Week of Pay definition
Week of Pay means the amount determined by dividing a Participant’s annual Base Salary by 52.
Week of Pay shall be determined based on the Eligible Employee’s status as a salaried or hourly Employee. If the Eligible Employee is a salaried Employee, Week of Pay shall be the Eligible Employee’s weekly Base Compensation. If the Eligible Employee is an hourly Employee, Week of Pay shall be the Eligible Employee’s hourly Base Compensation multiplied by his/her regularly scheduled number of hours worked per week in effect on the Eligible Employee’s Severance Date. If the Eligible Employee works part-time, his/her Week of Pay is determined on a prorated basis by calculating his/her average number of hours per week actually worked during the prior Year of Service.
Week of Pay means Compensation divided by fifty-two (52). "Compensation" means, as of the date of the notice of termination, the Executive's annual base salary then in effect, plus the targeted cash incentive that the Executive would have been eligible to receive in the year in which the Termination Date occurs. "Years of Service" means the number of years of Service. A partial year will be rounded up to the next year. Payment of accrued vacation at termination does not extend the Executive Employee's Years of Service. Any lump sum payment hereunder is in addition to monies already owed the Executive by the Company and is in consideration for the covenants set forth in this Agreement and the Release hereunder. Any earned but unpaid portion of the Executive's base salary, at his then-effective annual rate, through the Termination Date plus any amounts due to the Executive under the accrued vacation program of the Company due to him through the Termination Date shall be paid to the Executive in the next payroll check regardless of whether the Executive delivers the Release.
Examples of Week of Pay in a sentence
Following receipt by the Company of the Release contemplated by Section 9 hereof and the expiration of any applicable waiting periods, the Company shall pay to the Executive a lump sum single payment, in cash or cash equivalent funds, equal to the Executive's Week of Pay multiplied by one hundred four (104).
Following receipt by the Company of the Release contemplated by Section 9 hereof and the expiration of any applicable waiting periods, the Company shall pay to the Executive a lump sum single payment, in cash or cash equivalent funds, equal to the Executive's Week of Pay multiplied by the greater of (i) fifty-two (52), or (ii) two times his Years of Service.
Notwithstanding the foregoing, a Week of Pay shall in no event be based upon an amount greater than 40 hours of work time.
If the Employee is paid on a biweekly basis, a Week of Pay will be determined based upon the Employee’s last biweekly rate of pay divided by two (2).
If, however, the Employee is paid on a commissioned or partially commissioned basis, a Week of Pay for such Employee shall be the average weekly pay over the lesser of the Employee’s prior twelve (12) months of employment or actual period of employment with the Employer.
More Definitions of Week of Pay
Week of Pay means the quotient of (i) the Eligible Employee’s annual base salary (as reflected in the Company’s records) as of the Date of Termination, divided by (ii) fifty-two (52).
Week of Pay shall be determined based on the Eligible Employee’s status as a salaried or hourly Employee. If the Eligible Employee is a salaried Employee, Week of Pay shall be the Eligible Employee’s weekly Base Compensation. If the Eligible Employee is an hourly Employee, Week of Pay shall be the Eligible Employee’s hourly Base Compensation multiplied by his/her regularly scheduled number of hours worked per week at the highest weekly level in effect during the thirteen (13) months prior to the Eligible Employee’s Severance Date. If the Eligible Employee works part-time, his/her Week of Pay is determined on a prorated basis by calculating his/her average number of hours per week actually worked during the prior Year of Service.
Week of Pay means an Eligible Employee’s annualized base salary as of his or her Termination Date divided by 52. A Week of Pay excludes overtime, bonuses, performance awards, special additions, shift differentials, income from stock options, stock grants, dividend equivalents, benefits-in-kind, allowances, perquisites or other incentives, and any other forms of extra compensation. For commissioned sales positions, a Week of Pay determination will be adjusted to provide for an incentive target amount (determined at the sole discretion of the Plan Administrator).
Week of Pay means your base weekly rate of pay plus applicable shift premium unless the Company decides otherwise, excluding lead pay, overtime, bonuses, commissions, premium pay, employee benefits, expense reimbursements, and similar amounts. If you are paid by the hour, your base weekly rate of pay is your regular hourly rate multiplied by your scheduled straight-time hours per week.
Week of Pay means your base weekly rate of pay, excluding overtime, bonuses, commissions, premium pay, shift differentials, employee benefits, expense reimbursements, and similar amounts. However, amounts withheld from your pay for taxes, employee benefits, or other reasons will be disregarded in calculating pay. If you are paid by the hour, your base weekly rate of pay is your regular hourly rate multiplied by your scheduled hours per week. If you are a part-time employee who is not regularly scheduled to work a specific number of hours per week, your “Week of Pay” will be your average base weekly pay, excluding overtime, bonuses, commissions, premium pay, shift differentials, employee benefits, expense reimbursements, and similar amounts, during the previous calendar year.
Week of Pay means a Level 5 Participant’s weekly rate of Base Pay. However, the fact that amounts are withheld from a Level 5 Participant’s pay for taxes, employee benefits, or other reasons will be disregarded in calculating such Participant’s Week of Pay amount. If a Level 5 Participant is paid by the hour, the Participant’s weekly rate of Base Pay is the Participant’s regular hourly rate multiplied by the Participant’s scheduled hours per week (e.g., thirty (30) hours per week for Full-time Employees). A Level 5 Participant’s base weekly rate of pay shall be determined by the Plan Administrator in its sole discretion.
Week of Pay means the amount equal to (1) your gross base weekly rate of pay or salary (excluding overtime, bonuses, premium pay, shift differentials, auto allowance, employee benefits, expense reimbursements, and similar amounts) at the time of termination, plus (2) the sum of all commissions paid during the year prior to the year of termination, divided by 52. If you are paid by the hour, your gross base weekly rate of pay is your regular hourly rate multiplied by your scheduled hours per week. If you are a salaried employee your gross base weekly rate of pay is your annual salary divided by 52.