Layoff Option Clause Samples

Layoff Option. Any nurse may choose to be laid off rather than exercise his/her seniority rights to bump into the position of a less senior nurse without affecting the nurse’s recall rights and/or unemployment claims.
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Layoff Option. In the event the College does not offer to a bargaining unit member a minimum load, the faculty member shall be offered the options of: (a) being laid off without pay in accordance with the layoff- recall provisions of this Agreement; or (b) displacing part-time instructors. The foregoing shall apply only to such classes taught by part-time instructors as are already being offered; the College shall not be required by virtue of this provision to institute any additional such classes.
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Layoff Option. 1. Within five (5) working days following written receipt of notice of the elimination of a position, reduction of schedule, or displacement, the employee shall notify the Office of Human Resources, of her/his choice of layoff or reassignment. The day of notice is not counted as one of the five (5) days. Employees who have been notified and are on duty shall respond in writing to the Office of Human Resources before 5:00 p.m. of the fifth (5th) working day. 2. Employees who are on a leave of absence, vacation, industrial accident leave, or sick leave shall have fifteen (15) calendar days from the date of notice, or until 5:00 p.m. on the day of return to duty, whichever is sooner, to inform the Office of Human Resources of this decision. 3. In all cases the employee shall have at least five (5) working days beyond the date of delivery or attempted delivery of the notice by certified mail. 4. It is the responsibility of the employee to keep the Office of Human Resources informed of how and where the employee may be contacted. 5. Should an employee fail to respond in writing to the Office of Human Resources within the designated time constraints, it shall be presumed the employee has elected layoff.
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Layoff Option. In the event there is not a minimal load for the bargaining unit member in their discipline(s), in there shall be three options: (a) being laid off without pay in accordance with the layoff-recall provisions of this Agreement; or (b) displacing part-time instructors in their respective discipline(s) (if available); or
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Related to Layoff Option

  • Layoff Options Affected employees who have completed their probationary period shall have the following options:

  • Layoff Units ‌ A. A layoff unit is defined as the entity or administrative/organizational unit within each college/district used for determining the available options for employees who are being laid off. B. The layoff unit(s) for each college/district covered by this Agreement are described in Appendix B.

  • ▇▇▇▇▇ of Option The Plan Administrator of the Company hereby grants to the Optionee named in the Notice of Grant attached as Part I of this Agreement (the "Optionee") an option (the "Option") to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per share set forth in the Notice of Grant (the "Exercise Price"), subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 15(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option Agreement, the terms and conditions of the Plan shall prevail. If designated in the Notice of Grant as an Incentive Stock Option ("ISO"), this Option is intended to qualify as an Incentive Stock Option under Section 422 of the Code. However, if this Option is intended to be an Incentive Stock Option, to the extent that it exceeds the $100,000 rule of Code Section 422(d) it shall be treated as a Nonstatutory Stock Option ("NSO").

  • Share Option Plans Each share option granted by the Company under the Company’s share option plan was granted (i) in accordance with the terms of the Company’s share option plan and (ii) with an exercise price at least equal to the fair market value of the Ordinary Shares on the date such share option would be considered granted under GAAP and applicable law. No share option granted under the Company’s share option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, share options prior to, or otherwise knowingly coordinate the grant of share options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

  • Purchase Right Without prejudice to the enforcement of the Senior Secured Parties’ remedies, the Senior Secured Parties agree that following (a) the acceleration of the Senior Obligations in accordance with the terms of the Credit Agreement Loan Documents or (b) the commencement of an Insolvency or Liquidation Proceeding (each, a “Purchase Event”), within thirty (30) days of the Purchase Event, one or more of the Second Priority Debt Parties may request, and the Senior Secured Parties hereby offer the Second Priority Debt Parties the option, to purchase all, but not less than all, of the aggregate amount of outstanding Senior Obligations outstanding at the time of purchase at par, plus any premium that would be applicable upon prepayment of the Senior Obligations and accrued and unpaid interest, fees, and expenses without warranty or representation or recourse (except for representations and warranties required to be made by assigning lenders pursuant to the Assignment and Assumption (as such term is defined in the First Lien Credit Agreement)). If such right is exercised, the parties shall endeavor to close promptly thereafter but in any event within ten (10) Business Days of the request. If one or more of the Second Priority Debt Parties exercise such purchase right, it shall be exercised pursuant to documentation mutually acceptable to each of the Senior Representative and the Second Priority Representative, subject to any consent rights of the Borrowers under the First Lien Credit Agreement or any applicable Senior Debt Document. If none of the Second Priority Debt Parties exercise such right, the Senior Secured Parties shall have no further obligations pursuant to this Section 5.07 for such Purchase Event and may take any further actions in their sole discretion in accordance with the Senior Debt Documents and this Agreement.