Bumping Options Clause Samples

A Bumping Options clause defines the right of a party, typically an employer, to reassign or displace employees based on seniority or other criteria during workforce reductions or restructuring. In practice, this means that a more senior employee whose position is eliminated may have the option to "bump" a less senior employee from their job, thereby retaining employment at the expense of the junior employee. This clause helps manage layoffs in a structured and equitable manner, ensuring that decisions are made according to predetermined rules and reducing disputes over job security.
Bumping Options. In the event of a layoff affected nurses, by seniority, shall have the following options to displace other nurses provided the nurse is qualified to perform the duties of the bumped nurse. For purposes of layoff, “qualified” shall mean the ability to independently provide safe, direct patient care and supervision and delegation to other care providers for the standard caseload on the unit, based on the job description, with up to three (3) weeks of retraining.
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Bumping Options. 1. For the purposes of bumping, any vacant position the District intends to fill shall be considered the least senior position in the job classification. 2. The Member whose position is affected as described above in Section 7.1 A, shall have the right to “bump” the least senior Member within the same range of pay (Appendix B) and the same classification in any program in the same Job Group (Appendix C). 3. Should such Member not have sufficient seniority to bump within the same classification, the Member shall have the right to bump the least senior Member in a different classification in the same range of pay (Appendix B) and Job Group (Appendix C). A Member must possess the minimum qualifications for that position. 4. Should such Member not have sufficient seniority or fail to qualify to bump into a different classification within the same range of pay (Appendix B) and Job Group (Appendix C), the Member shall have the right to bump the least senior Member in any classification in a lower range of pay within the same Job Group (Appendix C). 5. If a Member elects to bump, the District will first attempt to place them into the least senior position with equal days and hours in the same salary range equal to their position at the time of layoff. If the Member is placed in such position they will be considered to be made whole and not be eligible for recall. 6. In addition to the layoff and bumping rights listed in Section 7.1 Members shall be given the opportunity at the time of layoff, in the letter to be returned to the District, to designate other specific layoff and bumping elections. The options available to Members in this letter shall be: a. Elect not to bump into a position with more days and hours without forfeiting their right to bump into a position with equal or less annual hours. b. Accept layoff, remain in their reduced position and be placed on the recall list c. If a bumping placement would result in more than a five percent (5%) reduction in overall wage compensation the Member may elect to decline the placement, be laid off and placed on the recall list. d. If a bumping placement would result in the Member being placed outside of a fifty (50) mile radius of their current duty station the Member may elect to decline that position and be placed in the next least senior position within a fifty (50) mile radius of their current duty station. The fifty (50) mile distance shall be measured from the employee’s pre-layoff duty station to the poten...
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Bumping Options. In the event of a layoff, affected nurses by seniority, shall have the following options to displace other nurses, provided the nurse is qualified to perform the duties of the bumped nurse.
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Bumping Options. Displaced Nurses shall have the following options to bump into the positions of the least senior nurses in the facility. For purposes of evaluating a nurse's bumping options, any vacant position(s) shall be considered equivalent to the least senior position(s) in the facility.
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Bumping Options. All employees are to complete and submit to the seniority office a bumping option card directing the seniority administration group to: 1. Maintain their present shift as their seniority permits regardless of labor grade (see Option A on the bumping card). 2. Maintain their highest job code in accordance with their seniority rights regardless of shift (see Option B on the bumping option card). Employees may change their options as their circumstances change, however, the option in effect one (1) work day prior to the start of writing the cutback letter will govern movement on the reduction letter. If an employee does not have an option card on file, the employee will be bumped in accordance with Option B.
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Bumping Options. Each unit member who is subject to layoff or bumping shall be provided with information about their options prior to making a decision in accordance with sections
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Bumping Options. 1. Bump the employee with the least Job Classification Seniority in the same or other job classification in the same unit who has less District Seniority - but only if the employee doing the bumping had previously served in that other job classification for at least one (1) year, successfully completed his/her probationary period 2. If the displaced employee has option (1) above, it must be utilized or the employee will be treated as having resigned as of his/her last day of work. A displaced employee who does not have option (1) available to him/her shall be laid off. 3. An employee who bumps must be able to perform the available work.
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Bumping Options. Each employee who is displaced by position eliminations, reductions, or bumping shall be provided with information about his/her options prior to making a decision. The information shall include:
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Bumping Options. (a) Employees who are laid off or bumped shall choose one of the following options: (1) placement into a vacant position, provided the employee is qualified to do the job; or (2) bump the least senior employee with the equivalent number of hours per week or within 6% less hours per week, in the same classification provided the employee is qualified to do the job of the less senior employee; or (3) bump the least senior employee in the same classification provided the employee is qualified to do the job of the less senior employee; or (4) elect to receive working notice as outlined in Clause 13.7 – Grievance on Layoffs and Recalls. (b) Bumping rights must be exercised within seven calendar days of notification of layoff by providing written notice to the General Manager or designate.
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Related to Bumping Options

