Common use of Option One Clause in Contracts

Option One. (i) Annual payments of twenty-five percent (25%) of the employee’s pre-retirement salary until the end of the month of the employee’s 65th birthday; (ii) participation in the University’s benefit plans as per Clause 41.02; and (iii) entitlement, until June 30th following the employee’s 65th birthday, to teach each year one (1) Half-Day Course in the semester of the employee’s choice. Remuneration for each Half-Day Course shall be at the rate of eight percent (8%) of the employee’s pre-retirement annual full-time salary.

Option One. (i) Annual payments of twenty-five percent (25%) of the employee’s pre-pre- retirement salary until the end of the month of the employee’s 65th birthday; (ii) participation in the University’s benefit plans as per Clause 41.02; and (iii) entitlement, until June 30th following the employee’s 65th birthday, to teach each year one (1) Half-Day three (3) credit Course in the semester of the employee’s choice. Remuneration for each Half-Day three (3) credit Course shall be at the rate of eight percent (8%) of the employee’s pre-retirement annual full-time salary.

Option One. (i) Annual payments of twenty-five twenty-­‐five percent (25%) of the employee’s pre-retirement pre-­‐retirement salary until the end of the month of the employee’s 65th birthday; (ii) participation in the University’s benefit plans as per Clause 41.02; and (iii) entitlement, until June 30th following the employee’s 65th birthday, to teach each year one (1) Half-Day Half-­‐Day Course in the semester of the employee’s choice. Remuneration for each Half-Day Half-­‐Day Course shall be at the rate of eight percent (8%) of the employee’s pre-retirement pre-­‐retirement annual full-time full-­‐time salary.