Early Pay Out. Faculty, if interested, must elect early pay out of base salary no later than the 1st day of the Fall term. Base salary will be annualized over 20 pay periods and all deductions, both involuntary and voluntary, will be adjusted accordingly.
Early Pay Out. If at any time on or before the twentieth (20`h) anniversary of the date of this Agreement, the Bank ceases to be Adequately Capitalized, the Bank shall immediately pay to Executive the present value of all of the first twenty (20) annual payments then remaining to be made to Executive hereunder, the amount of each such payment being determined in accordance with Participant Plan Summary attached hereto. Such present value shall be calculated at a discount rate equal to the weekly average yield on United States Treasury securities, adjusted to a constant maturity of one (1) year, as made available by the Federal Reserve Bank as of the immediately preceding September 30th, plus one hundred twenty (120) basis points. Upon such payment, this Agreement and the payment obligations of the Bank hereunder shall thereupon be deemed fully satisfied and terminated. Should the Bank cease to be Adequately Capitalized after the twentieth (20`h) anniversary of the date of this Agreement, then any remaining payments to be made to Executive shall be made in accordance with the original schedule for such payments set forth herein.
Early Pay Out. Instructors will be paid on a bi-weekly pay schedule each contract year with the following exception, upon completion of the class assignment and APRP, the instructor may elect to receive the remainder of their pay with approval of the Supervising Xxxx. Payment will be on the pay date following notification to Human Resources.
