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BOARD OF TRUSTEES RESOLUTION TO AWARD MERIT INCREASES ON A BASIS WHICH ACCOUNTS FOR PAST PERFORMANCE RATINGS NOT PREVIOUSLY RECOGNIZED BY A MERIT INCREASE WHEREAS, it is the policy of the University to recognize and promote excellence in employee work performance through the annual granting of merit salary increases; and WHEREAS, the University has not been able to award merit increases to employees for several years because of the unavailability of funds; and WHEREAS, it is both desirable and equitable to take into account the past meritorious performance of employees when future funds become available to award merit increases; and WHEREAS, the articulation of this policy by the University's Board of Trustees is not intended to guarantee future merit increases to employees in the absence of funds to pay for such increases, but is intended to make it possible for an employee to receive future credit for past meritorious performance for which no increase was awarded. NOW THEREFORE BE IT RESOLVED AS FOLLOWS: 1. That the Board of Trustees of the University hereby approves, reaffirms and adopts the following policy on merit increases: (a) It is the policy of the University to include in its annual budget submission to the Legislature a request for funds to cover the cost of merit increases to UVI employees. (b) It also is the policy of the University to award merit increases annually to deserving employees to the extent that funds are available for that purpose. (c) Subject to the availability of funds, the University will award annually a merit increase of 4.5% to any employee whose overall performance is rated as "excellent" for the year, a merit increase of 3% to any employee whose overall performance is rated as "very good" for the year, and a merit increase of 1.5% to any employee whose overall performance is rated as "good/satisfactory" for the year. (d) Whenever, due to the unavailability of funds, the University is unable to award merit increases in a given year, in any subsequent year in which merit increases are awarded, such increase shall be awarded to employees on a pro rata basis taking into account any past performance ratings for which no merit increases was awarded. 2. That the University is obliged to pursue a policy of fiscal responsibility by making merit increases to employees subject to the availability of funds and, in this context, the foregoing policy and the percentage awards specified in the policy are adopted, not as a guarantee for the payment of future increases, but as a good faith statement of intent on the part of the institution to pursue the policy as a goal. 3. This Resolution shall take effect immediately upon its adoption. CERTIFICATION The undersigned does hereby certify that the foregoing is a true and exact copy of a resolution of the Board of Trustees of the University of the Virgin Islands adopted at its meeting on Saturday, June 14, 1997, as recorded in the minutes of said meeting. Secretary of the Board