Salary Deferral. The amount of salary to be deferred in any one (1) year may not exceed thirty-three and one-third percent (33⅓%) of your annual salary. The deferred salary will be held in a separate account for you in a bank or trust company chosen by the University of Guelph. Interest will be credited to your account monthly. The accumulated interest will be paid and reported to you each year during the deferral period. The interest on this account is taxable in the calendar year it is earned, and the amount must be reported by you and your personal income tax return for that year. The amount of interest earned will be reported to you and to Revenue Canada on a T5 form.
Salary Deferral. The Executive may request that the payment of any portion of his base salary and/or bonus for any calendar year be deferred. Such request must be made in writing to Main and the Bank before the beginning of such calendar year and must include the period of deferral requested by the Executive (the "Deferral Period"). If the Board of Directors of Main and of the Bank approve such request, the Executive will be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary and/or bonus plus interest at a compounded rate of 6% per annum. Any salary and/or bonus which is deferred as described herein will be credited to an account on the books of Main and of the Bank established in the name of the Executive. However, this account will not be funded, and neither Main nor the Bank will be deemed to be a trustee for the Executive with respect to any deferred amount. The liabilities of Main and the Bank to the Executive hereunder are those of a debtor pursuant to such contractual obligations as are created by this Agreement. No liabilities of Main and the Bank which arise under this subsection will be deemed to be secured by any pledge or other encumbrance on any property of Main or of the Bank. Main and the Bank will not be required to segregate any funds representing such deferred amounts, and nothing herein will be construed as providing for such segregation.
Salary Deferral. (a) In each year of participation in the Plan preceding the year of leave or portion thereof, an employee shall be paid a reduced percentage of regular salary. The remaining percentage shall be deferred and this accumulated amount plus interest earned shall be paid to the employee during the year of leave or portion thereof.
(b) The salary deferred shall be deposited with the Employer in trust. The Employer shall pay a reasonable rate of interest on such monies having regard to the prevailing interest available to the Employer on a deposit account.
(c) In the year of the leave or portion thereof the Employer shall pay to the employee the total of the deferred income plus all accrued interest in instalments conforming to the regular pay periods.
Salary Deferral. Select one: Pay Cycle: Employee Reduction/Deduction Amount*: (Specify $ amount or % to be payroll deducted from each pay check.)
Salary Deferral. The Company and Executive mutually agree that the Executive shall mutually agree to defer salary up to 75% of annual base compensation of $325,000 based on the working capital needs of the Company. The Parties acknowledge and agree that the Executive will be paid 100% of annual base compensation of $325,000 based on the working capital needs of the Company and as soon as the Company has sufficient working capital to do so. The Parties acknowledge and agree that the Executive will have the option to convert Salary Deferral to restricted common stock based on the working capital of the Company. If the Executive elects to convert Salary Deferral to restricted common stock, the conversion price will be based on the sixty (60) day average closing price of the Company Stock.
Salary Deferral. (a) In each year of participation in the Plan preceding the period of leave, a Teacher shall be paid a reduced percentage of both the regular grid salary and any applicable allowances. The remaining percentage shall be deferred, and this accumulated amount plus interest earned shall be paid to the Teacher during the period of leave.
(b) During the period of the leave, the Employer shall pay to the Teacher the total of the deferred income plus all accrued interest in instalments conforming to the regular pay periods as set forth in Section 10 of this Agreement or in one (1) or two (2) lump sums if requested by the Teacher prior to the commencement of the leave.
Salary Deferral. (i) In each year of membership in the Plan preceding the year of leave, an Employee will be paid a reduced percentage of both the regular grid salary and any applicable allowances, up to a maximum of six (6) years. No more than 33 1/3% of the Employees salary may be deferred in any one calendar year. The remaining percentage will be retained by the Employer and deposited at interest in an individual trust account for the Employee, and all remaining monies will be paid to the Employee in the year of leave.
(ii) The calculation of interest under the terms of this plan shall be done in accordance with the practice of the Financial Institutions with which the Employer deals on a day-to-day basis. The trust account so established shall be at the optimum rate obtainable. The Employee shall have access to the monies in the accrued interest account less any appropriate deductions for income tax purposes.
(iii) While an Employee is enrolled in the Plan and not on leave, any benefit tied to salary level shall be structured according to the salary the Employee would have received had the Employee not been enrolled in the plan.
Salary Deferral. The Executive may request that the payment of any portion of his base salary for any year be deferred. Such request must be made in writing to SBI before the beginning of such calendar year and must include the period of deferral requested by the Executive (the "Deferral Period"). If the Board of Directors of SBI approves such request, the Executive shall be entitled to receive, at the end of the Deferral Period, the deferred portion of his base salary plus interest, which interest shall be computed by reference to an annual interest rate determined each year by the Board of Directors of SBI. Any salary which is deferred as described herein shall be credited to an account on the books of SBI established in the name of the Executive. However, this account shall not be funded, and SBI shall not be deemed to be a trustee for the Executive with respect to any deferred salary. The liabilities of SBI to the Executive hereunder are those of a debtor pursuant to such contractual obligations as are created by this Agreement. No liabilities of SBI which arise under this Section 4(d) shall be deemed to be secured by any pledge or other encumbrance on any property of SBI. SBI shall not be required to segregate any funds representing such deferred salary, and nothing herein shall be construed as providing for such segregation.
Salary Deferral. In each year of participation in the Plan preceding the year of leave or portion thereof, an employee shall be paid a reduced percentage of regular salary. The remaining percentage shall be deferred and this accumulated amount plus interest earned shall be paid to the employee during the year of leave or portion thereof.
Salary Deferral. (a) In each year of Membership in the Plan preceding the year of leave, a Member will be paid a reduced percentage of both the regular grid salary and any applicable allowances. No more than 33-1/3% of the Member’s salary may be deferred in any one
(1) calendar year up to a maximum of six (6) years. The remaining percentage will be retained by the Board and deposited at interest in an individual trust account for the Member, and will be paid to the Member in the year of leave.
(b) The calculation of interest under the terms of this plan shall be done in accordance with the practice of the Financial Institutions with which the Board deals on a day-to-day basis. The trust account so established shall be at the optimum rate obtainable. The Member shall have access to the monies in the accrued interest account less any appropriate deductions for income tax purposes.
(c) While a Member is enrolled in the Plan and not on leave, any benefit tied to salary level shall be structured according to the salary the Member would have received had the Member not been enrolled in the plan.
