Distributions and Allocations (i) Subject to Section 8.6(c), the Redeeming Partner shall have no right to receive any distributions that are paid after the Specified Redemption Date with respect to any Partnership Units redeemed pursuant to this Section 8.6.
(ii) If any Partnership Interest is redeemed (other than pursuant to Section 8.6(c)) on any day other than the first day of a Fiscal Year, then Profit, Losses, each item thereof and all other items attributable to such Partnership Interest for such Fiscal Year shall be divided and allocated to the Redeeming Partner by taking into account the Redeeming Partner’s ownership of such Partnership Interest during the Fiscal Year in accordance with Section 706(d) of the Code, using the interim closing of the books method (unless the General Partner, in its sole and absolute discretion, elects to adopt a daily, weekly or monthly proration period, in which event Profits, Losses, each item thereof and all other items attributable to such redeemed Partnership Interest for such Fiscal Year shall be prorated based upon the applicable method selected by the General Partner).
PAY AND ALLOWANCES 8.1 The regular rate of pay for each position in the bargaining unit shall remain as provided in the Salary Schedule found in Appendix A of this Agreement.
8.2 All employees in the bargaining unit shall be paid once per month. Checks will normally be delivered on the last working day of the month except if the normal pay date falls on a holiday the paycheck shall be issued on the preceding workday.
8.3 Any payroll error resulting in insufficient payment for an employee shall be corrected and a supplemental check issued not later than five (5) working days after the employee provides notice to the payroll department.
8.4 Any paycheck for an employee which is lost, or not delivered within five (5) days if mailed, shall be replaced as soon as practicable following the employees' notification to the payroll department of the check's disappearance.
8.5 Any employee who receives a change to a higher classification shall be placed on the appropriate range and step of the new classification which will insure at least a five (5) percent increase in pay as a result of the change in classification when step and range allows.
8.6 Any employee in the bargaining unit required to use his/her vehicle on District business shall be reimbursed at the rate approved by IRS per mile for all miles driven on behalf of the District.
8.7 Longevity schedule shall be as follows: 10 years of service, $25.00 monthly; 15 years of service, $35.00 monthly; 20 years of service $45.00 monthly; 25 years of service, $55.00 monthly; and 30 years of service at $65.00 per month shall be paid.
8.8 Employees working normally only on days when school is in session shall have their salaries computed on the number of paid days, including vacation and holidays, and paid in ten (10) equal payments unless otherwise requested by the employee. Days worked in excess shall be compensated at the regular or overtime rate whichever is applicable.
8.9 Any employee in the bargaining unit who, as a result of work assignment, must have meals or lodging away from the District shall be reimbursed for the full cost of the meals or be provided meals by the District. The guidelines for meals and lodging shall be based upon Board Policy #3350 and Regulation 3350.
8.10 The District will pay the agreed upon contribution to PERS for all classified regular employees working 20 hours per week or more.
8.11 Should the cost of the total PERS payment on behalf of covered employees in the classified service exceed 18.00% in any year, covered employees will pay any amount in excess of 18.00% not to exceed a total of 7.0%. Employees hired after July 1, 2011, shall pay the full employee share of PERS (seven percent – 7.0%).
8.12 Designation of 10, 11, and 12 Month Employees: Ten (10) month employees work either 149, 166, 180, 186, 190, 193, or 195 contract workdays. Eleven (11) month employees work either 200 or 205 contract workdays. Twelve (12) month employees work 260 contract workdays.
8.13 In any year where the work year consists of 261 possible workdays for twelve month employees, the work calendar for those employees shall be modified so that there totals only 260 days. One day shall be considered a non-work, non-paid day to be taken with the approval of the immediate supervisor.
8.14 The salary schedule for classified employees shall be increased by two percent (2%) effective July 1, 2018. In addition, an off-schedule bonus in the amount of three percent (3%) will be paid on the adjusted 2018/2019 salary schedule. Payment for the 2018-2019 year will be paid by June 30, 2019. One percent (1.0%) of the above referenced off-schedule bonus is in consideration for two (2) Professional Development Days added to the 2019-2020 work year. All employees will receive two (2) additional workdays at their normal rate of pay. This is clarified below: 12 month employees - 262 paid workdays at their normal rate of pay 11 month employees - 2 additional workdays at their normal rate of pay 10 month employees - 2 additional workdays at their normal rate of pay
8.15 The District shall provide a one percent (1.0%) off-schedule payment each year that the instructional calendar calls for 181 days of student instruction.
8.16 The salary schedule for classified employees shall be increased by three percent (3%) effective July 1, 2021. In addition, a one-time off schedule payment of $2,000 for employees whose contracted hours are 5 hours or more per day. Employees whose contracted hours are less than 5 hours per day shall receive a one-time payment of $1,000.00.
