Employment Options. Should the College foresee the need to retrench faculty positions, the following options shall be available to the faculty members identified for separation and who, in the determination of the College, can acquire in the allowable time the additional education necessary to meet the credentialing requirements for identified and available teaching positions.
1. In those areas where identified teaching positions are vacant and available, the College shall provide the assistance specified in Section 12.04.A.1.c. and d. to help the faculty member acquire the additional education necessary to meet the credentialing requirements for such a position. The period covered by this assistance shall be referred to hereafter as the retraining period.
a. If approved, the program of additional education must be completed within twenty four (24) months of its mutually agreed upon starting date, at the end of which time the faculty member must be fully qualified by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) and College credentialing requirements to teach in the new area.
b. The program of study must meet the College’s program needs and be approved in advance by the Vice President of Academic and Student Affairs of the College. Placement of the faculty member in the vacant teaching position shall be contingent upon successful completion of the program.
c. During the retraining period, the College shall offer the faculty member up to a 164-day contract year of professional leave of absence with full salary and benefits to enroll full-time in the approved program of study. The College shall offer the faculty member up to another 164-day contract year of unpaid professional leave to continue full-time enrollment in courses required in the approved program of study. The College shall continue to pay a portion or all of the faculty member’s health insurance premiums during the second year of full-time enrollment defined above. The determination of the length of paid leave, unpaid leave, or paid health insurance premiums offered is at the sole discretion of the College.
d. If the College determines funds are available, the College shall reimburse the faculty member for the instructional fees of the education program, provided all state and College policies regarding the use of such funds are satisfied. Faculty pursuing an approved retraining program shall be given preference for Staff Professional Development funds.
e. Upon successful complet...
Employment Options. Upon becoming eligible for retirement, faculty may continue to work full-time; fully retire or choose partial retirement. Written notice shall be submitted to the Academic Xxxx no later than October 1st of the academic year preceding the year in which the retirement will begin. When notice of partial retirement is given, the faculty member must specify the number of courses s/he will teach.
Employment Options a. The name of a laid off Bargaining Unit Member shall be placed on the layoff list for the appropriate job classification for sixteen (16) months. When a position becomes available, the position shall be offered to all persons on the layoff list within that job classification individually, beginning with the most senior and working to the least senior. The position shall be considered filled when the most senior available Bargaining Unit Member accepts the position. Refusal of such an offer shall constitute resignation in good standing from the classified service, or, if such refusal is made by a Bargaining Unit Member currently employed in another capacity in the classified service, shall cancel all layoff rights to the class from which laid off.
b. No loss of earned leave or other earned benefits shall occur and no additional benefits shall accrue during the period the Bargaining Unit Member is on the layoff list and not otherwise employed by the District.
Employment Options. Employee shall continue vesting options granted under a 1998 Option Agreement.
Employment Options. The Employee shall be granted employment options. Each option shall expire on December 31, 2005. Each option, upon exercise, shall require the option holder to pay to MB a price equivalent to the original price of each share of common stock issued by MB at the time of its formation. It is anticipated that the price will be $14.00 per share, therefore, $14.00 per option. Options shall be granted to the Employee in accordance with the following schedule: March 17, 1998 20,000 March 17, 1999 5,000 March 17, 2000 5,000 The total number of options issued in accordance with this provision shall equal 30,000. All options shall be vested in the Employee on the date that said options are granted. All options allocated in the aforementioned schedule shall issue to the Employee in the event of termination of employment, without cause.
Employment Options. Type of engagement Employees covered by this Agreement may be employed on an ongoing, non-ongoing or casual basis. An agreement to employ a person on any of these bases must be in writing between the Member and the employee and in accordance with sections 13 or 20 of the MOP(S) Act. An employee employed by one Member is considered to have a single employment for all purposes under this Agreement.
Employment Options. Promptly following the Effective Date, the Company shall grant to Executive stock options (the "Employment Options"), pursuant to the Company's 2005 Stock Option Plan, to purchase Four Hundred Forty Thousand shares of common stock of the Company, par value $0.0001 per share (the "Common Stock"), representing two percent (2%) of the outstanding Common Stock on a fully diluted basis as of the date hereof, at an exercise price equal to the price per share of Common Stock on the Commencement Date as quoted on the Over the Counter Bulletin Board. Subject to the Executive’s continued employment the Employment Options shall vest and become exercisable, if at all, as follows:
(i) One quarter of such Employment Options shall vest on the first anniversary of this Agreement; and
(ii) thereafter the Employment Options shall vest in equal monthly installments on the last day of each month over a period of 24 months on the last business day of each month (each date on which Employment Options vest is hereinafter referred to as a “Vesting Date”).
Employment Options. On the Effective Date, the Company shall grant to Executive stock options (the "Employment Options"), pursuant to the Company's 2005 Stock Option Plan, to purchase Four Hundred Thirty Thousand (430,000) shares of common stock of the Company, par value $0.0001 per share (the "Common Stock"). The Employment Options shall be incentive stock options issued as provided in Internal Revenue Code Section 422 and shall generally vest and become exercisable, if at all, in two equal annual installments of Two Hundred Fifteen Thousand (215,000) shares of Common Stock on each anniversary of the Effective Date (each date on which Employment Options vest is hereinafter referred to as a “Vesting Date”). The Employment Options shall have a 10 year term and shall be exercisable at an exercise price per share equal to the closing price of the Common Stock on the Effective Date as reported on the OTC Bulletin Board or such other securities exchange or market on which the Common Stock is then eligible for trading.
Employment Options. The Company shall grant to the Executive stock options pursuant to the Company’s 2005 Stock Option Plan (the “Employment Options”) immediately after the closing of the next round of financing to purchase that number of shares representing one percent (1%) of the outstanding common stock of the Company, par value $0.001 per share (the “Common Stock”), on a fully diluted basis as of the grant date. The Employment Options shall vest and become exercisable in three (3) equal installments on the day before each anniversary of this Agreement at an exercise price equal to Fair Market Value (as determined the Company’s 2005 Stock Plan) (the “Exercise Price”) of a share of common stock on the date of grant.
Employment Options. In addition to your Base Salary compensation, upon your commencement of full-time employment, you will receive stock options pursuant to the 1999 Company Stock Option Plan for <#> shares of the Common Stock which, assuming your continued employment by the Company, shall vest as follows: <#> shares shall fully vest on the one year anniversary of your initial date of hire as an employee; an additional <#> options of the Stock shall fully vest quarterly thereafter, such that your option for <#> shares shall have fully vested within four years after the date of him. The option grant is also contingent on your conversion to full-time employment by or other mutually agreed upon date. The exercise price shall be the fair market value for the stock at the date of grant pending Board approval.
