorable terms, such as higher wages, better benefits, or improved contractual conditions. Its core practical function is to maintain fairness and balance between parties, preventing one side from gaining an unintended advantage due to external changes or renegotiations.
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Parity Compensation. If during the duration of this contract the Board of Trustees approves an across-the- board salary increase or lump sum payment in lieu of a salary increase for another bargaining unit or a broad class of non-bargaining unit staff within a fiscal year that is greater than the amount ACF members receive (as outlined in Section 22.04-B), ACF faculty pay will be adjusted so that ACF members receive parity for that fiscal year. This provision does not apply to market salary adjustments, adjustments to increase the compensation of employees who fall within the lower tiers of overall compensation for employees of the College, job reclassifications, departmental reorganizations, or increases provided by individual contracts or grants, or to any other payments to groups or individuals not intended as a general adjustment to salaries or in lieu of a salary increase, such as a one-time payment in recognition of specific services rendered, a payment to resolve a dispute, or a signing bonus paid in connection with ratification of a collective bargaining agreement. This provision also does not apply to individual merit increases or bonuses, unless such merit increases or bonuses become the primary means of adjusting salaries for another bargaining unit or a broad class of non-bargaining unit employees during the duration of this contract. Notwithstanding this section at no time will an ACF be paid above the ACF hourly rate cap.
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Parity Compensation. If during the duration of this contract the Board of Trustees approves an across- the-board salary increase or lump sum payment for another bargaining unit or a broad class of non-bargaining unit staff within a fiscal year that is greater than the amount ACF members receive (as outlined in Section 22.04-B), ACF faculty pay will be adjusted so that ACF members receive parity for that fiscal year. This provision does not apply to market salary adjustments, adjustments to increase the compensation of employees who fall within the lower tiers of overall compensation for employees of the College, job reclassifications, departmental reorganizations, or increases provided by individual contracts or grants. This provision also does not apply to individual merit increases or bonuses, unless such merit increases or bonuses become the primary means of adjusting salaries for another bargaining unit or a broad class of non-bargaining unit employees during the duration of this contract.
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Parity Compensation. If during the duration of this contract, the Board of Trustees approves an across-the-board salary increase or lump sum payment for another bargaining unit or a broad class of non- bargaining unit staff within a fiscal year that is greater than the amount tenure-track faculty members receive (as outlined in Section 23.02), tenure-track faculty pay will be adjusted so that faculty members receive parity for that fiscal year. This provision does not apply to market salary adjustments, adjustments to increase the compensation of employees who fall within the lower tiers of overall compensation for employees of the College, job reclassifications, departmental reorganizations, or increases provided by individual contracts or grants. This provision also does not apply to individual merit increases or bonuses, unless such merit increases or bonuses become the primary means of adjusting salaries for another bargaining unit or a broad class of non-bargaining unit employees during the duration of this contract.
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Parity Compensation. If during the duration of this contract, the Board of Trustees approves an across-the-board salary increase or lump sum payment in lieu of a salary increase for another bargaining unit or a broad class of non-bargaining unit staff within a fiscal year that is greater than the amount tenure-track faculty members receive (as outlined in Section 23.02), tenure-track faculty pay will be adjusted so that faculty members receive parity for that fiscal year. This provision does not apply to market salary adjustments, adjustments to increase the compensation of employees who fall within the lower tiers of overall compensation for employees of the College, job reclassifications, departmental reorganizations, or increases provided by individual contracts or grants, or to any other payments to groups or individuals not intended as a general adjustment to salaries or in lieu of a salary increase, such as a one-time payment in recognition of specific services rendered, a payment to resolve a dispute, or a signing bonus paid in connection with ratification of a collective bargaining agreement. This provision also does not apply to individual merit increases or bonuses, unless such merit increases or bonuses become the primary means of adjusting salaries for another bargaining unit or a broad class of non-bargaining unit employees during the duration of this contract.
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Parity Compensation. If during the duration of this contract, the Board of Trustees approves an across-the-board salary increase or lump sum payment in lieu of a salary increase for another bargaining unit or a broad class of non-bargaining unit staff within a fiscal year that is greater than the amount the members receive as salary or market increase compensation members’ pay will be adjusted so that they receive parity for that fiscal year. This provision does not apply to market salary adjustments, adjustments to increase the compensation of employees who fall within the lower tiers of overall compensation for employees of the College, job reclassifications, departmental reorganizations, or increases provided by individual contracts or grant, or to any other payments to groups or individuals not intended as a general adjustment to salaries or in lieu of a salary increase, such as a one-time payment in recognition of specific services rendered, a payment to resolve a dispute, or a signing bonus paid in connection with ratification of a collective bargaining agreement. This provision also does not apply to individual merit increases or bonuses.
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Parity Compensation. If during the duration of this contract, the Board of Trustees approves an across-the-board salary increase or lump sum payment for another bargaining unit or a broad class of non-bargaining unit staff within a fiscal year that is greater than the amount the members received during the same fiscal year, the members’ pay will be adjusted so that they receive parity for that fiscal year. This parity obligation does not apply to adjustments to starting pay; market salary adjustments; job reclassifications; departmental reorganizations; adjustments to increase the compensation of employees who fall within the lower tiers of overall compensation for employees of the College; increases imposed by external agencies or adjudicators; or increases provided by individual contracts or grants. This provision also does not apply to individual merit increases or bonuses. For open positions, the minimum hiring rates for new hire postings will be adjusted for parity increases applied since the effective renewal date of this contract.
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Parity Compensation. If during the duration of this contract, the Board of Trustees approves an across-the-board salary increase or lump sum payment for another bargaining unit or a broad class of non-bargaining unit staff within a fiscal year that is greater than the amount the members receive - as outlined in Section 1(A) - members’ pay will be adjusted so that they receive parity for that fiscal year. This provision does not apply to market salary adjustments, job reclassifications, departmental reorganizations, or increases provided by individual contracts or grants. This provision also does not apply to individual merit increases or bonuses.
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Parity Compensation. If during the duration of this contract, the Franklin County Board of Commissioners approves (or takes effect by operation of law) an across-the-board wage increase for another bargaining unit under the appointing authority of the Franklin County Board of Commissioners or a new contract for another bargaining unit is approved (or takes effect by operation of law) under the appointing authority of the Franklin County Board of Commissioners or another such agreement is reached through mid-term bargaining with a bargaining unit under the appointing authority of the Franklin County Board of Commissioners as outlined in Sections 1 or 2 of this article or Appendix A, employees’ pay will be adjusted so that they receive parity for that fiscal year and going forward. This provision does not apply to market salary adjustments, adjustments to increase the compensation of employees who fall within the lower tiers of overall compensation for employees of the Franklin County Board of Commissioners, job reclassifications, departmental reorganizations, or increased provided by individual contracts or grants. This provision also does not apply to individual merit increases or bonuses. The provision also does not apply to any bargaining unit not under the appointing authority of the Franklin County Board of Commissioners.
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Related to Parity Compensation

