20-297D 20-297D . . . Compensation Program for Officers and Certain Key Management Personnel which is administered by Chief Executive Officer with approval of Compensation Committee. Participants receive variable compensation tied directly to achievement of key corporate-wide objectives. Participants fall within either Band A, Band B, or Band C depending on nature of their positions and their impact on corporation. Opportunities for variable compensation awards vary depending upon which "Band" participant falls into. Awards can range from 12.5% to 75% of base salaries. Plan provides that awards will not be paid unless earnings, after subtracting variable compensation, are greater than dividends paid in year for which variable compensation is to be awarded. Awards are paid in cash, stock grants and restricted stock (no transferability during first five years after grant and forfeiture of stock upon termination of employment, except for retirement, death or disability, during first years after grant)
Alabama Compensation Program for Officers and Certain Key Management Personnel with attachments
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For injuries occurring on and after July 1, 2023, the maximum workers' compensation payable will be $1,084.00 per week, and the minimum compensation will be $298.00 per week.
If you're temporarily unable to work, you may be eligible for temporary total disability (TTD) benefits. TTD payments are two-thirds of your average weekly wages (subject to an ever-changing statutory maximum). There is no maximum number of weeks that TTD may be paid.
How to File a Workers' Compensation Claim in Alabama 5 critical steps to take following a workplace injury. Step 1: Notify your employer. Step 2: Seek medical attention. Step 3: Make certain your employer files the necessary form. Step 4: Wait to receive a decision from the insurance company.
Alabama state law counts part-time workers, corporate officers and members of an LLC as employees. Some employees who don't need workers' comp coverage include: Domestic employees working in private homes. Farm workers.
Although you are generally prohibited from suing your employer or a co-worker for an on-the-job injury, Alabama law allows you to bring an action against a co-worker when the co-worker's ?willful conduct? caused the injury.
Any business that has five (5) or more employees, other than contractors, is required by law to have workers' compensation coverage. The term employee includes all full or part-time employees, officers of a corporation or members of an LLC.
Alabama state laws allows LLC members, corporate officers, sole-proprietors, and partners to exclude themselves from workers' compensation coverage. Owners may elect to be exempt from insurance coverage by filing a written certification of their election with the state and the insurance carrier providing coverage.
The purpose of the Workers' Compensation Law is to provide prompt and necessary medical treatment, and wage replacement for workers who are injured or killed from an accident arising out of and in the course of their employment.