Example ContractsClausesAgreement to Salary Reduction
Agreement to Salary Reduction
Agreement to Salary Reduction contract clause examples

Agreement to Salary Reduction. The application for participation in the Plan shall signify (and shall be deemed to be) the Eligible Employee's agreement that the Deferrals he or she elects shall reduce the amount of salary and other compensation he or she will receive for the Plan Year in the manner and on the schedule prescribed under this Plan.

Availability of Election – An active participant may effect a salary reduction agreement with the employer under which an employer contribution will be made to the plan on behalf of such participant only if he elects to reduce his compensation or to forgo an increase in his compensation. The amount of salary deferral may range from 0% to 50% of compensation.

Availability of Election – An active participant who is eligible to make 401(k) elective deferral contributions shall be eligible to designate all or a portion of his elective deferral contributions to be credited to his Roth elective deferral account. Such designation shall be irrevocable. The amount of Roth elective deferral together with any salary deferral made under Section 3.4 may range as provided under [Section 3.4(b)(1)].

At any time prior to or during a Plan Year, the Company (at its sole discretion) may reduce the maximum rate at which any Member may contribute Salary Deferrals to the Plan for such Plan Year or during the remainder of such Plan Year, or the Company may require that any Member discontinue all Salary Deferrals for the remainder of such Plan Year, for the purpose of meeting the special nondiscrimination rules under the IRC. Any reduction or discontinuance of Salary Deferrals may be applied selectively to individual Members or to particular classes of Members, as the Company may determine. In addition to requiring a prospective reduction or discontinuance of Salary Deferrals, the Company may distribute to any Member such portion of the Salary Deferrals that he already contributed for a Plan Year as it determines is necessary to meet the special nondiscrimination rules under the IRC for such year, as provided in Sections 4.5, 4.9 and 15.3 below.

A reduction in your base salary by more than 10% (unless such reduction is part of a broad-based salary reduction applicable to the Company’s entire senior management team);

Determination of Base Salary. For purposes of this Agreement, in the event there is a reduction in the Employee’s base salary that would constitute a basis for a termination for Good Reason, the base salary used for purposes of calculating the severance payable pursuant to this Section 3 shall be the amount in effect immediately prior to such reduction.

Salary. You will be paid an annual base salary of $400,000 less applicable deductions and withholdings, to be paid each month in accordance with the Company’s payroll practices, as may be in effect from time to time.

Salary. Your base salary will be $8,333.33 per semi-monthly pay period, which equates to $200,000 per year. You will also be eligible for a target bonus of $200,000, to be paid out quarterly, based on the achievement of agreed upon targets, including 30% annual revenue growth. The details of this plan will be finalized through mutual collaboration within your first 90 days of employment. In addition, you will be paid a sign-on bonus of $39,200.00, less deductions required by law. This amount will be subject to recapture should you voluntarily leave the Company prior to the 90-day anniversary of your start date.

Salary. For all services rendered by Executive under this Agreement Employer shall pay Executive a salary at the rate of $1,150,000.00 per year. Executive’s salary shall be payable bi-weekly in accordance with Employer’s usual practice for its officers. Performance reviews shall be conducted every calendar year. Salary increases shall be considered at each year end and shall be awarded at the discretion of the Board of Directors of Employer.

Salary. The Company will pay you a starting salary beginning as of June 1, 2016 at the annual rate of $300,000, payable in accordance with the Company’s standard payroll schedule and subject to tax-related deductions and withholdings. This salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time.

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