Option to Purchase in the Event of Death or Involuntary Transfer Sample Clauses
Option to Purchase in the Event of Death or Involuntary Transfer
Termination of Repurchase Option Sections 2, 3, 4 and 5 of this Agreement shall terminate upon the exercise in full or expiration of the Repurchase Option, whichever occurs first.
Involuntary Transfer a. If employees are being considered for involuntary transfer they shall be consulted prior to a decision. The employee being considered for a transfer can discuss his/her personal desires at that time. At the superintendent’s discretion, teachers with only one year of experience in the current assignment or the district, or teachers assigned to other than regular classrooms, may be exempt from a transfer. An employee receiving notice of a transfer may request a meeting with the superintendent at which meeting the employee is entitled to employee representation. At the request of the employee, a written statement of the reasons for the transfer shall be provided by the superintendent with input from the principal(s). The building administration shall proceed through a process for an involuntary transfer considering the following criteria: 1. Every attempt shall be made to replace staff from within the building first. 2. The building administrator shall meet informally with staff to make an amiable transfer. 3. The building administrator shall request volunteers. 4. The building administrator shall notify the Association if the only option appears to be an involuntary transfer. 5. In cases where no voluntary transfer is found, the employee with the least seniority shall be selected so long as academic program requirements can be met. 6. The building administrator shall work to not cause multiple moves. 7. The administration shall make the final decision. This process is not an attempt to produce movement without cause but to improve education. b. An employee chosen to be transferred (to a new building or a new room within a building) shall have the option to use two (2) days at per diem. These days shall be used on site the week prior to the regular report day for teachers or the week after the last contract day of the current school year, in order to prepare for the new assignment. If approved by the Superintendent, other arrangements for use of the per diem days can be made with the building principal. c. The affected employee who is requested to transfer shall be informed of the time, and be assisted in moving by the District to a new building or a new room within a building. This assistance shall include the movement of professional equipment and instructional supplies. d. The transferred employee shall be offered assistance to meet the employee’s and student’s needs. The assistance may include a mentorship, college courses, workshops, resource materials, collaboration, time to review curriculum and other in- service opportunities. In no case shall the district’s financial obligation exceed five hundred dollars ($500.00). e. Teachers transferred out of their areas of qualifications (majors, minors, or specific certification) shall not be subject to probation/nonrenewal for the first year of such reassignment, if the probation nonrenewal is based solely on deficiencies in knowledge of subject matter.
Option to Purchase Subject to Section 3.5, the Receiver hereby grants to the Assuming Institution an exclusive option for the period of ninety (90) days commencing the day after Bank Closing to purchase any or all owned Bank Premises, including all Furniture, Fixtures and Equipment located on the Bank Premises. The Assuming Institution shall give written notice to the Receiver within the option period of its election to purchase or not to purchase any of the owned Bank Premises. Any purchase of such premises shall be effective as of the date of Bank Closing and such purchase shall be consummated as soon as practicable thereafter, and in no event later than the Settlement Date. If the Assuming Institution gives notice of its election not to purchase one or more of the owned Bank Premises within seven (7) days of Bank Closing, then, not withstanding any other provision of this Agreement to the contrary, the Assuming Institution shall not be liable for any of the costs or fees associated with appraisals for such Bank Premises and associated Fixtures, Furniture and Equipment.
Exercise of Repurchase Right Any Repurchase Right under Paragraphs 15(a) or 15(b) shall be exercised by giving notice of exercise as provided herein to Optionee or the estate of Optionee, as applicable. Such right shall be exercised, and the repurchase price thereunder shall be paid, by the Company within a ninety (90) day period beginning on the date of notice to the Company of the occurrence of such Repurchase Event (except in the case of termination or cessation of services as director, where such option period shall begin upon the occurrence of the Repurchase Event). Such repurchase price shall be payable only in the form of cash (including a check drafted on immediately available funds) or cancellation of purchase money indebtedness of the Optionee for the Shares. If the Company can not purchase all such Shares because it is unable to meet the financial tests set forth in the Nevada corporation law, the Company shall have the right to purchase as many Shares as it is permitted to purchase under such sections. Any Shares not purchased by the Company hereunder shall no longer be subject to the provisions of this Section 15.
No Rights as Shareholder Until Exercise; No Settlement in Cash This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.