Underwriting Compensation Determination and Cap The maximum amounts set forth in clauses (a) and (c) above are considered underwriting compensation pursuant to FINRA Rule 5110. A portion of the amounts payable by Masterworks pursuant to clause (b) above along with any amounts paid or payable by Masterworks or Client or any of their respective affiliates to ((or benefits paid in respect of) any related person of the Co-Managers is generally deemed to be underwriting compensation. Any such amounts shall be allocated to the Offering and other related offerings in a manner deemed to be reasonable and appropriate by each of the Co-Managers, consistent with FINRA rules and regulations to determine underwriting compensation relating to the Offering. To the extent such allocation would be determined to result in maximum underwriting compensation being equal to or in excess of 10% of the aggregate gross offering proceeds, the Parties will adjust the provisions of this Agreement or the Client will adjust the terms of employment of persons affiliated with either of the Co-Managers in such manner as is reasonable and necessary to ensure that aggregate underwriting compensation does not equal or exceed 10% of the aggregate gross offering proceeds. The total amount of all items of compensation from any source payable to underwriters, broker-dealers, or affiliates thereof will not exceed ten percent (10%) of the gross proceeds of the offering.
Committee Determination Any adjustments or other action pursuant to this Section 4 shall be made by the Committee, and the Committee's determination as to what adjustments shall be made or actions taken, and the extent thereof, shall be final and binding.
Final Compensation Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS prior to January 15, 2011, is based on the highest average monthly pay rate during twelve (12) consecutive months of employment. Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS on or after January 15, 2011, is based on the highest average monthly pay rate during thirty-six (36) consecutive months of employment.
Additional Compensation Notwithstanding anything in this Memorandum of Understanding to the contrary when in the judgment of the Board, it becomes necessary or desirable to utilize the services of County employees in capacities other than those for which they are regularly employed, the Board may authorize and, if appropriate, fix an additional rate of compensation for such employees.
PROFESSIONAL COMPENSATION A. The basic salaries of employees covered by this Agreement are set forth in Schedule A which is attached to and incorporated in this Agreement. Teachers shall have the option of receiving their salary in 21 or 26 equal increments and shall elect their option by July 1 for salary disbursements in the succeeding year. The Board agrees to adhere to the salaries set forth in Schedules A, B, & C (except as provided in section D below) and any deviation shall be immediately adjusted upon being brought to the attention of the Board.
B. An Employee shall be placed on the salary schedule step which gives credit for educational preparation and the number of full years of experience as allowed by this paragraph for placement on the salary schedule. All experience credited shall be added together, except as noted below.
1. Experience credit shall be awarded for K-12 teaching experience in either public or non-public schools governed by the provisions of a state teacher certification code. To be credited on the salary schedule for experience, the teacher shall have been a certified teacher during the time of their teaching employment. Experience credit shall not be awarded for practice (student) teaching, day-to- day substitute teaching, private nursery school (day care) teaching, intern teaching (other than in Brighton schools), or graduate assistant or fellowship teaching at colleges or universities whether or not the teacher was certified, or other similar experience. New hire experienced employees may be placed on the salary schedule step of the Board of Education's choosing; however, they shall not be placed on a step that exceeds their total experience. Less than full-time employees shall be notified that they have no rights to a full- time position. Teachers recalled from layoff who have gained additional teaching experience in accordance with the provision contained herein (B.1) shall receive salary increment steps provided they agree in writing to have their yearly salary reduced by the gross dollar amount they received in unemployment compensation while laid off.
2. To the extent allowed by law, employees hired previously shall advance to the next step on the salary schedule on the first day of each school year. To the extent allowed by law, employees newly hired will advance according to the following:
a. Employees hired before November 1 shall advance to the next step, and subsequent steps, on the first day of the next school year.
b. Employees hired after October 31 and before April 1 shall advance to the next step at the beginning of the second semester of the following school year (paid at a rate halfway between the two steps) and subsequent years (unless hired from a similar position in another educational institution and then they shall advance on the first day of the next school year).
c. Employees hired after March 31 shall remain on the same pay step for the next school year only and shall advance to the next pay step and subsequent steps on the first day of the following year unless hired from a similar position in another educational institution and then they shall advance on the first day of the next school year).
3. Shared and/or abbreviated teaching schedules (see Article 11.C) may at times be beneficial both to the Board and the individual employee. Employees placed on abbreviated schedules shall receive one full year experience step.
4. To the extent allowed by law, an employee advancing from one salary track to another will be placed on the advanced salary track as follows (retroactive if new level is completed prior to start of the semester and verification is submitted by the required date): Beginning of the year – Proof is submitted by November 1 First day second semester – Proof is submitted by March 1 5. Criteria for MA+30:
a. No duplication of classes previously taken.
b. Course must be:
1) related to current or future teaching assignments
2) minor or major program 3) transcript from an accredited university
c. Does not have to be a graduate level course. (It is the intent to have teachers show some relevance to current teaching assignments or potential future teacher assignment.)
d. It is recommended that MA+30 program classes be discussed with the Assistant Superintendent for Human Resources.
e. Credits for MA+30 must be earned after the BA/BS.
C. The salary schedule is based upon the regular school year calendar as set forth in Schedule A and the normal teaching assignment as defined in the Agreement. Any teacher who accepts an additional class for the school year over and above the normal teaching load shall receive a prorated increase (e.g. - 1/5 for a five-hour teaching day or 1/6 for a six-hour teaching day) in their annual base teaching salary or fraction thereof. There shall be a prorating of additional salary for additional class assignments when such additional assignments are fulfilled on a regular basis for less than a full year.
D. Employees appointed to extra duty assignments set forth in Schedule B which are attached to and incorporated in this Agreement, shall be compensated in accordance with the provisions of this Agreement without deviation. In the event no qualified bargaining unit member applies for a Schedule B assignment and the board hires a non- bargaining unit applicant, the level of compensation may be equal to or less than the salary established in Schedule B.
E. Schedule C positions are those teaching assignments that involve work responsibilities beyond contract time and are not optional. Additional compensation for such work shall be paid in accordance with Schedule C.
F. Current and active job descriptions for Schedule B and Schedule C positions will be on file with both the Association and the Administration. These job descriptions will also be accessible on their respective websites.
G. Employees required in the course of their work to drive personal automobiles from one school building to another shall receive a reimbursement equal to the current IRS approved mileage rate. The same reimbursement shall be given for use of personal cars for approved field trips or other approved business of the district. Appropriate requests for payment of mileage and other expenses shall be turned in to the principal/director on a monthly basis, but at least once each marking period.
▇. Any employee resigning before the completion of the school year has the professional and legal obligation to reimburse the Board for all over-paid monies.
I. Longevity – Employees having the following years of experience employed with Brighton Area Schools shall receive longevity payments in annual amounts as set forth below. By July 1, employees will elect whether to receive their longevity in their first October paycheck or their TSA (October). If the payroll department is not contacted by July 1, the employee’s longevity stipend will be paid out into their first October paycheck. J. Tuition reimbursement/PD/Conference cost reimbursement for required courses (to maintain certification) will be $85,000 annual pool, to be paid out in accordance with the conditions outlined in the tuition reimbursement form included in Appendix A. After all required course reimbursements are paid out, reimbursements for administratively approved professional development (e.g., flex PD, conferences, etc.) may be submitted and will be paid out in the order they were received, until the annual pool is exhausted. Only conference registration fees will be reimbursed.