Special Distributions In case the Company shall fix a record date for the making of a distribution to all holders of shares of Common Stock (including any such distribution made in connection with a consolidation or merger in which the Company is the surviving corporation) or evidences of indebtedness or assets (other than dividends and distributions referred to in Sections 4(c) and 4(d) above and other than cash dividends) or of subscription rights, options, warrants, or exchangeable or convertible securities containing the right to subscribe for or purchase shares of any class of equity securities of the Company (excluding those referred to in Section 4(e) above), the Warrant Price to be in effect on and after such record date shall be adjusted by multiplying the Warrant Price in effect immediately prior to such record date by a fraction (i) the numerator of which shall be the fair market value per share of Common Stock on such record date, less the fair value (as determined by the Board of Directors of the Company in good faith as set forth in a duly adopted board resolution certified by the Company's Secretary or Assistant Secretary) of the portion of the assets or evidences of indebtedness so to be distributed or of such subscription rights, options, warrants, or exchangeable or convertible securities applicable to one (1) share of the Common Stock outstanding as of such record date, and (ii) the denominator of which shall be such fair market value per share of Common Stock. Such adjustment shall be made successively whenever such a record date is fixed; and in the event that such distribution is not so made, the Warrant Price shall again be adjusted to be the Warrant Price which would then be in effect if such record date had not been fixed, but such subsequent adjustment shall not affect the number of Warrant Shares issued upon any exercise of this Warrant prior to the date such subsequent adjustment was made.
Profits and Losses Distributions Until the admission of additional Members, the Original Member shall be entitled to all allocations of LLC profits and losses and to allocations of distributions.
Interim Distributions At such times as may be determined by it in its sole discretion, the Trustee shall distribute, or cause to be distributed, to the Beneficiaries, in proportion to the number of Trust Units held by each Beneficiary relating to the Trust, such cash or other property comprising a portion of the Trust Assets as the Trustee may in its sole discretion determine may be distributed without detriment to the conservation and protection of the Trust Assets in the Trust.
Gross Income Allocations In the event any Partner has a deficit balance in its Capital Account at the end of any Partnership taxable period in excess of the sum of (A) the amount such Partner is required to restore pursuant to the provisions of this Agreement and (B) the amount such Partner is deemed obligated to restore pursuant to Treasury Regulation Sections 1.704-2(g) and 1.704-2(i)(5), such Partner shall be specially allocated items of Partnership gross income and gain in the amount of such excess as quickly as possible; provided, that an allocation pursuant to this Section 6.1(d)(v) shall be made only if and to the extent that such Partner would have a deficit balance in its Capital Account as adjusted after all other allocations provided for in this Section 6.1 have been tentatively made as if this Section 6.1(d)(v) were not in this Agreement.
Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement.
8.2 Contributions shall be recorded on a remittance form and remitted to the designated recipient of such contributions on or before the fifteenth (15) day of the month following the month for which contributions are to be made. In the event that any Employer is delinquent in his contributions to the above funds for more than thirty (30) days, the Employer and the Association shall be notified of such delinquency. If after five (5) days from such notice such delinquency has not been paid, the Employer shall pay to the applicable funds, as liquidated damages and not as a penalty, an amount equal to ten percent (10%) of the arrears for the month, or part thereof, in which the Employer is in default. Thereafter, interest shall accumulate at the rate of two percent (2%) per month (24% per year compounded monthly) on any unpaid arrears, including liquidated damages.
8.3 The amounts to be designated as wages and/or Employer contributions to the above funds may be varied from time to time by agreement between the Association and the Union.
8.4 The Board of Trustees of the respective Trust Funds shall have authority to promulgate such agreements, plans and/or rules as may be necessary or desirable for the efficient and successful operation and administration of the said Trust Funds, including provisions for audit security, surety and/or liquidated damages to the extent that such may be necessary for the protection of the beneficiaries of such Trust Funds.
8.5 Any and all agreements, plans or rules established by the Boards of Trustees of the respective Trust Funds shall be appended hereto and shall be deemed to be part of and expressly incorporated herein and the Employer and the Union shall be bound by the terms and provisions thereof.
8.6 All employer contributions due and payable to the above funds, except industry promotion funds, shall be deemed and are considered to be Trust Funds. It is expressly understood that training funds and industry promotion funds are not wages or benefits due to an employee and industry promotion funds are dues for services rendered by the Association.
8.7 The Business Representative of the Local Union may inspect, during regular business hours, the Company's record of time worked by employees and contributions to the plan.
8.8 The Employer shall be responsible for the payment of any government sales taxes applicable to any trust fund contributions payable by the Employer.
Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.
Distributions to Members Section 9.1
