Deferred Pay. Faculty working a ten (10) month academic year may elect to participate in the District’s Twelve Month Deferred Pay Plan. The deadline for election of this option shall be August 1 in any academic year. The additional checks will be paid on June 30 and July 31. The calculation of deferred pay shall not include overload pay. The deferred pay election shall not be revocable until the commencement of the ensuing fiscal year. Enrollment in the deferred pay plan shall continue unless the faculty member provides written notice to the district to discontinue the plan beginning with the next fiscal year.
Deferred Pay. Employee’s balance of deferred pay as of August 31, 2008 shall be satisfied via the issuance of the Company’s convertible secured promissory notes and warrants on the same terms as the Company’s issuance of the same securities to investors on June 10, 2008 and July 21, 2008. The Company and Employee will enter into a Convertible Secured Promissory Note and Warrant Purchase Agreement dated August 31, 2008 to document this transaction.
Deferred Pay. Unit members working on 10- or 11-month calendars are eligible to participate in the Deferred Pay Program. By opting for this service, unit members agree to have a portion of their normal paycheck deferred until
9.4.1.1 Unit members who wish to start and/or stop participation in the Deferred Pay Program during their work year shall submit their request in writing to the Human Resources Department. Unit members who stop their participation during the work year shall not be able to reinstate this service until the beginning of the next fiscal year. (9/06)
Deferred Pay. The change to the payroll calendar under this MOU is not a deferred pay plan. To be paid on the days listed in 2(a) or (b), an individual covered by this MOU must be an employee of CPS on the day(s) identified under 2(a) or (b), subject to the vacation day accrual provisions under Article 43 of the CBA.