  • Equity Compensation All unvested equity awards, including, but not limited to, stock options, stock appreciation rights and restricted stock awards held by Employee on the Date of Termination shall be deemed vested and exercisable on such Date of Termination as if Employee had been employed for an additional six (6) months following the Date of Termination. Notwithstanding the foregoing, if any option, right or award would, as a result of such accelerated vesting and exercisability no longer qualify for exemption under Section 16 of the Exchange Act, then the deemed acceleration of the vesting of such option, right or award shall apply but such option, right or award shall not become exercisable until the earliest date on which it could become exercisable and also qualify for exemption from Section 16 of the Exchange Act, unless Employee instead timely elects to receive a single lump sum cash payment equal to the value of such option, right or award, in lieu of the equity interest that Employee would otherwise receive but for the lack of an exemption under Section 16 of the Exchange Act. Any repurchase rights held by the Company on stock owned or options exercised by Employee shall be canceled on the Date of Termination. To the extent the acceleration of vesting and exercisability described in this Section 4(b)(ii) does not otherwise violate the requirements of Section 409A of the Code, this Agreement shall serve as an amendment to all of Employee’s outstanding stock options, restricted stock awards, repurchase rights, and stock appreciation rights as of the Date of Termination.

  • Basic Compensation (a) SALARY. Executive will be paid an annual base salary of $115,000.00, subject to adjustment as provided below (the "Salary"), which will be payable in equal periodic installments according to Employer's customary payroll practices, but no less frequently than monthly. The Salary will be reviewed by the Board of Directors not less frequently than annually, and shall be increased on each anniversary of the Effective Date during the term hereof by an amount equal to not less than ten percent (10%) of the prior year's base salary.

  • Special Compensation The Company shall pay to the Executive a lump sum equal to three times the sum of (a) the highest per annum base rate of salary in effect with respect to the Executive during the three-year period immediately prior to the termination of employment plus (b) the Highest Bonus Amount. Such lump sum shall be paid by the Company to the Executive within ten business days after the Executive's termination of employment, unless the provisions of Section 3(e) below apply. The amount of the aggregate lump sum provided by this Section 3(c), whether paid immediately or deferred, shall not be counted as compensation for purposes of any other benefit plan or program applicable to the Executive.

  • Holiday Compensation Compensation for each paid holiday day not taken out is 4.6 % of the current monthly salary and holiday supplement according to 9.4.1 and 9.4.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.