Common use of PROGRAMME ELECTIONS Clause in Contracts

PROGRAMME ELECTIONS. The deferral period over which salary is deferred and accumulated, the amount thereof and the period in which leave is granted and repayment of such deferred salary and interest occurs shall be one of the following programmes: (a) Two (2) years deferral of up to one third (1/3) of annual salary in each year followed by one (1) year of leave; (b) Three (3) years deferral of up to one quarter (1/4) of annual salary in each year followed by one (1) year of leave; (c) Four (4) years deferral of up to one fifth (1/5) of annual salary in each year followed by one (1) year of leave; (d) Five (5) years deferral of up to one sixth (1/6) of annual salary in each year followed by one (1) year of leave. (e) When mutually agreed between the Employer and the employee, a prepaid leave plan may be devised which allows for a deferral period different from those proposed in 4(a) - 4(d) above, provided that the percent and amount of monies being deferred during the deferral period does not exceed the ratio of the period of the leave of absence (measured in months) divided by the total period of participation in the Plan (i.e. the fraction of the leave of absence over the sum of the deferral period and the leave period). (f) No plan devised under section 4(e) shall have a deferral period in excess of seventy-two (72) months or a leave period in excess of twelve (12) months. (g) Following the Employer's approval, the employee and the Employer shall enter into a written agreement which states that the employee waives the right to receive the deferred portion of the salary as defined in accordance with the above. The agreement shall further set out all other terms of the Plan agreed to in accordance with the conditions herein.

PROGRAMME ELECTIONS. The deferral period over which salary is deferred and accumulated, the amount thereof and the period in which leave is granted and repayment of such deferred salary and interest occurs shall be one of the following programmes: (a) Two (2) years deferral of up to one third (1/3) of annual salary in each year followed by one (1) year of leave; (b) Three (3) years deferral of up to one quarter (1/4) of annual salary in each year followed by one (1) year of leave; (c) Four (4) years deferral of up to one fifth (1/5) of annual salary in each year followed by one (1) year of leave; (d) Five (5) years deferral of up to one sixth (1/6) of annual salary in each year followed by one (1) year of leave. (e) When mutually agreed between the Employer Society and the employee, a prepaid leave plan may be devised which allows for a deferral period different from those proposed in 4(a) - 4(d) above, provided that the percent and amount of monies being deferred during the deferral period does not exceed the ratio of the period of the leave of absence (measured in months) divided by the total period of participation in the Plan (i.e. the fraction of the leave of absence over the sum of the deferral period and the leave period). (f) No plan devised under section 4(e) shall have a deferral period in excess of seventy-two (72) months or a leave period in excess of twelve (12) months. (g) Following the EmployerSociety's approval, the employee and the Employer Society shall enter into a written agreement which states that the employee waives the right to receive the deferred portion of the salary as defined in accordance with the above. The agreement shall further set out all other terms of the Plan agreed to in accordance with the conditions herein.

PROGRAMME ELECTIONS. The deferral period over which salary is deferred and accumulated, the amount thereof and the period in which leave is granted and repayment of such deferred salary and interest occurs shall be one of the following programmes: (a) Two (2) years deferral of up to one third (1/3) of annual salary in each year followed by one (1) year of leave; (b) Three (3) years deferral of up to one quarter (1/4) of annual salary in each year followed by one (1) year of leave; (c) Four (4) years deferral of up to one fifth (1/5) of annual salary in each year followed by one (1) year of leave; (d) Five (5) years deferral of up to one sixth (1/6) of annual salary in each year followed by one (1) year of leave. (e) When mutually agreed between betw een the Employer Society and the employee, a prepaid leave plan may be devised which allows for a deferral period different from those proposed in 4(a) - 4(d) above, provided that the percent and amount of monies being deferred during the deferral period does not exceed the ratio of the period of the leave of absence (measured in months) divided by the total period of participation in the Plan (i.e. the fraction of the leave of absence over the sum of the deferral period and the leave period). (f) No plan devised under section 4(e) shall have a deferral period in excess of seventy-two (72) months or a leave period in excess of twelve (12) months. (g) Following the EmployerSociety's approval, the employee and the Employer Society shall enter into a written agreement which states that the employee waives the right to receive the deferred portion of the salary as defined in accordance with the above. The agreement shall further set out all other terms of the Plan agreed to in accordance with the conditions herein.