Retention and Performance Bonus Sample Clauses

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Retention and Performance Bonus. (40% at Target). In order to encourage and reward retention and longevity, beginning with the fiscal year ending January 3, 2020, Executive will be eligible to receive a bonus (the “Bonus”). To earn and receive the Bonus, Executive must be employed on the date of payment of the Bonus to executives, which will be between January 1 to March 15 in the following calendar year. If Executive remains employed with the Company through the payment date, the Bonus will be calculated based on three target levels: minimum, target and maximum as set forth Section 3(c)(1)-(iii). The bonus for Executive at each level will be comprised of (i) an objective component based on the achievement of Company EBITDA targets (the “Company EBITDA Bonus”) and (ii) a discretionary component based on the achievement of individual performance objectives (the “Individual Performance Rating Criteria”) established by the Chief Executive Officer (the “Rating Bonus”). The term “Executive’s Base Salary” means Executive’s actual Base Salary, exclusive of any other compensation received by Executive regardless of form, in effect as of the date the Bonus is calculated. The term “EBITDA” means the earnings before interest, taxes, depreciation and amortization of the Company on a consolidated basis, calculated in accordance with generally accepted accounting principles utilized in determining the Target EBITDA (as defined below) and applied on a consistent basis. Furthermore, non-operating income, currency translation impact, gains and losses attributable to the disposal of Company and/or its Subsidiaries’ assets, and stock compensation expenses shall be excluded from the calculation of EBITDA in accordance with generally accepted accounting principles. Additionally, from time to time the Compensation Committee, in its sole discretion, may elect to exclude other non-recurring expenses from the calculation of EBITDA. All determinations of EBITDA shall be derived from the Company’s annual audited financial statements and determined by the Compensation Committee, whose determination shall be conclusive and final. Each Bonus under this Section 3(c) shall be paid in cash, in a lump sum, within the same calendar year in which the Company receives its audited financials for such fiscal year.
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Retention and Performance Bonus. After seven continuous years of employment with Rex, the Cadet is eligible to be considered for a Retention and Performance Bonus (RPB). The RPB is conditional on the recommendation of the Rex Nomination and Remuneration Board Committee based on the following criteria: - 7 years of continuous service after Phase 3 - exemplary and loyal service - no significant disciplinary issues - any other criteria that the Committee chooses to rely on The maximum amount of the RPB is the full amount of the Scholarship Loan owing (including all the compounded interests) at the time the eligibility to the RPB is reached. The Cadet can choose to have the RPB paid out over one or several years up to a maximum of 5 years. Where payment over several years is opted, the Retention Bonus will be revised to be equal to the new amounts of the Scholarship Loan taking into account the additional interest rates payable on the Scholarship Loan.
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Retention and Performance Bonus. After seven continuous years of employment with Rex, the Cadet is eligible to be considered for a Retention and Performance Bonus (RPB). The RPB is conditional on the recommendation of the Rex Nomination and Remuneration Board Committee (NRC) based on the following criteria: − 7 years of continuous service after Phase 3; − exemplary and loyal service; − no disciplinary matters on file; − any other criteria that the Committee chooses to rely on. The amount of the RPB is left to the discretion of the NRC but is capped at the full amount of the Scholarship Loan owing (including all the compounded interests) at the time when the RPB is decided. The Cadet can choose to have the RPB disbursed immediately or over a period of up to 5 years for the repayment of the Scholarship Loan. Should the RPB be disbursed over several years, the amount of RPB will be revised to take into account the additional interest rates payable due to the deferment of repayment of the Scholarship Loan.
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Retention and Performance Bonus. On the first pay date following the first full pay period after November 1, 2015 and on the first pay date following the first full pay period of each November thereafter, Employees who are employed on the contract at the time the bonus payment is to be made will receive the following bonus payments: Effective Date Full Time Employees with more than 24 Months of Service on the Contract at time of Bonus Payment Full Time Employees with less than 24 Months of Service on the Contract at time of Bonus Payment 11/1/2015 $1,750.00 $500.00 11/1/2016 $1,750.00 $500.00 11/1/2017 $1,750.00 $500.00 Part Time Employees will receive 1/2 of Full Time Employee amount or prorated portion based on number of hours worked, whichever is greater. The performance measurements for each bonus payment will be negotiated between the Union and the Company and memorialized in a memorandum of agreement. The following provisions will be in effect: A. Any employee beginning their employment after November 1 each year will receive a prorated bonus amount based on the number of months worked during the period. For example, an employee starting on January 1 will be considered to have worked ten twelfths (10/12) of the eligible period and be paid 10/12ths of the eligible payment based on their full or part time status. B. Any part time employee employed during the entire twelve (12) month period will receive half of the full time bonus amount or a prorated amount based on the number of hours worked, whichever is greater.
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Related to Retention and Performance Bonus

  • Payment and Performance Bond Prior to the execution of this Contract, City may require Contractor to post a payment and performance bond (Bond). The Bond shall guarantee Contractor’s faithful performance of this Contract and assure payment to contractors, subcontractors, and to persons furnishing goods and/or services under this Contract.