  • Pre-Closing Option Provided that the Recipient satisfies the terms and conditions of this Agreement, Recipient may elect to have Funds delivered by the OPWC to the Title Agent prior to Closing, subject to the terms and conditions of this Agreement and the Escrow Agreement. Recipient shall make such election, if at all, by delivering to the OPWC a Disbursement Request Form and Certification in the form of Appendix E to this Agreement (the "Disbursement Request"), which shall identify the Title Agent as payee and shall be delivered after the Recipient's receipt of a Notice to Proceed and not more than sixty (60) days prior to Closing. The OPWC shall then deliver to the Title Agent Funds to be disbursed under this Agreement for the land acquisition, which Funds may be held, together with the Matching Funds, in an account subject to the terms and conditions of the Escrow Agreement. Any interest that accrues thereon shall be used by the Recipient for settlement costs. If the interest paid on such escrow account exceeds the settlement costs to be paid by the Recipient, then such funds shall be applied to the Cost of Project. If all of the conditions to the release of Funds set forth in the Escrow Agreement have been satisfied, the Title Agent shall release the escrowed Funds at Closing and apply the same to the land acquisition costs in accordance herewith and the settlement statement executed and delivered at the Closing. After Closing, the Recipient may request additional disbursements of Funds available under this Agreement relating to the land acquisition, including costs incurred in connection with appraisal of the Land, closing costs, title search, environmental assessments and other eligible costs. Within sixty (60) days of Closing, the Recipient shall deliver to the OPWC, or shall cause the Title Agent to deliver to the OPWC, a copy of the recorded Deed Restrictions and deed, or other instrument appropriate for the interest in the Land, and the executed settlement statement. If the Recipient does not close within thirty (30) days of disbursement, the Recipient must contact the OPWC immediately.

  • Unvested Options Except where prohibited by Applicable Law, each Unvested Option held by a Continuing Employee shall, on the terms and subject to the conditions set forth in this Agreement, be assumed and converted by Acquirer (such Unvested Options assumed hereunder, the “Assumed Options”) in accordance with Section 409A of the Code and Section 424 of the Code, and the attendant Treasury Regulations under such Code sections, and in accordance with Section 5.12. As set forth in Section 5.12, subject to any agreement entered into by such Continuing Employee with Acquirer or the Surviving Corporation, each Assumed Option shall be subject to the same vesting arrangements (including with respect to any acceleration existing as of the date hereto) that were applicable to such Assumed Option immediately prior to or at the Effective Time, except that (i) such Assumed Option shall be exercisable for that number of whole shares of Acquirer Class A Common Stock equal to the product (rounded down to the next whole number of shares of Acquirer Class A Common Stock, with no cash being payable for any fractional share eliminated by such rounding) of the number of shares of Company Common Stock that were issuable upon exercise of such option immediately prior to the Effective Time and the Option Exchange Ratio, (ii) the per share exercise price for the shares of Acquirer Class A Common Stock issuable upon exercise of such Assumed Option shall be equal to the quotient (rounded up to the next whole cent) obtained by dividing the exercise price per share of Company Common Stock at which such option was exercisable immediately prior to the Effective Time by the Option Exchange Ratio and (iii) subject to obtaining any consent required under the Company Option Plan from such Company Optionholder, no Assumed Option may be “early exercised” (i.e., an Assumed Option may be exercised for shares of Acquirer Class A Common Stock only to the extent the Assumed Option is vested at the time of exercise pursuant to the applicable vesting schedule). Acquirer will not assume any Unvested Options held by Persons that do not become Continuing Employees as of the Effective Time, and each such Unvested Option that is not an Assumed Options shall be cancelled for no consideration.

