Annual Sell Back Clause Samples

The Annual Sell Back clause allows a party, typically an employee or shareholder, to sell a specified portion of their shares or equity back to the company on an annual basis. This clause usually outlines the maximum number of shares that can be sold each year, the process for initiating the sell back, and the method for determining the buyback price, such as fair market value or a predetermined formula. Its core practical function is to provide liquidity to shareholders or employees, enabling them to convert equity into cash at regular intervals, and to help the company manage its ownership structure over time.
Annual Sell Back. Once every fiscal year during the month of July, an employee who has accumulated 240 unused sick leave hours shall be eligible to sell back to the City one-half of his annual accrued but unused sick leave hours in excess of 240 hours, at the rate of $.70 on the dollar based upon the hourly rate of pay in effect as of June 30. The remaining one-half of annual accrued but unused sick leave hours will remain in the employee's bank of accumulated sick leave. The employee may instead convert the equivalent amount of hours, after the $.70 on the dollar conversion, to vacation hours. (See Exhibit D.)
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Annual Sell Back a. Employee A has accumulated 328 unused sick leave hours as of June 30. During the fiscal year, he or she has accrued 96 sick leave hours and used 8 hours. He or she is eligible to sell back 44 sick leave hours in July at the rate of $.70 on the dollar or employee may choose to convert this equivalent amount of hours, after the $.70 on dollar conversion, to vacation hours. If he or she elects to sell back all 44 eligible hours, 284 hours will remain in his or her sick leave bank until used or time of retirement. Calculation: 328 unused hours in sick leave bank (June 30) 96 hours accrued - 8 hours used = 88 unused hours during fiscal year 88 hours divided by 2 = 44 hours eligible for annual sell back (30.8 hours converted to vacation hours) 328 hours - 44 hours = 284 hours remaining in sick leave bank b. Employee B has accumulated 248 unused sick leave hours as of June 30. During the fiscal year, he or she has accrued 96 sick leave hours and did not use any. Although he or she would ordinarily qualify to sell back 48 hours (one-half of 96 accrued but unused sick leave hours), he/she can actually sell back only 8 hours in order to maintain the qualifying bank of 240 hours. If he or she elects to sell back all 8 eligible hours, 240 hours will remain in his or her sick leave bank until used or time of retirement. Calculation: 248 unused hours in sick leave bank (June 30) 96 hours accrued - 0 hours used = 96 unused hours during fiscal year 96 hours divided by 2 = 48 hours "ordinarily" eligible for annual sell back 248 bank hours - 240 minimum required hours = 8 hours eligible for annual sell back (5.6 hours converted to vacation hours) 248 - 8 hours = 240 hours remaining in sick leave bank -46- league mou 2006-2009 04/19/04
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Annual Sell Back. Once every fiscal year during the month of July, an employee who has accumulated 240 unused sick leave hours, shall be eligible to sell back to the City one-half of his or her annual accrued but unused sick leave hours (in excess of 240 hours) at the rate of $.70 on the dollar based upon the hourly rate of pay in effect as of June 30. The remaining one-half of annual accrued but unused sick leave hours will remain in the employee's bank of accumulated sick leave. The employee may instead convert the equivalent amount of hours, after the $.70 on the dollar conversion, to vacation pay. (See Exhibit C.)
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Related to Annual Sell Back

  • Call Back When a part-time employee meets the requirements to receive call-back pay in accordance with clause 28.01 and is entitled to receive the minimum payment rather than pay for actual time worked, the part-time employee shall be paid a minimum payment of four (4) hours pay at the straight-time rate.

  • Distribution Compliance Period The Purchaser agrees not to resell, pledge or transfer any Purchased Shares within the United States or to any U.S. Person, as each of those terms is defined in Regulation S, during the 40 days following the Closing Date.

