Common use of Five Year Plan Clause in Contracts

Five Year Plan. i) in each of the four (4) years of the Plan commencing September 1 next, following approval the teacher shall be paid 80% of the salary and allowance to which he/she is otherwise entitled; ii) the remaining 20% of such salary and allowance shall be allowed to accumulate with interest credited thereon at the rate payable from time to time by a TD Bank 5 Year GIC and compounded annually; iii) the leave of absence shall commence on the September 1 of the 5th year from the commencement of the teacher's participation in the Plan;