  • Vested Options On the next regularly scheduled payroll date of the Surviving Corporation occurring more than five (5) Business Days but less than twenty (20) Business Days following the Closing Date, the Surviving Corporation shall pay to each holder of a Vested Option (other than with respect to Non-Withholding Options) for whom Acquiror has received a duly executed Option Termination Agreement an amount in cash equal to the number of shares of Common Stock subject to such Vested Option multiplied by an amount equal to the difference between (a) the Per Share Closing Consideration, minus (b) the exercise price per share under such Vested Option, minus (c) such holder’s applicable Percentage of the Escrow Amount in respect of such Vested Option (the “Closing Options Payout Amount”). Following the Effective Time, the Paying Agent shall cause the applicable Closing Options Payout Amount to be paid to each holder of a Vested Option which is a Non-Withholding Option for whom Acquiror has received a duly executed Option Termination Agreement. The Closing Options Payout Amount payable to each holder of a Vested Option shall be set forth opposite such holder’s name on the Payment Schedule (such consideration subject to adjustment as provided herein and any applicable withholding Taxes). In the event of a conflict between the Payment Schedule and the provisions of this Agreement, the Payment Schedule shall control. Notwithstanding anything to the contrary herein or in the Company’s Amended and Restated Certificate of Incorporation (as amended as of the date hereof) (the “Restated Certificate”), Acquiror, Merger Sub, the Surviving Corporation, the Equityholder Representative and the Paying Agent shall be entitled to rely on the Payment Schedule as conclusive evidence of amounts payable to the holders of Vested Options pursuant to this Agreement. Each holder of a Vested Option, subject to receipt of a duly executed Option Termination Agreement, shall be entitled to receive with respect to each Vested Option subject thereto, such holder’s Percentage of the Earnout Payments, as and when such payments are required to be made, which amount shall be paid on the same schedule and on the same terms and conditions as apply to the Stockholders generally.

  • Access Options You may withdraw or transfer funds from your account(s) in any manner we permit (e.g., at an automated teller machine, in person, by mail, Internet access, automatic transfer, or telephone, as applicable). We may return as unpaid any check or draft drawn on a form we do not provide, and you are responsible for any loss we incur handling such a check or draft. We have the right to review and approve any form of power of attorney and may restrict account withdrawals or transfers. We may refuse to honor a power of attorney if our refusal is conducted in accordance with applicable state law.

  • Manner of Exercising Option (a) In order to exercise this option with respect to all or any part of the Option Shares for which this option is at the time exercisable, Optionee (or any other person or persons exercising the option) must take the following actions: (i) To the extent the option is exercised for vested Option Shares, execute and deliver to the Corporation a Notice of Exercise for the Option Shares for which the option is exercised. To the extent this option is exercised for unvested Option Shares, execute and deliver to the Corporation a Purchase Agreement for those unvested Option Shares. (ii) Pay the aggregate Exercise Price for the purchased shares in one or more of the following forms: (A) cash or check made payable to the Corporation, (B) shares of Common Stock held by Optionee (or any other person or persons exercising the option) for the requisite period necessary to avoid a charge to the Corporation's earnings for financial reporting purposes and valued at Fair Market Value on the Exercise Date, or (C) to the extent the option is exercised for vested Option Shares, through a special sale and remittance procedure pursuant to which Optionee (or any other person or persons exercising the option) shall concurrently provide irrevocable instructions (I) to a Corporation-designated brokerage firm to effect the immediate sale of the purchased shares and remit to the Corporation, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate Exercise Price payable for the purchased shares plus all applicable Federal, state and local income and employment taxes required to be withheld by the Corporation by reason of such exercise and (II) to the Corporation to deliver the certificates for the purchased shares directly to such brokerage firm in order to complete the sale. (iii) Furnish to the Corporation appropriate documentation that the person or persons exercising the option (if other than Optionee) have the right to exercise this option. (b) Except to the extent the sale and remittance procedure is utilized in connection with the option exercise, payment of the Exercise Price must accompany the Notice of Exercise (or the Purchase Agreement) delivered to the Corporation in connection with the option exercise. (c) As soon after the Exercise Date as practical, the Corporation shall issue to or on behalf of Optionee (or any other person or persons exercising this option) a certificate for the purchased Option Shares, with the appropriate legends affixed thereto. To the extent any such Option Shares are unvested, the certificates for those Option Shares shall be endorsed with an appropriate legend evidencing the Corporation's repurchase rights and may be held in escrow with the Corporation until such shares vest. (d) In no event may this option be exercised for any fractional shares.