  • Payment and Performance Bonds A payment bond and performance is required for a public works contract involving expenditure in excess of twenty-five thousand dollars ($25,000) and no work can be commenced prior to both bonds being approved the County. The Contractor shall furnish, at time of signing the Contract, one surety bond which shall protect the laborers and material men and shall be for $60,000, in accordance with Section 9554 of the Civil Code, and one surety bond in the amount of $60,000, guaranteeing the faithful performance of the Contract. If at any time the value of the total task orders is expected to exceed $60,000, the Contractor shall furnish, in a manner acceptable to the County, evidence that the Contractor is bonded to the expected total value of outstanding task orders for both the faithful performance and laborers and material men bonds. Contractor shall not be entitled to, nor shall County authorize, task orders when the total outstanding value of the task orders under this contract exceeds the bond values for which the County is an obligee. Said bonds to be approved by the office of the County Counsel and the County Executive Office of Orange County. Such bonds shall be the forms provided in these specifications and issued and executed by an admitted surety insurer (authorized to transact surety insurance in California). (e.g., if the bonds are issued through a surplus line broker, both the surplus line broker and the insurer with whom he is doing business for purposes of this project must be licensed in California to issue such bonds.) The faithful performance bond shall be issued by a Surety company with a minimum insurance rating of A- (Secure Best’s Rating) and VIII (Financial Size Category) as determined by the most current edition of the Best’s Key Rating Guide/Property-Casualty/United States or ▇▇▇▇▇▇.▇▇▇. The Surety Company must also be authorized to write in California by the Department of the Treasury, and must be listed on the most current edition of the Department of Treasury’s Listing of Approved Securities. If any surety upon any bond furnished in connection with this Contract becomes unacceptable to the County, or if any such surety fails to furnish reports as to his financial condition from time to time as requested by OC Public Works, the Contractor shall promptly furnish such additional security as may be required by OC Public Works or the Board of Supervisors from time to time to protect the interests of the County and of persons supplying labor or materials in the prosecution of the Work contemplated by this Contract. If the County increases the total Contract amount the Contractor is to provide a new bond for the new total Contract amount or a bond for the difference.

  • Continuity of Service and Performance Unless otherwise agreed in writing, the Parties shall continue to provide service and honor all other commitments under this Agreement during the course of a Dispute with respect to all matters not subject to such Dispute.

  • Payment and Performance The Borrower will pay all amounts due under the Loan Documents in accordance with the terms thereof and will observe, perform and comply with every covenant, term and condition expressed or implied in the Loan Documents. The Borrower will cause each other Loan Party to observe, perform and comply with every such term, covenant and condition in any Loan Document.

  • Portfolio Expense and Performance Data The Trust shall provide such data regarding each Portfolio’s expense ratios and investment performance as the Company shall reasonably request, to facilitate the registration and sale of the Variable Contracts. Without limiting the generality of the forgoing, the Trust shall provide the following Portfolio expense and performance data on a timely basis to facilitate the Company’s preparation of its annually updated registration statement for the Variable Contracts (and as otherwise reasonably requested by the Company), but in no event later than 10 calendar days after the close of each Portfolio’s fiscal year: (a) The gross “Annual Portfolio Company Expenses” for each Portfolio calculated in accordance with Item 3 of Form N-1A, before any expense reimbursements or fee waiver arrangements (and in accordance with (i) Instruction 16 to Item 4 of Form N-4, and (ii) Instruction 4(a) to Item 4 of Form N-6); (b) The net “Annual Portfolio Company Expenses” (aka “Total Annual Fund Operating Expenses”) for each Portfolio calculated in accordance with Item 3 of Form N-1A, that include any expense reimbursements or fee waiver arrangements (and in accordance with (i) Instruction 17 to Item 4 of Form N-4, (ii) Instruction 4 to Item 17 of Form N-4, (iii) Instruction 4(b) to Item 4 of Form N-6, and (iv) Instruction 4 to Item 18 of Form N-6), and the period for which the expense reimbursements or fee waiver arrangement is expected to continue and whether it can be terminated by the Portfolio (or Fund); and (c) The “Average Annual Total Returns” for each Portfolio (before taxes) as calculated pursuant to Item 4(b)(2)(iii) of Form N-1A (for the 1, 5, and 10 year periods, and in accordance with (i) Instruction 7 to Item 17 of Form N-4, and (ii) Instruction 7 to Item 18 of Form N-6).