Permanent Reclassification Clause Samples

The Permanent Reclassification clause establishes the conditions under which an asset, liability, or contractual status is permanently moved from one category to another within an agreement. In practice, this clause might apply to the reclassification of a financial instrument from a current to a non-current asset, or the permanent change in an employee's job classification. Its core function is to provide clarity and certainty regarding the status of reclassified items, ensuring that all parties understand the lasting implications and preventing future disputes over classification.
Permanent Reclassification. If at any step of the working out of classification procedure the Union and the Employer agree that the employee is working out of classification and that the duties are of a permanent nature, the Union and the Employer shall agree to reclassify the employee to the appropriate classification. If the classification to which the employee is reclassified is at a higher pay range than the employee's current pay range the monetary award shall be as follows: 1) the period of time from four (4) days prior to the filing of the grievance to the date of grievance settlement shall be compensated in accordance with Section 17.02 above; 2) the permanent reclassification shall be compensated in accordance with Article 33.03.
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Permanent Reclassification. When an employee is transferred permanently to a job paying a higher rate, he shall immediately receive the higher rate in accordance with Appendix A.
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Permanent Reclassification. If an employee is reclassified to a lower job group, the employee will receive the corresponding rate for that job group.
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Permanent Reclassification. When a new position is created or there is a substantive change in the duties of a position after the date of execution of the current collective bargaining agreement or memorandum thereto, either party may request a job analysis of the position classification through the respective Department Head outlining in writing the currently described duties and changes. The Department Head will complete the job analysis within 30 days of such written request and provide written notice to both parties. Either party may within 10 business days of receipt of the written analysis request a meeting to discuss the position. Such meeting shall be convened within 30 days of the request. The Town of Wakefield shall include the Department Head (or designee) and the Human Resources Manager at this meeting. The Union shall include the president (or designee) and the affected employee(s). The Department Head will then issue a written report of the outcome of the meeting within 10 days (unless an extension is mutually agreed upon). The written recommendation shall be delivered to the Town Administrator and Union President. The Town Administrator shall act upon the recommendation within 14 days within receipt of the same. If the request is not handled satisfactorily, the Union may file a grievance in accordance with the grievance procedure in Article 4 of this Agreement.
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Permanent Reclassification. When a new position is created there is a substantive change in the duties of a position after the date of execution of the current collective bargaining agreement or memorandum thereto, either party may request a job analysis of the position classification through the respective Department Head will complete the job analysis within 30 days of such written request and provide written notice to both parties. Either party may within 10 business days of receipt of the written analysis request a meeting to discuss the position. Such meeting shall be convened within 30 days of such written request and provide written analysis request a meeting to discuss the position. Such a meeting shall be convened within 30 days of the request. The Town of Wakefield shall include: the Department Head (or designee) and the Employee benefits manager at this meeting. The Union shall include the president (or designee) and the affected employee(s). The Department Head will then issue a written report of the outcome of the meeting within 10 days (unless an extension is mutually agreed upon). The written recommendation shall be delivered to the Town Administrator and Union President. The Town Administrator shall act upon the recommendation within 14 days within receipt of the same. If the request is not handled satisfactorily, the Union may file a grievance in accordance with the grievance procedure in Article 4 of this Agreement.
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Related to Permanent Reclassification

  • Reclassification, etc If the Borrower at any time shall, by reclassification or otherwise, change the Common Stock into the same or a different number of securities of any class or classes, this Note, as to the unpaid principal portion thereof and accrued interest thereon, shall thereafter be deemed to evidence the right to purchase an adjusted number of such securities and kind of securities as would have been issuable as the result of such change with respect to the Common Stock immediately prior to such reclassification or other change.

  • Classification and Reclassification It is understood and agreed that any Lien, sale, lease or other disposition of assets, Dividend, Indebtedness, Investment, Affiliate transaction or prepayment of Indebtedness need not be permitted solely by reference to one category of permitted Lien, sale, lease or other disposition of assets, Dividend, Indebtedness, Investment, Affiliate transaction or prepayment of Indebtedness under Sections 10.01, 10.02, 10.03, 10.04, 10.05, 10.06 and 10.07(a), respectively, but may instead be permitted in part under any combination thereof (it being understood that Lead Borrower may utilize amounts under any category that is subject to any financial ratio or test, including the Consolidated First Lien Net Leverage Ratio, Consolidated Fixed Charge Coverage Ratio, Consolidated Secured Leverage Ratio or Consolidated Total Net Leverage Ratio, prior to amounts under any other category). For purposes of determining compliance at any time with Sections 10.01 and 10.04, in the event that any Lien or Indebtedness meets the criteria of more than one of the categories of transactions or items permitted pursuant to any clause of such Sections 10.01 and 10.04, Lead Borrower, in its sole discretion, may, from time to time, classify or reclassify such transaction or item (or portion thereof) and will only be required to include the amount and type of such transaction (or portion thereof) in any one category. Reclassifications of any utilization of the Incremental Amount shall occur automatically to the extent set forth in the definition thereof.

  • Reclassification If the Company, by reclassification of securities or otherwise, shall change any of the securities as to which purchase rights under this Warrant exist into the same or a different number of securities of any other class or classes, this Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities that were subject to the purchase rights under this Warrant immediately prior to such reclassification or other change, and the Purchase Price therefor shall be appropriately adjusted, all subject to further adjustment as provided in this Section 4. No adjustment shall be made pursuant to this Section 4.3 upon any conversion or redemption of the Common Stock which is the subject of Section 4.5.

  • Recapitalization or Reclassification If the Company shall at any time effect a recapitalization, reclassification or other similar transaction of such character that the shares of Common Stock shall be changed into or become exchangeable for a larger or smaller number of shares, then upon the effective date thereof, the number of shares of Common Stock which Holder shall be entitled to purchase upon Exercise of this Warrant shall be increased or decreased, as the case may be, in direct proportion to the increase or decrease in the number of shares of Common Stock by reason of such recapitalization, reclassification or similar transaction, and the Exercise Price shall be, in the case of an increase in the number of shares, proportionally decreased and, in the case of decrease in the number of shares, proportionally increased. The Company shall give Holder the same notice it provides to holders of Common Stock of any transaction described in this Section 5(b).

  • Reclassification of Position An employee shall not have her salary reduced by reason of a change in the classification of her position that is caused other than by the employee herself.