  • Open Enrollment Period Open Enrollment is a period of time each year when you and your eligible dependents, if family coverage is offered, may enroll for healthcare coverage or make changes to your existing healthcare coverage. The effective date will be on the first day of your employer’s plan year. A Special Enrollment Period is a time outside the yearly Open Enrollment Period when you can sign up for health coverage. You and your eligible dependents may enroll for coverage through a Special Enrollment Period by providing required enrollment information within thirty (30) days of the following events: • you get married, the coverage effective is the first day of the month following your marriage. • you have a child born to the family, the coverage effective date is the date of birth. • you have a child placed for adoption with your family, the coverage effective date is the date of placement. Special note about enrolling your newborn child: You must notify your employer of the birth of a newborn child and pay the required premium within thirty -one (31) days of the date of birth. Otherwise, the newborn will not be covered beyond the thirty -one (31) day period. This plan does not cover services for a newborn child who remains hospitalized after thirty-one (31) days and has not been enrolled in this plan. If you are enrolled in an Individual Plan when your child is born, the coverage for thirty- one (31) days described above means your plan becomes a Family Plan for as long as your child is covered. Applicable Family Plan deductibles and maximum out-of-pocket expenses may apply. In addition, if you lose coverage from another plan, you may enroll or add your eligible dependents for coverage through a Special Enrollment Period by providing required enrollment information within thirty (30) days following the date you lost coverage. Coverage will begin on the first day of the month following the date your coverage under the other plan ended. In order to be eligible, the loss of coverage must be the result of: • legal separation or divorce; • death of the covered policy holder; • termination of employment or reduction in the number of hours of employment; • the covered policy holder becomes entitled to Medicare; • loss of dependent child status under the plan; • employer contributions to such coverage are being terminated; • COBRA benefits are exhausted; or • your employer is undergoing Chapter 11 proceedings. You are also eligible for a Special Enrollment Period if you and/or your eligible dependent lose eligibility for Medicaid or a Children’s Health Insurance Program (CHIP), or if you and/or your eligible dependent become eligible for premium assistance for Medicaid or a (CHIP). In order to enroll, you must provide required information within sixty (60) days following the change in eligibility. Coverage will begin on the first day of the month following our receipt of your application. In addition, you may be eligible for a Special Enrollment Period if you provide required information within thirty (30) days of one of the following events: • you or your dependent lose minimum essential coverage (unless that loss of coverage is due to non-payment of premium or your voluntary termination of coverage); • you adequately demonstrate to us that another health plan substantially violated a material provision of its contract with you; • you make a permanent move to Rhode Island: or • your enrollment or non-enrollment in a qualified health plan is unintentional, inadvertent, or erroneous and is the result of error, misrepresentation, or inaction by us or an agent of HSRI or the U.S. Department of Health and Human Services (HHS).

  • Instructions for Certification – First Tier Participants a. By signing and submitting this proposal, the prospective first tier participant is providing the certification set out below. b. The inability of a person to provide the certification set out below will not necessarily result in denial of participation in this covered transaction. The prospective first tier participant shall submit an explanation of why it cannot provide the certification set out below. The certification or explanation will be considered in connection with the department or agency's determination whether to enter into this transaction. However, failure of the prospective first tier participant to furnish a certification or an explanation shall disqualify such a person from participation in this transaction. c. The certification in this clause is a material representation of fact upon which reliance was placed when the contracting agency determined to enter into this transaction. If it is later determined that the prospective participant knowingly rendered an erroneous certification, in addition to other remedies available to the Federal Government, the contracting agency may terminate this transaction for cause of default. d. The prospective first tier participant shall provide immediate written notice to the contracting agency to whom this proposal is submitted if any time the prospective first tier participant learns that its certification was erroneous when submitted or has become erroneous by reason of changed circumstances. e. The terms "covered transaction," "debarred," "suspended," "ineligible," "participant," "person," "principal," and "voluntarily excluded," as used in this clause, are defined in 2 CFR Parts 180 and 1200. “First Tier Covered Transactions” refers to any covered transaction between a grantee or subgrantee of Federal funds and a participant (such as the prime or general contract). “Lower Tier Covered Transactions” refers to any covered transaction under a First Tier Covered Transaction (such as subcontracts). “First Tier Participant” refers to the participant who has entered into a covered transaction with a grantee or subgrantee of Federal funds (such as the prime or general contractor). “Lower Tier Participant” refers any participant who has entered into a covered transaction with a First Tier Participant or other Lower Tier Participants (such as subcontractors and suppliers).