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. 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. (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.
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.
Salary Deferral. Select one: Pay Cycle: New Enrollment Bi-weekly Change Enrollment Monthly Cancel Enrollment Semi-monthly Employee Reduction/Deduction Amount*: (Specify $ amount or % to be payroll deducted from each pay check.) Fidelity pre-tax: $ Fidelity Xxxx post-tax: $ TIAA-CREF pre-tax: $ TIAA-CREF Xxxx post-tax: $ *Amount/Percent listed above will be deducted each payroll and may be changed anytime. Catch-up Contributions: I am age 50 or older and therefore eligible to contribute up to an additional $6,000 to my 457(b) account in 2018. Check if applicable (Elect only one catch-up provision. See Terms and Conditions of Participation for details): I elect the age 50 or over additional catch-up option, not to exceed the IRC Section 457(b) limit. Date of Birth: MM / DD / YY I elect the $ for individuals who are in the last three years prior to normal retirement age.
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.
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. Effective March 4, 2024, Employee agreed to defer 20% of his Base Salary on a prospective basis. The sum of the salary deferrals for each week worked between March 4, 2024 and the Discontinuation Date will be the “Accumulated Deferred Salary” that may be paid to Employee as described below.
Salary Deferral. Based on the working capital needs of the Company, for year 2010, The Company and Executive mutually agree that payment of the Executive’s shall be reduced to $100,000, as a portion of annual base compensation. The balance of Executive’s salary shall accrue and be deferred. All deferred salary shall be payable to Executive as provided for in paragraph 3(n) hereof, The Company and Executive also mutually agree that the portion of annual compensation paid to Executive will be increased, based on gross revenues generated via the efforts of the Executive and / or the board of directors, as follows: If generated gross revenues exceeds $1.5 million, annual salary amount payable to Executive will be $150,000, If generated gross revenues exceeds $2.0 million, annual salary amount payable to Executive will be $175,000, If generated gross revenues exceeds $2.5 million, annual salary amount payable to Executive will be $225,000. 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 one hundred and eighty (180) day average closing price of the Company Stock prior to the conversion and have a base of a minimum conversion price of $0.10 and maximum conversion price of $1.00.
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 Medifast before the beginning of such calendar year and must include the period of deferral requested by the Executive (the "Deferral Period"). If the Board approves 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 Medifast established in the name of the Executive. However, this account will not be funded, and Medifast shall not be deemed to be a trustee for the Executive with respect to any deferred amount. The Executive will be a general unsecured creditor of Medifast for any amount due him under this section. Medifast will not be required to segregate any funds representing such deferred amounts, and nothing herein will be construed as providing for such segregation.
